5 Growth Hacking Strategies to Help New Startups

15 Best Investor Pitch Deck Examples from Successful Startups

5 Growth Hacking Strategies  to Help New Startups
October 10, 2022

The business world uses the term "growth" a lot, but many entrepreneurs are still unclear about what growth hacking is and how it works. Utilizing special growth hacks, several organizations that started from scratch have achieved the greatest level of success.

Although there may be many obstacles in your way as an entrepreneur, you would also like to expand. We present the best growth hacking strategies to you as a result. They can assist you in growing your customer base and your business.

Do keep in mind that not all businesses can successfully adopt all marketing growth strategies. You might not be able to use what works for others. However, we advise giving the following growth hacking techniques a shot. What do you say?

Now let's get right to the post!

Growth Hacking: What Is It?

Growth hacking is a method for figuring out the best ways to expand a company. Branding, development, design, engineering, statistics, and analytics are all used in the process.

The phrase "growth hacking" stands for the practice of achieving growth using unconventional means rather than through the use of traditional methods. These techniques can prove to be game changers for new startups.

Who Are Growth Hackers, Anyway?

A growth hacker is someone who can use their creativity and wits in a resource-light and cost-effective way to acquire and retain customers, sell products and gain exposure. 

Their main objective is to adopt innovative and economical techniques that help firms attract and keep clients for as long as possible.

To accomplish his objectives, a growth hacker may use techniques like digital marketing, buzz marketing, email campaigns, SEO, A/B testing, or reverse engineering. But keep in mind that while growth hackers can also be growth marketers, they are never simply marketers.

Advantages Of Growth Hacking Strategies

Let's examine its advantages to see why growth hacking is vital. You could make a decision about employing growth hacking strategies to develop your brand after reading them.

  • Facilitates quicker monetization
  • Encourages adopting a growth mindset
  • Helps you become the market leader
  • Aids in educating you on novel business structures and product ideas
  • Aids in the improvement of products
  • It is cost effective
  • Aids in the discovery of effective marketing techniques

5 Growth Hacking Strategies For A Successful Startup

The most anticipated section of this blog article is here! To widen your horizons and considerably boost your income, we present to you the most effective growth hacking strategies. Let’s dive right into these tactics.

Establish An Email List

Email marketing continues to rule when it comes to a successful startup growth strategy for generating leads and sales. It provides a promising ROI for companies year after year.

Source

The first growth hacking strategy is to concentrate on creating an email list. It will enable you to properly communicate with your audience. Email marketing also significantly aids organizations in creating pre-launch buzz for any event or release.

Additionally, it will enable you to attract potential clients even before your debut. However, don't simply compile a list of email addresses and do nothing. It really should take some time to create anticipation among your audience for your debut.

You should choose the best cold email software for creating email lists because they allow you to push emails effectively. Make sure to contact your potential clients at least one week before your launch because communication is crucial for conversions.

BONUS TIP: When cold emailing, include the most crucial information in the P.S(Postscript). This is a simple yet effective growth hack.

If you have one crucial passage that everyone must read, include it as a P.S. Journalists, editors, and other people with overflowing inboxes frequently scan emails before fully reading them.

And guess what? They all focus on the P.S.-introduced statement.

P.S. Hence, state your most significant benefit or strongest call to action here.

Encourage Your Clients To Leave Referrals

Referral marketing, which dramatically boosts your other marketing efforts, is one of the pillars of growth hacking. After obtaining a recommendation, customers are up to four times more likely to make a buy.

Faster than any other strategy, referrals from friends, relatives, and influential people in the industry convert leads. The CPA (Cost Per Action or Acquisition) for clients you get through referrals is cheaper, which enables you to cut your marketing costs as well.

You can accomplish your overall marketing objective by implementing the proper kind of referral program, which can be done through cold email templates. Create a straightforward yet appealing landing page that contains information about the referral marketing program and a compelling call to action to collect emails. Then request that your current newsletter subscribers and consumers forward it along to their loved ones.

