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Top 10 Growth Hacking Strategies For Small Businesses in [2019]

Growth hacking tricks and strategies are bound to increase your chances of survival in leaps and bounds. Growth Hacking Strategies For Small Businesses.

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Top 10 Growth Hacking Strategies For Small Businesses

For most businessmen, ‘growth’ stays on the top priority list of their organizational goals. Sometimes back, I conducted a survey among various self-employed marketers and asked the respondents to cite their business goals. Majority of the business owners claimed that their main objective is to achieve a 40-50% growth in ROI this year, as compared to what they had achieved in 2018.

However, for most startups, growth seems to be a farfetched dream, especially due to their budget constraints. Research claims that nine out of ten startups (approximately 90% of the startups) fail to make a mark in this cut-throat competitive market mostly due to limited budget.

But what can bootstrapped startups do to ensure that their business is a part of that 10% that eventually succeed? Well, the answer is growth hacking. Though running a newly established business seems to be a monumental challenge in the initial days, specific growth hacking tricks and strategies are bound to increase your chances of survival in leaps and bounds.

Growth Hacking Strategies

If your 2019 resolution plan had ‘growth’ on the top list of priorities, here are a few growth hacking ideas you must try out immediately.

1. Offer a freemium version of your product

A simple yet effective way to attract a large number of consumers who will spread awareness about your products and company offerings is to offer a freemium (Free+ premium) version of your services and products. Skype, Eventbrite, Dropbox used this technique to achieve immense growth within a very short span of time. To make this tactic work, you must ensure that the free version has a high perceived value from the end-users. Though this strategy of reduced-price offerings might not work for every company, they do provide an excellent opportunity to bring customers in and promote fast growth.

2. Automate as much as possible

One of the vital steps you must take to ensure that your startup maintains high levels of productivity is to implement technology that automates time-consuming, manual processes.

Take some time to assess your company’s needs and decide the types of software that would benefit your business. There are loads of software you can choose from to decrease your overburdening workload. For example,

  • CRM Software: The all-in-one-CRM automates sales, marketing assignments and support automation, and also lets you integrate tons of apps in the same platform (thereby improving collaboration and reducing technology costs).
  • Marketing automation: In case you are not using CRM, you will need to invest in a separate marketing automation tool to streamline your marketing processes.

With features like lead generation web forms, email marketing, landing page builders and many more, these automated tools will help you to increase brand awareness and attract new leads.

3. Double down on content marketing

Content marketing also costs much less than traditional marketing and will be an excellent place to focus on your growth hacking efforts. For example, a company called Movoto got inspired by the content marketing strategy of BuzzFeed and Upworthy and grew its viewership from “2,000 to 18 million views per month.” by applying them to its real estate blog. Content marketing generally encompass a gamut of things like,

Whichever form of content you write, the key to success with your content marketing strategy will be focus and consistency. Joe Pulizzi, the founder of Content Marketing Institute, said that it takes almost 15 to 17 months of consistent content marketing (on an average) to observe positive monetization.

4. Make use of social media

Social media deserves special mention when it comes to growth hacking. This vital content marketing tool is capable of attracting large communities of people. As per social media examiners 2017 report, more than 65% of small businesses leverage social media for increasing their marketing leads.

You can promote your content on Facebook, Twitter, LinkedIn, with a call to action to create a sense of urgency. Active social media presence will encourage your followers to go through your content frequently, which will eventually lead them to your product-purchasing page.

Growth Hacking Strategies Social Media

5. Invest in viral marketing campaigns

This low-cost, creative and engaging strategy, if done right, helps marketers reach out to their potential audience base instantly (sometimes within just a few hours). A successful viral content can boost your revenues up to 40 million dollars (as happened in the case of Blendtec) if everything goes right. Though this is an extremely useful method of boosting your conversion rates, engineering a viral marketing campaign is no walk in the park. A marketer needs to analyze various successful viral contents to come up with a foolproof viral marketing plan.

