How to be a growth hacker from an entrepreneur in no time?
Do you want to grow your business in no time?
I get it; keeping a business afloat can be daunting, especially when you are just starting out.
And it is even scarier to find out that the odds are against you since many small businesses fail in just a few years.
There’s competition at every turn, and even subgroups within industries have competitions too.
The key to preventing your business from failing is growth hacking.
Let’s face it:
You will need to scale your business as quickly as you can, with as less cost as possible if your business will stand the test of time.
After all, studies show that 82% of businesses fail as a result of cash flow problems, and 60% of the time, this happens within the first three years of their opening.
So one thing is clear:
You need to evolve from being just an entrepreneur to becoming a growth hacker.
A growth hacker is one who will use creative tactics to explode business growth within a short time, and with low cost.
Trust me, if you decide to embark on this journey, you will be reinventing the wheel.
Facebook leveraged on giving people the power to build a large user base on a small budget.
While Airbnb used Craigslist to find potential customers who were looking for affordable places to stay.
Do you get the picture?
So here’s the deal:
In this article, I am going to show you the easiest way to turn into a growth hacker as an entrepreneur and take your business to the next level.
Let’s go in.
Develop a great product with a market need
I’d be honest:
I might offer you the best growth hacks you’ve never seen, but it will not make your product any more compelling.
The first most important thing to consider before going into a business is whether there is a market need for your product.
In fact, statistics show that 42% of businesses fail because they are not solving any particular problem
And the cause of business failure is a poor product.
It’s common sense:
You can’t expect your business to grow if your product is not up to users’ requirement.
Take a look at Microsoft’s Windows 8 – It was an abysmal flop, to say the least.
Because the product sucked!
And guess what?
Microsoft was already a known company, but the product just wasn’t up to industry standards.
And we know that Microsoft spends an awful lot of resources in marketing their products. You can bet that all that product development cost was wasted because, at the end of the day, the product was still disliked.
So before you launch a new product, first make sure that it fits a market need.
Start by testing it out on Product Hunt to see if people desire it.
Then go on to see if you can generate hype or get investment offers on Kickstarter.
If all goes well, then you are good to go.
Target specific people
You need to come to a realization that your product isn’t for everyone.
Take Airbnb for example, they targeted only people who traveled.
And it makes sense.
If you are introducing your product to a bunch of people who knew nothing about it previously, you had better be introducing it to the right people.
It aligns with what Geoffrey Moore wrote in his book: Crossing the Chasm.
“Products either captivate the first 15% of the market or they go to die there.”
So target only those you know would need your product at the beginning.
How can you do this?
Ask yourself this question:
Who will make the best out of my product?
I imagine Facebook would have asked a question like this and created this type of profile:
“An 18-year-old college student studying at Harvard University has only a lot of friends, wears nice clothes, and spends most of her time online, and wants to connect with old friends.”
If you can be this detailed, you should have your 15%.
Research your competition
Sometimes, the best way to succeed in business is to spy on the competition to see what is working for them.
It is simple logic:
If you want to better your business, you must understand your competitor’s products and system. Without that, how can you truly value your own?
You can start out by carrying out some basic research to see what they’ve been up to.
Find out their value proposition and ensure your product has even more end value.
Leverage content marketing
Content marketing is more than a buzz phrase.
Have you seen these great examples of how they marketed themselves using content? Just perfect!
Whether you run a brick and mortar system, or your business is based online, content marketing is a cost-effective way to get the word out about your product.
Ideally, you will first want to start a blog and create valuable and shareable content.
You’d obviously want to see that your site ranks well on search engines.
To achieve this, first, check its SEO score. Ensure that your score is at least 90% before your move on.
Get other people to review your product.
Join a bunch of forums, do a lot of guest posting, and try to get relevant features on your blogs.
There’s no magical way to turn a business into a money-making machine.
The next best thing is growth hacking.
Growth hacking might seem a little too good to be true, but it is 100% achievable. Besides, the likes of Dropbox, Eventbrite, Facebook, etc., are proofs.
If you want to be an effective growth hacker, you must have a good understanding of your goals and a solid knowledge of the market.
Surely, it will take a bit of work, but the results will be well worth it.
Sam Zaman –
Sam loves to write on technology and related stuff. Ecommerce, mobile and internet marketing equally drive her interest. An avid reader and absolutely mad about donuts, she has long been associated with Mofluid for a long time.