So if you're wanting to expand your firm in the upcoming years, don't consider referral marketing to be low-hanging fruit. Think of it as the rocket fuel that could take your company into uncharted territory.

Dabble Into Gamification

One of the well-renowned growth hacking strategies used by marketers to draw users in is gamification. It challenges users to finish particular tasks in order to advance to the following level. In order to receive prizes, it also requests that users invite friends and share adverts. 

There are a number of things to take into account before launching gamified promotions. Consider how gamification can draw in your target audience first. By adding loyalty reward schemes, you could be able to encourage competitiveness.

Similar to this, you can give users extrinsic rewards. When Starbucks and Lyft teamed up a few years ago, customers could earn Starbucks points when they utilized Lyft. In addition, you can inspire users to take on their friends. It will assist in creating a community focused on your company in addition to introducing a friend and piquing their interest in it.

The following gamification elements prove to be a crowd favorite as of 2019.

Source

Try The Freemium Model

The next growth hacking strategy is to go freemium if your startup offers software as a service. To encourage more consumers to test out your product, consider using a freemium business model. Freemium refers to offering people both a free and a premium plan. Users should be able to try out the product on the free plan, which should be completely free and require no credit card information from them.

The duration of the free plan should be sufficient to provide users with a thorough overview of the product and encourage them to become devoted users. After using the free plan, users should seek extra features from the premium/paid plan.

People appreciate free things, especially ones with a wide range of features. Because reviewers don't have to pay to utilize a freemium product, you may also be able to draw their notice. This might bring about insightful product feedback and also increase your reach to your target audience. The greatest freemium products also offer enough features to keep users interested in the service and entice them to upgrade.

For example, the main factor in Slack's overall success is its freemium business strategy. People may test out the platform using the freemium option before deciding if it was the best fit for them. Additionally, this wasn't just any freemium offer. Users could benefit from a platform that was loaded with features and only had to upgrade when they wanted additional storage or deeper message archives.

Leverage Influencer Marketing

There is a good reason why companies pay influencers to promote their goods when it comes to brand building. Working together with well-known influencers is an effective growth hacking strategy for reaching a larger audience. It's important to note that influencers with more than 50,000 followers (referred to as micro-influencers) have the greatest impact.

Entrepreneurs should work with such influencers to share the most recent news in order to advertise their goods and services. If done properly, niche influencer marketing may aid any company in increasing visibility to the appropriate target audience and expanding its clientele.

For new startups that can't afford to match the marketing budgets of well-established brands, using influencers' authority and reach is a wonderful marketing growth hack. Businesses can employ influencers as a possible consumer base because they already have a large following.

Consider the firm Gymshark, which is well recognized for utilizing influencers to broaden its customer base and boost sales. Gymshark, in fact, mainly relied on influencers in the bodybuilding and fitness industries, in the beginning, to create brand recognition and gain traction.

Influencer marketing value across the glove (in US billion dollars) - Source

Achieve A Steady Improvement Using Growth Hacking

At first, "growth" can seem like a large, terrifying word. A huge team or an expert's assistance may appear necessary when creating and expanding a product or service from scratch. However, as these websites demonstrate, that is untrue. You can learn how to become a growth hacker on your own with the correct strategy, tools, and amount of trial and error. 

One key ingredient for a successful growth hacking campaign is creativity. You can really create amazing personal connections if you are willing to put in a bit of manual work and personalize your approach. For example, you could send your prospects an NFT of them that you created using an NFT maker. Or you could send them a hand-written message with their name on it. 

You'll be well on your journey by implementing the above-mentioned strategies. But be patient; as you complete projects, you might need to combine various techniques and go back to them. We advise you to bookmark each of your resources for efficient progress tracking. Although it takes time, growth is definitely attainable.

Talk to Growth Hacker Experts

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5 Growth Hacking Strategies  to Help New Startups
Bernardo Montes de Oca
Content creator in love with writing in all its forms, from scripts to short stories to investigative journalism, and about almost every topic imaginable. From start-ups to nature, from literature to aviation. Hearing impaired, so let’s talk loud and clear.
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