Scaling businesses to 10X has become a challenging task for entrepreneurs.
Growth hacking strategies have been around for just a few years but have gained a lot of traction among the business industry. Both small and large companies are seeking growth hackers with expertise in business strategy. The major reason is, every business wants to grow its business and acquire millions in their revenue.
If you’re an entrepreneur, you need to perhaps start looking for better strategies to take your business to the next level.
We will further delve deeper and point out these crucial growth hacking strategies to scale your business.
- Identify the right target user before making an investment
To master growth hacking strategies, you need to start by identifying your relevant client or customer. Targeting everyone is going to be baseless and a waste of time and resources. A product developed for an 8-year-old kid will not be relevant for an 80-year-old man and vice versa. One of the major reasons why you need to skim through the target audience who would be interested in buying your product or service.
How about considering the below points to make the right decision?
- Conduct a detailed study regarding your customer. For instance, their age, gender, and user profile.
- Mark the locations of your target audience.
- Analyze whether your product or service serves its purpose.
- Identify the buying interest behaviors of your targeted audience.
- Scale your product or services and ensure it is the best in the market
To become a successful growth hacker, you need to identify whether your product is scalable and perfect. Most of the time, scalability plays a significant role in driving the organization toward success. However, besides scalability, the organization needs to follow the right business strategy framework. Strategy frameworks are tools to ensure the organization is making the right decision. At times, the strategy framework can be used to develop strategies and analyze complex business problems.
Uber, Facebook, Reddit, Instagram, and Twitter are renowned social networking sites used globally. Had it been for their scalability products and services, you wouldn’t be knowing these names today.
Below are a few actionable points to help establish a successful business:
- Develop a solid business model no investor can deny.
- Recruit the right team who will stand by you always.
- Ensure to use a Minimum Viable Product (MVP) for validation of the business model.
- Social media plays a major role in terms of reaching out to the right audience. You need to keep a keen eye and stay updated with the latest trends.
- Utilize the AARRR model
The AARRR model signifies Awareness, Acquisition, Activation, Retention, Revenue, and Referral. A successful business strategy happens only when you develop the right plan from the very beginning. From identifying the audience to paving a pathway to attract customers. For instance, the marketing funnel.
Below are a few critical metrics you need to keep a check before using this technique:
- Track the number of people visiting your website to analyze acquisition.
- The aspect of awareness needs to be tracked, and this can be done by identifying the number of people we’ve managed to reach out to.
- Retention rate can be analyzed by identifying the number of people who come back to avail of your product or service.
- Referral success can be analyzed by observing how many customers have referred your business to their friends or colleagues.
- Hire the right candidate for the job
As a business leader, you need to ensure the people you hire will vouch for you through thick and thin. Therefore, you need to start screening characteristics of the preexisting and prospective employees to find the right match.
Here are a few points to help crack the code:
- Recruit employees equipped with more than one skill.
- Make sure the individual can handle work even during testing times.
- Try to analyze whether the candidate comes up with relevant business ideas for the organization.