Are you a budding entrepreneur searching for some effective growth hacks to boost your business? If yes, there are some startup growth hacks that will help you to make the next move to marketing strategy.
Here is what you can do etch you’re your products in the hearts of the audience and gain hefty profits-
Build Word-Of-Mouth Based Marketing
In an age dominated by Facebook, Twitter, Pinterest, etc. word of mouth still wins the race! According to a Forbes article, word of mouth marketing (WOMM) is the most important social media. Let’s see how you can do it-
Turn Your Fans Or Customers Into Social Evangelists
A brand evangelist is a person who spreads information about products and services through his/her network and reputation. However, transforming the customers into evangelists takes more than just putting a message out to the public. You have to give them reasons to get involved and contribute to the brand’s growth.
Develop a brand story and encourage customers to but it. When your fans have an emotional connection with the brand, they feel as if their growth depends upon their involvement.
Take the example of Coca Cola. It is a big successor in creating a sense of belonging among the fans with emotional campaigns such as, ‘Open Happiness,’ Taste the Feeling,’ ‘Hug Me,’ etc.
You Can Hire An Evangelist
In order to spread the good word about your products, you can also hire a brand evangelist. Perhaps, your own team members or co-workers are best evangelists as they know very well about the company, product, work culture, and its values.
Stay Abreast Of The Latest Trends
Besides marketing, budget tracking, product development, customer service, and sales, staying on top of all the latest innovations and trends is key to spur your business. By identifying the trends at an early stage, you can alter the business plans to achieve accelerated results.
Attend And Host Conferences And Startup Events
As an entrepreneur, there are so many statistics you should think about. By attending the startup events and conferences, you acquire tools, insights to make sure that your business doesn’t fail. You get an opportunity to make connections, learn about the industry, and get inspiration. Also, exposing your business to relevant events may allow you to achieve success with minimum efforts.
Leverage The Adjacent Markets
It is an excellent growth hack for struggling startups. An adjacent market means the markets that are in proximity to what you do. However, the secret to this strategy is to export the skills, capabilities, not the products and services.
Let us take the example of Nike. Many of the people relate Nike’s products to those which focus on track and field sports. But, its products range from high-quality apparel to footwear for all sports activities.
When Nike entered the world of mountaineering products, it used the principle of Adjacent Market. It started by offering mountaineering footwear. After building customer loyalty, it put efforts to branch out to the apparel industry. So, it is a great way to boost business.
However, before evaluating a new market, there are certain factors to consider:
- What are the core competencies?
- Will you need to tackle any legal barriers?
- How can the opportunity benefit your startup?
- Will you require looking for new ways to use the existing skills?
These are some of the useful tips that will help your business to grow exponentially. Incorporate any of these smart hacks into your startups and get the desired results in the most cost-effective way.