It also becomes essential to find the right distribution channels to ensure the content reach the ideal audience. Go through this article to learn the strategies of formulating viral campaigns that are aligned with the context of your audience and triggers an immediate response.

6. Train your employees on the software you use

When you invest in automating your tasks and streamlining operations, it’s imperative that you provide the basic training to your employees (on how to efficiently and successfully leverage that technology.)

Most high-quality technological solutions require rigorous training to ensure that your team fully understands how to use your new systems and is able to utilize them to the fullest of their capacity. If you want to know more about robust on boarding and training program, check out this excellent article about software implementation and on boarding.

7. Build your target community

Another powerful growth hacking strategy is reaching out to a community where your target audience is already situated or building your own community. Have you ever given a thought about how Tinder, the dating app, grew from 10 million users in January 2014 to 40 million in December 2014 (especially with the already established fierce competition in the market)? It’s because it targeted a specific niche.

Through previously there were several dating apps for all types of individuals, Tinder specifically targeted college students (essentially those in their fraternities and sororities). Starting your growth efforts from a highly segmented user base, then expanding to reach more audiences is a brilliant way of practicing growth hacking.

8. Leverage Referral programs

A referral program is also a great technique for growth hacking. All you need to do is ask the existing customers to refer your services to their friends and acquaintances by offering them some amount of incentive for doing so. The best time to ask for a referral is immediately after you have made a successful sale.

Various businesses give virtual cash, discounts, and extra subscriptions for referring their services to others. This will not only motivate the current users to buy more often from you but provide you with an excellent opportunity to retain the old customers and also get new ones in the process.

9. Leverage Guest posting

Most startups use guest blogging to increase traffic to their websites. You can use guest blogging to sell your products on other brand’s websites as well. This remarkable strategy not only helps you increase traffic through link clicks but also through SEO marketing. The backlinks you generate by posting your content in high-authority websites help you rank higher in Google search results, thereby increasing your traffic. However, there are certain things you must keep in mind to make the most out of your guest post content.

  • The guest post should be informative and not filled with promotional content (this will ensure that the readers keep coming back for more content and information)
  • Ideally, you must insert only one link of your own website in the guest posting content and use proper anchor text to lick it with your website.

10. Make use of influencer marketing

Do not restrict your growth hacking strategies by doing all the work yourself. Collaborate with the influencers to broaden your scope of generating the ROI you had planned. Almost every marketing expert claims that influencer marking is one of the best growth hacking strategies.

A recent Twitter survey found that more than 40% of users make a purchase, as a result, of a tweet from an influencer. Your influencer can be anyone starting from journalists, celebrities, popular social media personalities, bloggers or anybody who has a dedicated fan following on social media. And since they are greatly trusted and respected by their followers, an endorsement from them will boost your brand credibility as well.

On a final note, growth hacking is not like usual marketing plans that you can implement slowly and gradually into your business strategies. It often demands willingness to experiment and the ability to adapt to change quickly. You must take time to conduct market research on your products to make sure you know what your customers want.

Then prepare questionnaires to get feedback on your products, look for inspiration from other companies that have successfully used growth hacking and most importantly, don’t be afraid to experiment with ideas. Once you narrow down on an idea that works, be consistent, commit to it, and growth will inevitably follow.

Helpful Resources:

1. 16 Best (free) AMP – (Accelerated Mobile Pages) WordPress Plugins in [2019]

2. 16 Best Free SEO WordPress plugins for your Blogs & websites in [2019]

3. 16 Most Important On-Page SEO Factors To Boost Your Ranking Faster in Google [2019]

4. SEO in 2019 [Tactics That Work] & How To Learn SEO in 2019 Hustle-Free

5. What is On-Site (On-Page) and Off-Site (Off-Page) SEO?

Gracie Anderson is the strategic director of a content marketing farm in Europe. Sje is also an expert with over 10 years of experience. He has a great passion for teaching due to which he has associated himself with MyAssignmenthep. Through this student-friendly website, he guides the students with their CPM Homework and various other types of assignments.

