Every startup is looking to grow their customer base and increase revenue, but it is not often they have the funds to do exactly what they want. In the past, they’d allocate their budget to one large, high-impact campaign but found that, by spending all their money in one place, there was no space for other projects.
Now though, your startup can use low-cost strategic marketing tools to skyrocket your growth and experience the same scaling that startups are known for.
These tactics, known as growth hacking, allows businesses to expand their customer base without spending big dollars on marketing – the only costs will be staff wages for the time spent learning and implementing the techniques.
The low cost-of-entry makes growth hacking the perfect tool for positioning your brand in front of more people.
Work with your existing audience
Reward your loyal audience and get them to spread the word about your business at the same time. Prompt your existing users to email your product to their friends and give them a discount on your service. Start an Instagram contest with a dedicated hashtag. Give users extra space on your cloud storage service if they send out a Tweet (as Dropbox did when still in its startup phase).
Whatever you do, realise that your audience is motivated by getting something for free. Just by tapping into this, you’ll be able to grow your network effortlessly.
Experiment, experiment, experiment
If you are unsure whether your great new idea will perform well, testing on a small sample will inform your entire strategy. Simply by conducting split tests (or A/B tests as they’re sometimes called) you’ll be able to see which version of your coding, writing or design performs better with a small sample of your audience. Once you’ve tested your options on a smaller percentage of people, roll out the better performing one to the rest of your audience. You’ll have more confidence in your marketing decisions.
Identify smart content creation tactics
Why make one piece of content when you can make two – or three – at the same time? Just by spending more time thinking about how you’ll send your content out to customers, one piece of content can have double the impact. If you’ve written an amazing blog, record it as a podcast. A few posts can be collated into an ebook, released on your website design complete with a landing page.
It may sound simple, but you’ll be able to tap into different audiences and reach people who might be on vastly different platforms.
Track your goals
As with any marketing activities, it doesn’t do to apply tactics without having a clear sense of where you are going. Using data analytics software, set up goals for your website and consistently monitor how well your audience meets those goals.
Have a newsletter subscription option? When someone enters their email address, direct them to a thank you page. Then, measure the number of people who have visited your website versus the number on the goal conversion page. You’ll gain a clear overview of what elements are performing and of how to improve your weakest areas.
With just a few simple options, you’re able to extend your marketing budget – or lack thereof – and truly grow your business.