Your marketing efforts can help you create awareness about your business and promote your products and services to a certain extent. But if you want to expand your small business rapidly, you will need a growth hack strategy.
Growth hacking is all about experimenting with your marketing strategies and implementing the ones that are focused solely on the rapid growth of your business. The growth hack strategy can vary from one business to another, depending on the niche you belong to, the challenges you face, and your goals. Nevertheless, here are a few tips that can help you come up with a framework for an exclusive growth-hack strategy to expand your business rapidly:
Know your target audience
Like any other marketing strategy, a growth-hack strategy also requires you to understand your target audience. Apart from the usual demographics that include age, gender, education, occupation, and income of your audience, you should also find out what search queries they are using while looking for products, and which websites they visit. Check where they hang out so that you can establish an exclusive channel of communication with them to connect with them, inspire them, and engage with them to build your brand.
Set your goals
Determining your goals is very important if you want to expand your business. Find out what it is that you want to achieve through this growth-hack strategy. Do you want to increase the number of your followers? Are you looking at acquiring new customers for your business? Or would you like to retain your existing customers? Growth means different things to different businesses. You should know what growth means to you, if you want to come up with a targeted growth-hack strategy.
Determine the metric to track and test your progress
Once you have your growth hack strategy in place, the next thing you need to do is monitor your progress. However, for this you will need a metric that you can track. Now this metric could be the number of likes, clicks, or even revenue. You need to have these plans in place before you think of executing your growth hack strategy.
Focus on your strengths
Your strengths are the ones that will take you towards your success and hence this is exactly what you should be focusing on. Find out what your business is good at. Is it customer service, communication, or timely delivery of products and services? Build on the positive traits of your business and make sure your growth-hack strategy is just a natural extension of the same.
This is the toughest challenge that every marketer faces across industries. Every piece of content that you publish cannot go viral. However, you can put in efforts to make it as unique and engaging as possible. Find out where the interests of your target audience lie and create content that can provide them maximum value. Make sure your content is easy to share.
These are just a few tips from Fundry Capital to formulate your growth-hack strategy. You can find more of Fundry’s business growth ideas here.
The entire game of growth-hacking is about choosing the right strategy. This can be possible only if you have a complete understanding of your business and your target audience.