3 Actionable Growth Hacking Strategies That Boost Your Startup 10x Faster
Operating in “comfort zone”, especially in startups, is a dangerous sign that you are not thinking about growth anymore.
In fact, the most significant priority that every entrepreneur should set is to constantly explore growth hacking strategies to disrupt the market. Obviously, one of the best ways to achieve the optimum result is through unconventional growth strategies.
But, what are those innovative unconventional growth strategies? Do you have to be super genius or break the laws of physics to grow your business ‘the unconventional way’?
The answer is No. What you need is a proven framework, a set of handy tools, and 100% commitment to do whatever it takes to catapult your startup to the top.
I’ve broken down a set of proven actionable strategies that you can use to increase your growth rate, today. Let’s begin, shall we?
Craft a Lean Business Model.
Being passionate about your startup dream and a having a great vision is necessary, however, it’s more important to know how to achieve what you have envisioned in mind through a step by step plan
One of the most undermined growth hacking factors that can greatly contribute to your startup success is a lean growth-driven business model.
Thanks to business model canvas, crafting an innovative business model is much easier than the old-fashioned business planning methods where you had to write a few hundred pages for hours. In fact, you can quickly draft all your initial model on a piece of paper, and test it with your customers.
Long time ago, business models were written inside the office, discussed in the same room, endorsed and approved in the same building. That era is long gone because you cannot ignore our user’s opinion anymore.
Today, once you’ve crafted the first version of your business model, you should leave the building and test it with your prospective customers and collect feedback. Your business idea could sound amazing on a paper, but may fall short in reality.
As soon as you’ve collected your feedback, return to your office and revise your business model accordingly.
The unconventional growth hacking strategy should be crafted on top of your lean business model canvas, otherwise it’s bound to fail.
Define your customer Segments with care.
Not every visitor is eager to buy from you the moment they land on your website. It’s very unfortunate to see that many startups promote their product on every social media without understanding their customer’s persona
Think about it for a moment; does Mercedes Benz promote its advertisements through every channel, and to everyone? Most definitely no.
Defining your customer segment precisely, helps you to reach out the right audience, save a big portion of your marketing budget, and achieve the optimum result in a shorter period.
One of the great startup tools that helps you identify your customer’s pain, challenges, desires, and attitude is called ‘the empathy map’. You can print out the empathy map template and place it on the wall where it is visible to everyone. Then, gather your team together and facilitate a brainstorming session to answer questions like:
- What matters the most to your prospective customers?
- What does she often think about?
- What worries and frustrates her?
- Who influences her, and how?
- When does she say Wow to a service or product?
- How does she appear in public?
Focus on Conversion, and retention
Whether you are selling antique furniture, running a consulting firm, or just set up an e-commerce website, you must focus on converting visitors to happy loyal customers.
Many marketers got it wrong. It’s not about how much traffic you flow to your website because traffic alone does not have a huge monetary value. Nonetheless, it’s all about conversion strategies that you implement in your website to encourage visitors to either opt-in, or make a purchase.
You can achieve higher conversion rates if you engineer your customer’s journey. In plain English, you must direct each customer segment to specific section of your website.
Although the ultimate goal is to sell your product and make money, you must remember that the cost of retaining a customer is 500% less than acquiring a new one. Hence, to acquire more loyal customers you should focus on customer optimization journey, also known as CJO strategy.