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Blockchain

Can Tokenization of Asset Bring More Investment From the Masses

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance.

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Ripple Cryptocurrency

In a new article, Coindesk has predicted that the Cryptocurrency’s DeFi sector is set to see a resurgence of Security Token Offerings (STOs) and has predicted “a sixfold increase in the total dollars raised using such funding methods over the next four years.”

Tokenization of assets isn’t a new phenomenon, but unlike the waves in the past STOs, this time, it might tip the balance in favour of decentralized finance. The article further predicted that “more private companies will bypass traditional initial public offerings (IPO) and instead use blockchain technology to digitize the capital-raising process.”

Although traditional capital markets and venture capital firms have ceded some prime money-making to DeFi, doing away with conventional IPOs might be a significant first step to democratizing venture financing.

Past the debacle of early blockchain ICOs, where the process by which a company ICOs was easy, but the lack of related regulations within the US and abroad around ICOs had led to many fraudulent crowd sales, illegal airdrops, and outright scams. This, in turn, had tarnished the reputation of blockchain-based projects. However, tokenizing assets and either fiat-backed or cryptocurrency backed by gold and silver have dramatically increased confidence in the crypto-asset markets.

The tokenization of assets that represents a real tradable asset, in reality, is quite similar to the process of securitization. An STO, with increasing frequency, is also used to describe a share in a company, ownership of a piece of real estate, or participation in an investment fund. These security tokens are also tradeable on secondary markets.

The new token economy offers to open up the investment world making it more transparent, efficient, and fair. The simplicity of tokenization will also help in reducing the friction surrounding the creation, purchase, and sale of securities.

In addition, it will bring several advantages for both buyers and sellers that will include:

1. Increased Liquidity of the Market:

The tokenization of illiquid assets in private hands, specifically art, real estate, and the likes, will significantly boost the market’s liquidity. Not only will it make it possible to liquidate the illiquid assets partially, but the ability to trade the security tokens in the secondary markets will also increase the trading activity bringing with it a broader base of traders and investors.

The “liquidity premium” alone makes it worthwhile to tokenize illiquid assets capturing more excellent value for the underlying assets.

Small Size Businesses Here is What You Need to Know About Cyber Security

2. Making Transactions Faster and Cheaper:

The intelligent contracts attached with the tokens and their automated execution upon the meeting of coded terms in the smart contract will mean automation and lack of administration of much cheaper transactions. The buying and selling of the security tokens will require lesser intermediaries, faster deal execution and lower transactional fees.

3. Increased Transparency:

Since a security token is also essentially a smart contract, it can be embedded with the owner’s responsibility and rights. The fact that records on a blockchain are immutable searches, provenance and trading history would be a cinch. The entire chain of ownership rights, responsibility, and origin of the security token will be entirely transparent.

4. Greater Accessibility:

Most importantly, tokenization could open up the investment world to a large audience. The high liquidity, market movement, lower investment amounts, and shorter periods required to hold the token can make the token economy to the average investor. Like the ticket divides an illiquid asset, the tokens themselves are readily divisible into smaller and smaller fractions enabling even a small investor to participate in the token economy.

With automated workflows and cheaper and cheaper processing costs, and token administration, the minimum investment amounts will fall further. This will also increase liquidity allowing investors to hold the investments for shorter periods before cashing in. The trading is made even more robust due to secondary markets that operate 24/7.

5. Easier Asset Conversion:

With the DeFi market making the conversion of crypto assets into fiat currency more readily available, the same will become true for security tokens. By providing greater liquidity to an average investor that often shies away from investment into illiquid assets due to fear of the lengthy process of conversion of an illiquid asset into a liquid one.

If anything, the strong emergence and success of the DeFi market have shown us that making finance decentralized, transparent, and easily accessible will bring in more investors, not less, and lead to the market’s democratization.

In conclusion, the advent of a token economy will lead to a more transparent, liquid, accessible, and just financial and investment system that will serve more and more people via financial products and investment opportunities for all.

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