Growth Hacking techniques to develop your startup
Developing a startup is not a simple task. Indeed, it is not easy to compete with established companies when we are just starting out and our resources are limited.
According to the US research institute of Statistic Brain, only 50% of startups under five years have managed to get a win in 2017. As for the remaining 50%, they had to shut up shop. So the question is : How to avoid this apocalyptic scenario? Simply by becoming familiar with the best growth hacking techniques … and putting them into practice!
Keep servicing and maintaining your website
Increase the loading speed of your site: customer’s first contact with your brand is through your website. That’s why you have to make a good first impression by hosting your website on a reliable and fast server. By neglecting this detail, of course, you will save a few bucks, but know that you will also reduce your chances of optimizing your conversion rate. So, do not delay and adopt without further delay this technique of growth hacking.
Optimize your homepage: Investing a lot of money in social media campaigns and paying ads will not get you anywhere if your home page scares away visitors. That’s why you need to pay close attention to the presentation of your homepage and make it appealing.
Use your homepage to provide some useful information about your products or services. Do not bombard visitors with an excessive amount of information: they will run away and ignite your bounce rate.
Bet it all on content
Create captivating videos: do you know that users spend, on average, more than 88% of their time on sites that contain one or more videos? This means that video marketing is not an option, but rather essential to make your brand known and develop your startup.
But to be sure to take advantage of this growth hacking technique, you must create interesting videos (and who knows, perhaps viral?) that your prospects and customers will want to watch and share. Videos with quality content, meeting the expectations of your target audience and integrating as much storytelling as possible.
Example: Red Bull has managed to acquire more than 4 million subscribers on its YouTube channel and has reached a total of one billion views in 6 years! As an energy drink brand, top athletes and extreme sports enthusiasts were called upon to create videos for the brand.
As an alternative, you can also create product demo videos to showcase the benefits of your product in a fun lighthearted kind of way … It’s up to you to see what works best. In any case, you can be sure of one thing: this growth hacking technique won’t cost you a great deal.
Create interactive content: Interactive content is one of the features of a good content marketing strategy because it improves user engagement and brand loyalty. VenturePact, an American startup specializing in software development, has used a simple calculator to acquire more than 11,000 leads within two weeks. Get the right interactive tools and you too will be successful!
Be smart, reuse your content!
The key to a good marketing campaign lies in the content which is no secret. It is thanks to the quality of its content that we obtain a good positioning in the search engines, and that we can engage its audience at different levels. However, creating original and inspiring content regularly is not easy, especially when working with a small budget.
Cannot afford to hire content writers? Remember to reuse your old content. Rework them, adjust them by deleting or adding information to make them more relevant, but also to adapt them to the different platforms on which you want to share them.
For example, you can recycle a blog article and turn it into an infographic post to then share on Facebook, Instagram or Pinterest. By adopting this growth hacking technique, you are revitalizing your content marketing strategy without spending a dime.
Make the most of social proof and think about influence marketing
What is social proof? It is both a sociological concept that shows that people tend to adopt the opinion and behavior of their peers, and a marketing strategy that dates back to the dawn of time. Do you remember those old commercials where customers testified to the effectiveness of a product? Well, little has changed since then. Quite the contrary: the phenomenon has grown, especially thanks to the advent of social media.
The concept of social proof is very important to your business for a number of reasons. Firstly because it encourages potential customers to interact, but mostly because it reassures and influences them in their decision making. That’s why you should never underestimate the power of a like-click, share, or other action on your Facebook page (or other social media platform) or from your website.
As we have just explained, social proof comes in the form of testimonials and recommendations that you can (what I say, what you should) place everywhere on your website and social media; but also in the form of comments, customer reviews, customer statistics or influencer approvals.
In this regard, you will not forget to call on influential bloggers. By promoting your product or service to their audience, these thought leaders will contribute to the success of your marketing campaign and consequently to the development of your startup.
Set up sponsorship programs
Following the social proof, another marketing strategy will help you develop your startup: the customer referral program. This growth hacking technique will be very useful as you will no longer have difficulty monetizing your customers.
It should be noted that the high cost of acquiring new customers is one of the main causes of startup failure. Indeed, the high cost per acquisition combined with low yields quickly depletes their limited budget and inevitably leads to permanent shut down.
To reduce this cost, we recommend that you set up a sponsorship program. That’s what Dropbox, the popular storage and file-sharing service did: the company offered its customers to invite friends, and in exchange, it offered them extra free space. As a result, its user base has grown from 100,000 to 4 million registered users in just 15 months. This represents an increase of 3,900%!
By encouraging your customers to recommend your product (or service) to their surroundings, you increase your chances of developing your startup in a shorter amount of time. However, this growth hacking technique will only bear fruit if you offer an interesting reward – naturally.
You can also advertise your brand by offering a free product (or service).
Everyone likes to receive free stuff, including the customers you are targeting. So why not give them gifts to grab their attention and expand your customer base?
Take the example of Hotmail, one of the leading e-mail providers. In order to publicize its product, they offered free messaging services to its users, prompting 20,000 people to register. But that’s not all – this provider had a brilliant idea: he took the opportunity to add messages like “Get your free email at Hotmail” at the end of each email that his existing customers sent.
Thanks to this tip, the company was able to promote – at a lower cost – its product to friends and their relatives. This allowed Hotmail to get 3,000 new users a day, and reach the one million user mark after six months. As a result, before being sold to Microsoft, Hotmail managed to create a strong user base of 8.5 million users!
What lesson should we draw from it? If you are convinced that your product is reliable and worthy of interest, do not hesitate to offer it for free for a limited period. With this growth hacking technique, you will be able to attract your first customers and, thus, build a solid customer base. Afterwards, these customers will become ambassadors of your brand and will be in charge of advertising (for free) your product.
Or by creating the buzz around your product!
For your information, know that you do not have to wait for your product to be ready. Even before it is available on the market, you can already talk about it on social media and other channels of communication. This is called pre-launch marketing.
By promoting your future product or service, you are attracting the interest of potential customers who do not hesitate to provide you with their contact information (or even pre-orders), which allows you to evaluate the effectiveness of your marketing strategy.
There are several ways to run a pre-launch campaign. For example, you can launch a contest, request social media sharing from your homepage or create an explanatory video …
What if you hire a growth manager?
Also known as project manager, this professional will implement growth initiatives and coordinate the activities of the various departments of your company in order to develop it.
Creativity, strategic thinking, leadership – these are the qualities your project manager requires. In addition, he must be familiar with the POEM approach (Paid, Owned, Earned Media). Basically, your project manager needs to design strategies that ensure the rapid development of your startup.
You cannot afford to hire an experienced project manager? Never mind. You can become your own project manager or entrust this task to one of your employees (just make sure he has the qualifications to take on this role).
With the right training, the right knowledge and specialized accreditations such as PMP certification that will allow you to deepen your project management skills, you will be able to efficiently manage complex projects with few resources. In addition, using a project management tool such as Basecamp, Freedcamp, Trello and many more will greatly facilitate your task.
Analyze big data
These valuable data will be very useful when you have to make strategic decisions. As a result, you’ll be able to take care of everything from site traffic to pages viewed through revenue streams, and customer journey through the conversion tunnel.
There are many tools at your disposal, including Google Analytics, to help you take advantage of the incredible amount of data you collect. And now, you have all the cards in hand to develop your startup in a short time period, so it’s up to you!
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