2016-01-29 00:00:00MarketingEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/business-163467_6401.jpghttps://quickbooks.intuit.com/in/resources/technology/growth-hacking-for-startups/Growth Hacking for Startups

Growth Hacking for Startups

2 min read

Once you have your small business up and running, your next step is to find users for your product or service. This can be a difficult proposition for any startup and it is important that you find a solution that works, and can be customized for your product. A recent solution that has emerged is growth hacking and let’s check how you can harness it for your startup.

What is Growth Hacking?

According to Wikipedia “Growth hacking is a marketing technique developed by technology startups which uses creativity, analytical thinking, and social metrics to sell products and gain exposure. It can be seen as part of the online marketing ecosystem, as in many cases growth hackers are simply good at using techniques such as search engine optimization, website analytics, content marketing and A/B testing which are already mainstream.” Often seen as an intersection of marketing and technology, here’s how you can apply growth hacking to your small business:

1. Activation:

The first step is to attract users to your product. A popular strategy for doing so is to offer a free service or free use of your product. This strategy has been extremely successful for a range of startups looking to make it big. Some often cited examples are that of Facebook, Google and Pinterest that used this strategy to acquire and activate users for their products. Another strategy that could work is offering consumers the chance to be part of an exclusive service. By creating an invite-only system, users feel that you have something special to offer and therefore are enticed to try your service.

2. Engagement:

In today’s market consumers are looking for products that continue to improve. You can start by giving them a new feature to explore. Get your product teams to keep your customers engaged and interested in your product. The role of engagement is pivotal to ensure that the user returns to the product and is retained as a consumer.

3. Retention:

As important and in some cases, more important than activation is the phase of retention. A key component of this face is metrics. You need to be able to map user behavior and analyze the data you receive to make conclusions about what is working, what doesn’t work and how you can improve your product to retain more users. Proper on-boarding practices will improve the number of users activated and retained.

4. Referral:

After you have acquired and retained your consumers, you will need to ensure that your user base grows is growing. You can create a referral system where users who are happy with your service can become brand ambassadors for your product. To create a truly successful referral system, you can incentivize the references where the user who acquires new users for your business are rewarded through perks on your product, or the unlocking of new features or services. In order to for your business to capitalize on growth hacking, set up a team within your organization who understands the ins and outs of your business and has the marketing and technology capabilities to implement it as a successful growth hacking strategy for your small business.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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