Growth hacking is a term coined by Sean Ellis, Growth Hacker founder, depicting high-level marketing skills and processes that focus on growth rather than metrics. Dropbox played a significant role in redefining what growth hacking is when it grew its users from 100,000 to 4 million over a short period. Most top companies use growth hacking techniques to fuel their growth. Let’s take a look at five techniques that can help your business scale its customer base and revenue.
Companies such as Dropbox made their way to the top through referral programs–users would gain more cloud storage when they referred someone. Other top brands have used referral programs to grow. They offer incentives, coupons, and freebies to those who refer new users. This tactic may cause you to spend more on your marketing budget, but it will pay off when your startup grows and gains loyal customers.
Everyone loves freebies, no matter how big or small they are. One of the most successful growth hacking techniques is giving freebies to prospective customers–from free trials and bonuses to actual products. Clients will fall in love with your brand if you give them freebies every now and then. It might be a free subscription during the holiday season, free products of a smaller size, or free delivery of products.
Doing things differently from your competitors can help your startup take the lead. Consumers love brands that do things differently yet fulfill their needs. For instance, Carvana, an online-only used-car retailer, does many things Carvana competitors don’t. The online car retailer has a unique sales and distribution model that makes it stand out. While most of its competitors still depend on traditional salespeople and delivery methods, the company uses innovative car vending machines and offers curbside delivery and pickup.
One of the primary emotions that drive humans is fear. Fear of missing out…