Business opportunities about for those who seek it, as a popular saying dictates. With the abundance of social media and all talks on analytics and engagement, growth hacking is a backside of it that presents a lot of opportunities. It’s taking another saying of striking the iron while it’s hot to another level, one if its own.
If there is one thing common to growth hackers, it is their differing styles of arriving at the same destination.
Dropbox offered storage space for free when users invited friends to join. Airbnb took advantage of cross post listing to drive further traffic back coming from Craigslist.
Facebook made use of user’s badges and widgets that can be embedded in their websites or blogs. Creating impressions amounting to billions in a month in turn converting to signups.
Creative techniques, if you want to call it, in funneling user take up rates, product purchase, or more clicks, sign ups and readership.
These growth hacking activities take data driven analysis to see if users will allow opening up their email addresses or social networks profiles to bring in pipelines for growth of businesses using these innovative steps.
Realizing which activity works for the most returns, hackers find ways to simplify and make it work for them the most. Automating is one.
According to Dropbox, focusing on a specific goal and running tests to discern which made it achievable is important. Asking makes things happen and for it to continually happen, automation helps further.
This builds further in effective costs on acquisitions of customers. Startups are now getting better in hooking customers of higher value at lower cost.
After all the analytical side of things, comes the Partnership aspect.
Founders of start up come to realize that creating strategic partnerships with bigger entities, influencers and associations provide good business pipeline.
A caveat however with most founders is that since mostly are engineers or technology thinkers, creating partnerships appears to be an art form for them. Negotiating, networking and nurturing relationships are quite unfamiliar for most.
A good start is to create the trust in between parties. One must ask if its business stands to gain a higher trust perception if it deals with another company with a built brand on good reputation.
This mirrors back to the startup as it is bundled with another business who has been in the business alongside a creditable track record.
An environment of partnership becomes invaluable structures for driving growth potential. Applications and products which complement your services be it a common goal or customer base, is green light to go and seek possible interaction. So much more if they have a bigger audience if you are the startup.
A strategy enabling a company to get through an existing market and winning it over while keeping the customers has become a staple in new market takeovers. But all that with taking the lion’s share of profits by turning the screws on the competition then eliminating it and highly setting the stage for long-term growth probable is called the profit share strategy. An underserved market is where profit sharing strategy works well.
This is another form of growth hacking. One that can take advantage of what is currently in the market, disrupting it and then disposing it as needed. With that said, only the market entry gain is sought after by the hackers.
Create symbiosis by integrating both strengths, yours and theirs. Look at how you can enhance both your existing customers and find commonalities as well as improving on each other’s weaker links for a win-win set up.
Growth hacking is an enormous blend of brooding business development, optimized technology leading steps and creative marketing, offline and online. Create the perfect fit, both solely and in partnerships.