The term growth hacking is in itself a proof that marketing techniques for startups and businesses have greatly matured and have been improvised. Marketing at a later stage is not as challenging as getting your name out there for the first time and this is where growth hacking comes in.
One needs to be very creative and innovative and at the same time should have a solid understanding of the prevalent market dynamics to create a noticeable ripple. Here are 7 most effective strategies for growth hacking.
1. Be Exclusive
Adopt a strategy that will make your product stand out and be instantly available to a large group of people right away. It is customer psychology that people always desire to be part of something exclusive and special.
2. Offer Something For Free
Although there are no free lunches in life, yet the term ‘Free’ is always able to attract people and if the word is planted strategically then they are willing to overlook the cost that they actually have to pay for the product/service that they are getting for free.
3. Start a Referral Program
Both large and small businesses have benefitted from a referral program and it seems to work for both ways so develop a referral program so that your customer automatically attracts other customers themselves without you having to do anything about it.
4. Study the Customer’s Desire
Amongst the essential things that you should know about your customer is what exactly they look for in your product. Advertise that, exploit that; do what you have to, to project that very thing in your product.
5. Relate to the Customers in a Language that they Understand
Once you have fully understood and identified the target market, you must get to know the culture that they are used to and follow so that you reach out to them in a language that they can understand and hence relate back to you.
6. Establish the Product/Market Fit for Your Product
Make a survey to see just how much of your target market actually appreciates the product that you are offering. The person who coined this term believes that at least 40% should actually want your product.