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5 Steps For Your Business To Grow Like Foam
Perhaps you have already heard of growth hacking, a concept that has been resonating a lot lately.
To be honest, it is the topic of the moment among entrepreneurs who are desperately looking for a good growth hacker to help them grow the company in an accelerated way.
But let's start at the beginning...
Definition of Growth Hacking
Growth hacking is a process that seeks to quickly increase the volume of users or income of our company, all with the least expense and effort possible, for which it will be necessary to appeal to large doses of creativity.
Of course, all kinds of companies need to grow and do it with the least possible expense, but it is in start-ups that either they grow fast and with a low budget or they disappear. And that is precisely the objective of growth hacking, grow like foam, investing little money but a lot of ingenuity.
Is growth hacking exclusive to a start up?
no, not necessarily. The techniques used in growth hacking can also be used in a large company. But what makes growth hacking particularly attractive for a startup that is characterized by a lack of resources and contacts that are usually necessary in a traditional marketing plan, is that it can grow it quickly and with almost no financial resources.
What is a Growth Hacker
Perhaps from what has been said so far, you think that after all a growth hacker is nothing more than a new way of defining a marketer. But it is not like that, because the approach used is completely different. And the approach is different because businesses today are completely different basically due to the impact of the Internet.
The Internet has redefined the concept of product and distribution.
Let's think about traditional products, before they were only physical: A car, a cream, a shampoo, a detergent, etc. Now the products are not only physical, now the software is also a product.
For example, Twitter is a product, DropBox is a product, airBnB is a product. And it is also a product that can be promoted on its own if you help it to start...
With respect to distribution, the latent potential of a software product is the capacity of the same product to expand on its own, a capacity that can grow exponentially via apps.
The only goal of a growth hacker is to get the company to experience exponential growth at minimal cost. In other words, a very, very focused objective: GROWING UP.
A growth hacker is a person who has a very analytical profile, is very curious and extremely creative.
5 Steps to Apply Growth Hacking to your Business
Create a product that people want
Create a product that people want and is worth sharing, which is the key here.
Seems obvious, doesn't it? But we continually see people bringing products to market that fail miserably.
And on many occasions they spent a year developing a product that never takes off. So we have time, money and effort thrown away.
How to Create Products Your Customers Love
How do we solve this problem?
If you already have an audience and are thinking of developing another product or service, before you develop it you can start by talking with your customers, asking and answering questions to find out what is worrying them and see if you can implement a solution for them.
Continually seek feedback. And for that, instead of trying to launch a perfect product, it is better to launch a first free version and keep improving it periodically until you have a decent product to sell.
An example that Neil Patel comments on is Instagram which started out as a social networking app aimed at whiskey drinkers. They immediately noticed that the most used feature of the app was sharing photos. Although there were other apps to upload photos, the reality was that sharing photos was complicated.
So they added the famous filters, took out the whiskey, made sharing a photo easy, and we have Instagram as we know it. One enhancer of the launch, was the coincidence between the launch of Instagram and the iPhone 4 which certainly pushed a lot. And they are that they reached a million users in 2 months. That is growth hacking without a doubt!
Validate the idea before launching
Before spending time and money on the creation of a product or service, it is better to validate the idea first. Will they really be interested in buying the product?
I am not a fan of those surveys in which they ask you, would you buy product x to $XX if it solved problem Y? Or the question you want to ask, for the simple reason that anyone can answer anything. The truth comes out when you tell it SHOW ME THE MONEY!
Is it possible to do a presale to find out if there is interest? Put creativity to work...
[bctt tweet=»Antes de tirarte a la pileta y romperte la crisma averigua primero si hay mercado para tu producto» username=»mde»]
Carefully target your niche market
You must understand that you are not going to sell to everyone. Moreover, not everyone will like you.
That is why it is vital to identify your clients, for which you should create an ideal client profile that is as accurate as possible.
Once you have identified your market niche, for the product to take off it must be spread. And for that to happen we appeal to human capital, we must first captivate innovators and early adopters who are the ones who will attract others. Why?
Because for a product to take off, it must capture 15% of the market in the shortest time possible.
If you already have well located what is the characteristic, functionality or detail of the product that is going to make you grow.
Then it's time to expand the reach of our product or service, to make it viral.
One possibility is to offer incentives to those who share the product, for example Dropbox (cloud storage) under the banner “If you share, you have more space” offers a certain amount of free space to those who request it and if they need more they can buy it or receive extra space (500 GB each time) for each person who signs up using your link.
On the Internet there are many opportunities using referrals, apps, material that can be embedded such as videos, badges. The badges that people put on their blog showing, for example, their presence on Facebook, Instagram, etc., is a great example of the power of integrations.
Another very successful integration is the possibility that a person can subscribe to a service using their existing Facebook, Google+ or Twitter account, this simple option increases subscriptions by up to 50%!!! Of course, integration has to make sense for all parties.
The option to subscribe to a service using your existing Facebook, Google+ or Twitter account increases subscriptions by up to 50%!!!
Continuous improvement and loyalty
Because as important as getting customers is keeping them over time. And there is nothing like continuous improvements to keep the customer satisfied and hooked. And pay attention, an existing customer is 50% more likely to buy again than a new customer.
On the other hand, loyal and enthusiastic customers are grateful and will not stop promoting your product for free.
At the beginning of this note I said that one of the characteristics of a growth hacker is to be an analytical, creative and curious person, so they usually do experiments, analyze them and use all their creativity to implement the chosen option in the shortest possible time.
That is why I want to recommend that you read some of Ana Mata's experiments to retain users. Your hack to bond with your subscribers (it's almost at the end of the post) I think is really cool.
By now you will have realized that with growth hacking you can grow like a beast in a short time and with almost no investment. But you have to like doing tests, experiments and measuring the results. And of course implement immediately. And start over...
Do you see growth hacking as a real possibility to apply in your business?
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