7 Growth Hacking Ideas that will Boost your Startup
Everyone is always looking for new and fresh ideas in business to develop solutions for problems or to address a market need. Ideas that have never been thought possible before are the seeds that plant startup companies. Startups are usually small and financed by one or a handful of individuals. The risks are high but when startups succeed, they succeed exponentially and some ultimately become unicorns. Some unicorns you may be familiar with which are valued at over $1 billion dollars are Uber, Xiaomi, and Airbnb. Today’s business landscape is encouraging enterprising people to establish their own startups since communications and technology are advanced enough for people to bring their ideas not only locally but worldwide. To grow your startup quickly and gain millions of customers to increase sales and revenue you should follow some startup growth hacking ideas.
1. Offer something for free:
When you offer something for free, demand for it quickly increases. It is a proven human instinct that people will snatch up anything that’s on discount more so anything that is free. When people take the free products and services you advertise and introduce it to a wider audience, you set the stage for your products and services to be part of people’s lives and sooner they develop a familiarity with it or even a dependence on it. The effects of offering something for free is very powerful and has an instant effect on your business: you build your user base much more quickly and speed up customer acquisition. You can actually build revenue when you offer something for free by offering upgrades to products and services at a cost.
2. Increase funds to expand your business:
If you believe in your products enough, you can get like-minded people to invest in it through crowdfunding. Crowdfunding helps you interact with people who already have similar ideas and it gives you better knowledge if your products and services will generate interest.
Crowdfunding sites such as Kickstarter have raised $220 million dollars from 61,000 launched products. Prepare to make a video pitch of your product, what makes it valuable or useful, and why you need support.
You can go the traditional route and apply for a loan in a bank or a choose fast and convenient online cash advance. For a startup you may qualify for a small business loan, however, you may need to meet some financial requirements to qualify depending on your bank or lender. Typically, they will look into your credit score, annual business revenue, and the number of years you have been in business.
3. Work hard:
If you believe in your vision you must work hard to make your startup a success. You have to commit and regularly review your business plans and be constantly diligent and passionate about your business. Do your research to refine your products and services to make it more competitive. Take care of your colleagues and employees since they will have a large role in your success.
4. Feedback matters:
Feedback matters in a startup to create a culture of openness and awareness. Feedback helps your team or employees know what behaviors to change so they will always be in their topnotch performance. Concurrent with that, feedback from your customers is gold. Knowing how your market reacts to your products and services gives you leverage in adjusting, modifying or continuing with the products and services you have already established.
5. Leverage the distribution channels:
Consider the different distribution channels you want to use and make sure to devise a strategy to maximize profits in that channel. Do not confine yourself to one distribution channel because it may impede growth and scalability. Go for multiple channels to increase the possibility of getting more sales. Do not allow one channel to grow out of control at the same time do not restrict it since this will reduce market access. You should follow the best strategy that will work for your company in each channel.
6. Launch a program to reward loyal customers:
You can give gifts to your loyal customers such as pens and giveaways that have your company’s logo on it or you can give away some of your services and products for free at a given time of the year such as holidays. Regularly giving gifts to your customers will increase brand awareness and loyalty. Your customers can give you leads, giving you more reach and visibility.
Marketing can help boost your startup immensely. One viable way to start your marketing campaign is referrals through friends, family, and influencers since they convert leads much faster. You can also opt for partnering with a bigger brand for projects where you can mutually benefit.
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