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Growth hacking is the use of numerous, mostly online, techniques employed to grow and scale a company. It has become a huge trend in recent years, particularly amongst startup owners and small businesses because it can be extremely cost-effective.
If you want to try growth hacking for yourself, here are some of the most effective hacks to get you started.
Offer Referral Programs to Employees
Statistics collected by IBM found that when employees used referrals on their social media, it was seven times more likely to lead to sales than any other form of lead generation. That means that getting your employees engaged in referral programs could be a real winner, especially because bringing in such a program would be really cheap to implement.
Reward Customers for Sharing
Another really simple hack you can make is to reward your customers every time they leave a review of your business or share your content. Even giving them something as simple as a money-off voucher would be a great incentive, and since consumers are more likely to buy from companies recommended by friends and family, it could give your bottom line a real boost.
Automate, Automate, Automate
Automating the technology you already use is a cost-effective hack which will save both time and money while spreading the word about your business even further. A good managed company like binatech.com can help you to rejig your current setup for greater automation and software like Tweetdeck can help you largely automate things like social media posts. The more you can automate, the more efficient your company will be.
Join Up with Influencers
Social media influencers are individuals who have a large presence on one or more online platforms like Twitter and Instagram. If they post about a product or service, it is likely to blow up and become huge, at least for a little while. What’s more, word-of-mouth campaigns, which is what an influencer talking about your business will be, retains customers at a rate 37 percent higher than other forms of paid marketing.
Creating viral content is another excellent way of boosting your bottom line.However, a lot of people shy away from even trying, thinking it’s as difficult to do as it is to find the Loch Ness Monster. It’s true that creating the perfect piece of viral content can be difficult, but it is by no means impossible. If you can create something that is unique, emotional, and shareable at a click, you have a good chance of going viral and putting your business on the map.
Use FOMO to Your Advantage
The fear of missing out is a very real thing that can drive consumers to act fast. You can play on this by creating limited edition products, time limited offers, and exclusive content, amongst other things, that will get people spending their money with you immediately.
Implement as many of these growth hacks as you can and you should see a steady increase in your profits over the months and years to come.