Growth Hacking Strategy - 10 Tips for Success in Any Business

Growth Hacking Strategy March 01, 2021

Lauren Christiansen

Writer

Growth Hacking Strategy - 10 Tips

Growth hacking is a combination of systems, tools, and resources used by executives, marketers, and owners to increase an organization's number of customers. A growth hacker's number one priority is always to expand the business and generate more profit.

This individual is a creative builder and designer who looks for the greatest advertising projects through trial, error, and outcomes. The desired result of growth hacking is to pinpoint the best strategies for attracting new markets. For example, marketing growth tools include word mouth, marketing automation, or even to go viral on a social network platform.

Growth hacking is ubiquitous to all industries but the desired outcomes vary depending on the size and scope of the business. Most growth hackers try several different methods to attract new customers before identifying a few top strategies.

It's important to note that successful marketing strategies evolve as company needs evolve. New markets, competitors, and financial factors are always taken into consideration when determining a growth hacking strategy and growth marketing.

Here are the top growth hacking strategies and what works well for successful businesses

1. Hacking Growth Tool - Referrals

Referral strategies are used by many businesses to increase profits and subtlety add new customers. Growth hacking examples include companies such as Dropbox. They created the best growth referral incentive by offering free additional space to customers who referred a friend. The friend also received free space. A case study showed that naturally expanding the lead generation caused Dropbox to grow its brand and improved the customer journey.

As a result of this growth hacking strategy and referral program, Dropbox grew 3900% and became a 4-billion-dollar enterprise. This rapid growth increased their name recognition, reached a target audience, improved the user experience, strengthened brand loyalty, and dramatically increased profits.

2. Hacking Strategies - No Strings Attached

Customers receive dozens of media marketing emails a day from companies advertising their products. The vast majority of these messages are ignored and put in the trash, which wastes both the company's time and the customer's time. An effective growth hacking strategy includes offering a free product/service as a random act of kindness.

Businesses can send these promotions to their customers' email accounts. This influencer marketing system is an effective way to make customers excited to do business with the company. It also increases brand loyalty. Because customers are more inclined to tell their friends about the promotion, the company will grow organically.

3. Growth Hacking Strategy - Build Trust and Sell a Fantastic Product

A growth hacking strategy is ineffective if the company's product/service is not desired by the target market. Successful companies thoroughly research their customers to determine their behavior, desires, and needs.
It's also important to build trust with customers by creating a space for feedback, answering their questions, and resolving problems quickly.

4. Media Marketing Strategy - Launch a Customer Loyalty Program

Startups can improve customer acquisition and increase retention rates by offering an incentive for loyal customers after they purchase a certain number of items. This hacking tip may include a free drink, a gift card, or 10 dollars off the next purchase.

The incentive can be offered through email/website, traditional marketing, or in a blog post, if possible. Customers can also use their social media accounts as social proof that they purchased a certain number of products/services.

For example, Sephora has a customer loyalty program in which shoppers choose from several free items depending on how many points they accumulate.

5. Hacking Examples - Create a Sense of Urgency

One of the best growth hacking tips is to create a sense of urgency. A sense of urgency is the best way to incentivize customers to purchase an item, sign up for a credit card, or refer a friend. Successful companies offer a limited time frame for customer purchases so shoppers are driven to purchase the item now.

A sense of urgency impacts customer behavior and purchasing decisions much more than normal products/services. It's important to note that creating a sense of urgency will not be effective if the promotion does not interest the target market.

6. Hacking Growth - Pretend You are Bigger Than You Are

While it's not good to lie to customers, they need to think they are doing business with a legitimate organization. Startups and smaller businesses often struggle to achieve name recognition and legitimacy when there are so many other competing businesses.

One small business purchased contact numbers in other countries and displayed them on their website to appear more valuable. New customers and media pundits were suddenly very interested in this tiny company. The business received free PR out of the ordeal and increased its customer base dramatically.

7. Growth Hacking Strategy - Capitalize on FOMO

The fear of missing out is driven by insecurity and a desire to be part of the group. Businesses who limit access to items or sell an exclusive service cause an emotional reaction in their customers.

When first launched, Gmail only allowed sign-ups to users who were invited. This generated an enormous sense of urgency and demand that made Gmail into the monopoly it is today.

8. Hacking Tip - Piggybacking

Gaining referrals through traffic is used by many online platforms, such as Spotify. Every time a Spotify customer plays a song, it shows up on his/her Facebook site. All of the user's friends see (and sometimes click) on that song. This naturally increased Spotify's traffic and accelerated its growth.

This strategy is only effective if the referral business offers value to the other market. In other words, the Spotify strategy worked because most Facebook users are also music lovers.

9. Hacking Strategies - Increase Visibility and Accessibility

Businesses should make sure that it is easy for customers to sign up for a product or service. For example, former bigwig Hotmai used a marketing strategy to gain a million users in only 6 months by adding a promotional banner to every outgoing message.

The vast majority of individuals who clicked on the link decided to sign up with Hotmail because the banner was visible and easy to access.

10. Growth Hacking Strategy - Offer Basic Services for Free

Offering free services with the option for more advanced features is a common growth hacking strategy. Spotify increased profit through subscriptions and advertisements. Because users could receive a small portion of the service for free, they were incentivized to sign up for additional high-priced services.

Growth Hacks - Key Takeaways

In conclusion, here are the top ten growth hacking strategies for any organization

Growth hacks offer referral free services on landing pages when a user refers a friend. This can be accomplished through social media marketing or other marketing tools. The no strings attached theory provides gifts or promotions through digital marketing, blog posts, or landing pages at no additional fee.
It's essential to sell a high-quality, relevant product to customers. A good hacking marketing customer loyalty program can incentivize customers to keep coming back. This can be done through email marketing or on their mobile phones. Creating a sense of urgency will entice a target market to purchase more items.
Pretending the organization is larger than they are is one best way to increase brand loyalty, increase term growth, and generate free PR. It will also encourage new users to sign up for the company's products/services. Capitalizing on the fear of missing out will encourage customers to purchase items in a certain time frame and increase overall list growth.
Growth experts such as Sean Ellis claim the piggybacking strategy is an effective goal growth to get new users. Online platforms are used to advertise to a similar target market. It's important to increase an organization's visibility and accessibility to ensure customers can easily sign up for services. Another growth hacking strategy is to offer basic services for free or offer a free trial and then charge additional prices. This will increase the number of customers and improve retention rates.

Funding for business growth