4 Examples of Growth Hacking Techniques Your Business Can Try Now
Back in 2009, a small company by the name of Airbnb began on a journey to make a name for itself. With 10,000 users and 2,500 listings, the bed and breakfast platform was doing rather well. Nevertheless, it could have taken a lot of time before it could enter the market correctly, especially back in those days. Their biggest problem, however, was a lack of brand notoriety and a broad user base.
What they came to realize was that the place where people usually went when they wanted to rent a b&b was on Craigslist. In other words, Craigslist was where Airbnb’s target market was located. To tap into that market, Airbnb offered its users the possibility to post their listings on both Airbnb and Craigslist.
Long story short, Airbnb was able to draw users from Craigslist to their platform by making use of superior services such as better property descriptions and more beautiful photos, among others. In less than two years, in early 2011, Airbnb made its 1 millionth booking and one year after that, it surpassed its 5th million.
Looking back, it was a rather simple and straightforward strategy. What made it so great, however, was the fact that someone thought up the idea and put it into practice. It is precisely what growth hacking is – a process of rapid experimentation aiming to optimize the way a business operates.
Below are four other examples of growth hacking techniques that you can use to grow your business.
Growth hacking is all about finding the most efficient way of running a business. In this sense, automation is a perfect example of growth hacking. By automating existing technologies, be it accounting, inventory management, email campaigns, social networking, or your CRM, you will be able to save a lot of time and money, allowing you to use those resources elsewhere.
Look Through the Customer’s Eyes
Alex Schulz, VP of Growth for Facebook, once said that “retention is the single most important thing for growth.” What this means is to put your customer service at the core of your business. You will need to make sure that you do everything in your power to keep your customers happy and engaged.
Content marketing sits at the foundation of every other form of digital marketing out there. And even though the content writing may not seem like a growth hack, it is. Growth hacking doesn’t equate to no work but rather to working as efficiently as possible. With this in mind, you should always create high-quality content by providing your audience with useful information that can help them in their personal and professional lives.
There is no need to reinvent the wheel every time you employ a new strategy. Repurposing content, systems, and even entire campaigns, among others, can help you save a ton in costs and increase profits at the same time.
Don’t let high-quality content collect dust in your blog section. Give it a few touch-ups and repost it. Already existing sales letters and brochures can also be turned into online articles. Break up white papers into bite-size pieces and use it in your social media campaign. In short, adopt a recycling mentality and try to repurpose as much as you can.
Unfortunately or not, however, growth hacking is not by nature a one-size-fits-all strategy. Experimentation and thinking outside the box do not work well together with conformity. In other words, growth hacking is more of a state of mind than anything else, meaning that if you want to take Airbnb’s example, you shouldn’t. What you should do, however, is to experiment and come up with your own simple yet innovative idea.
But regardless of what technique you will end up using, you will always have to keep in mind the possibility of an unsustainable burnout. If you want to learn more about growth hacking and different strategies, feel free to visit our website or contact us directly.