6 Growth Hacking Tips To Scale Your Business
If you have ever been a part of a sales meeting, you’d know how challenging it could be to derive growth insights from the sales numbers. That said, sales is a business’ backbone and an agenda on top of every business owner’s priority list at the beginning of every financial year.
You don’t have to take the old school and drudgery way to grow your sales. All you need to do is hijack the marketing funnel to put your brand ahead of your competitors and see the change. Sounds fun? We’re sure you’ll love these four growth hacking tips to scale your business.
Research Your Target Customer
To find new customers, you first have to know who your target customer is. This will help you determine where you should look for them and what messaging will resonate.
Start by creating buyer personas. These are a semi-fictional demo of your ideal buyer based on industry research. Once you have your buyer persona (or multiple personas), you’ll have a better idea of where to find them and how to reach them.
To create your buyer persona, you’ll need to answer some questions about your ideal customer, including:
- Who are they? (Demographics)
What do they do for a living? (Occupation)
What are their interests? (Hobbies)
Where do they live? (Geography)
Identify Your Competitors
You can’t just put your head down and push forward without looking around to see who else is selling what you’re selling—and how they’re doing it. Take some time to research your competition and understand its strengths and weaknesses. This will give you some ideas of what to do (and what not to do) as you develop your own growth hacking strategy.
Start with a simple Google search. For example, if you sell software that helps businesses manage their inventory, a Google search for “inventory management software” will give you a list of your competitors.
You can then look at their websites, social media presence, and online reviews to get a feel for how they’re marketing themselves and what their customers think of them.
Create a Compelling Offer
Once you determine your target customer and your competitors, you can start thinking about what you’re going to offer them that’s better than what they’re getting from your competitors. This is where you need to get creative and think outside the box. Your offer could be a discount, a free trial, or something else entirely. It just needs to be something that will make your target customers take notice.
Use SEO to Scale Your Business Online
If you can optimize your website and content for search engines, you’ll be able to reach more people who are looking for what you have to offer. Additionally, SEO is a relatively low-cost way to scale your business as it doesn’t require you to spend money on advertising.
To get started with SEO, you need to understand how search engines work and what people search for. Once you understand this, you can start optimizing your website and creating content that targets those keywords. SEO has many moving parts, but you can always reach out to growth hacking and SEO experts like Kevin Miller to take your business to new heights.
Focus on Customer Retention
Acquiring new customers is important, but retaining your existing ones is just as crucial for business growth. In fact, it’s generally easier and less expensive to sell to existing customers than it is to find new ones. That said, happy existing customers can refer your brand in their circle which can bring in more potential customers.
Focus on providing excellent customer service. This means being responsive to customer inquiries, addressing their concerns, and going above and beyond to make sure they’re happy with your product or service. You can also create loyalty programs and other initiatives that will keep customers coming back.
Use Data-Driven Decision Making
Data is one of the most important tools in a growth hacker’s toolkit. Without data, it’s difficult to know what’s working and what isn’t. It can help you make informed decisions about your growth strategy so that you can focus your efforts on the things that are actually going to move the needle.
Track key metrics related to your business. This could include things like website traffic, conversion rate, customer retention rate, and more. Once you have this data, you can start experimenting with different growth strategies and seeing how they impact your metrics. From there, you can double down on the things that are working and ditch the things that aren’t.
Growth hacking is a mindset and a strategy, not a one-time tactic. If you want to see sustained growth for your business, you need to always look for new opportunities.
And, of course, growth hacking won’t work if you don’t have a great product or service to begin with. Make sure you always put your customers first and deliver a high-quality experience.
David is a dynamic, analytical, solutions-focused bilingual Financial Professional, highly regarded for devising and implementing actionable plans resulting in measurable improvements to customer acquisition and retention, revenue generation, forecasting, and new business development.