Trying to grow your small business? Growth hacking is the cost-effective answer you’ve been searching for. While initially popular among fast-growing tech startups, every small business today can benefit from the simple principles of growth hacking. If you’re looking for increased sales and recognition, or higher click-through rates and conversions, you’ve come to the right place. Keep reading for the best small business growth hacks to help you stay efficient, your business to stay relevant, and keep your customers coming back for more.
When you’re trying to find potential customers, quality leads trump quantity every time. The truth is, you might not need to reach very many people at all to grow your business. You just need to find the right people. Popular content marketing techniques include quality blog posts, e-books, and free email courses. But those pale in comparison to the effectiveness of a webinar, which could easily become your number one new customer acquisition strategy.
Webinars bring higher levels of engagement because they create a sense of urgency by saying, “join now before it fills up!” Once in the webinar, you’re given the opportunity to connect with your viewers and offer valuable solutions while establishing yourself as an expert authority and thought leader. You also have a captive audience, so take a little time to briefly pitch your product or service.
Everyone loves free stuff. Running a giveaway is sure to increase your email subscription list and, since subscribers equate to revenue, you’ll also grow your business. Research your audience and determine the product or service that would generate the most interest with them. Package your giveaway to offer the highest appeal to your customer, and the money you spend on promoting it should start a domino effect as participants share your giveaway with their friends. Many giveaways require participants to share a post on social media to complete their entry, further enhancing the viral effect of this hack.
The Two-Sided Incentive
Word of mouth has long been known the most effective form of advertising. People love to share their experiences, both good and bad. And, when paired with an opportunity to get something for nothing, your customers are more apt to spread the word.
Using a two-sided incentive is the perfect growth hack strategy for small business because it increases referrals through word of mouth. Encourage current customers to refer others to your business by offering a credit to both the referrers and the customers they refer and watch your sales soar to new heights.
The Onboarding Drip-Campaign
Do you think your work ends once a customer buys your product or service? You’re wrong. That’s simply the beginning. Joining in on your product opens the door to foster a relationship with each new customer and earn their repeat business. Use your insight on common customer questions to set up an onboarding drip-campaign, sending a series of tips or best practices to your new customer. This will help them become better acquainted with their purchase while giving you an opportunity to up-sell another great offer. An onboarding campaign will also activate them toward forming habits that include your product. Cultivating customer loyalty in this way can boost revenue by as much as 200 percent or more.
Anticipation leads to excitement. Creating an invite-only product or feature, particularly when launching a new idea, will generate buzz and create a massive demand for your business. This growth hack works by fostering a sense of exclusivity and is extremely effective. Remember when Gmail was first introduced? Or, more recently, the advent of Pinterest? Both were done by invite only and so heightened the anticipation that people were more than happy to brag on Facebook, Twitter, and everywhere else that they were one of the chosen few who had early access; thus, propagating the viral loop of the invite-only hack.
Additionally, this allowed their developers to run a soft launch with a controlled number of users, so that they could beta test the product before mainstream release. The users got the thrill of being “insiders” on the experience, and the developers got crucial user feedback before their hard launch date. Invite-only products or experiences give you the chance to put extra polish on your product while simultaneously increasing interest in it.
The key to growth hacking is to utilize a winning combination of product design, marketing, and consumer data to drive customer growth. Technology spurs this growth through low-cost access to webinars, drip-campaigns, and the ever-growing role of social media. Whether your business is brand new or has been around the block a few times, you can benefit from these easy-to-implement growth hacks designed with small business in mind. However, don’t lose sight of the number one growth hack that’s sure to keep your business on the fast track to success: giving your customers a high-quality product and stellar service.