Nowadays everybody wants to start their own business and want to succeed as an entrepreneur. Because this is probably the best time to get your financial freedom and become your own boss.
But, how to make sure that your business idea is unique and you will make money out of it. How to gain that confidence? There are so many questions and you just want to make sure that everything works fine for you. What if you can hack growth?
So what is “growth hacking”?
It is completely different than computer hacking or online hacking that comes into your mind by the word hacking.
This term was invented by famous angel investor Sean Ellis in 2010 and it means that you can accelerate the process of progress in your start-up business.
Basically, Growth hacking is accelerating the process of creating a product/service and its marketing. Normally, you create a product or service and then market it and try to get customers and try to make more sales and so on. But, with growth hacking, you develop a product or service and market it simultaneously so that when you will launch your product in the market you already have customers.
Isn’t it dreamy? Yes, it is and you can make it true by using it for your start-up.
Develop products which directly address the needs of your target market
At first, you can do lots of research on the target market or customers and know about their actual needs. Research about it if your product or service you are planning to provide is actually needed or not. When you are deciding about your new start-up look around and ask this to yourself, are there any other people running the same business? Delivery method you are going to follow is unique? If yes, then congratulations, your business idea has better chances to succeed. If no, don’t worry you just need to come up with something that no one else is offering right now.
Before you go in full on “SPARTA” mode, test your product/service in a close group of customers like friends, family members and their friends and acquaintances. This will give you valuable insight about how customers might behave in future and where you can improve. It will save you a ton of money, I promise. Starting with a huge showroom inauguration is not a bad idea but, you are chances of failure and success are 50-50. With the soft launch, you get the chance to improve wherever you are lacking and you can make changes to your services and products beforehand.
Set small milestone goals and track your progress
Always set some little milestones that you can achieve in a short span of time. You see, no one ever achieved instant success and every business takes time. Remember, growth is always exponential so it will be tough to go from 0 to 10 then going 20 from 10. Set small goals so that you can keep yourself and your team encouraged while you achieve them. But, don’t get lost on your way to these milestones. Track your progress. Note down expenses on everything, track how many hits your website is getting, how many fans or followers you are gaining. Don’t just stop yet, also see if the increase in these numbers is steady or is there any variation. Setting up goals and tracking them is a big part of marketing and with time, you will learn to get better at it so keep doing it.
Ask your customers
Who can tell good or bad about your product or service better than the person who paid for it? Customers always provide true and honest opinion unless and until they are paid for good reviews only. Yeah, always ask your customers/clients about their experience and whether you met their expectations or not. Create a simple feedback form and ask your customers to fill out. You have to make sure that your employees don’t pressure your customers to give fake positive ratings. Always encourage honest feedback so that you can improve your product/service to the next level. If you have a restaurant and people are giving you feedback about the ambiance, taste of food or any other problem if there is any. Consider those things and make changes accordingly to gain more customers in the future.
Learn and improve your marketing plan
I understand that when you’re starting out, you are putting all of your resources to the actual business and you cannot hire someone to market it for you. But you can always read a few tips online and gain knowledge from it. Marketing of product or service is everything, it creates an impact on customers and if you are doing it the right way, success will come to you. So if you need to change your marketing strategies here and there don’t hesitate to do so.
Whether you starting a gym or opening a restaurant or any e-commerce store use growth hacking for your business and increase your chances of success.
Doing a grand opening of any business won’t assure it’s success but, its marketing and advertising method will. Set aside a small budget for marketing of your start-up before launching it and be ready to make more from it.