“Growth hacking” – it’s a fairly new term typically reserved for start-ups and the tech industry. While traditional marketing includes a broad range of objectives, growth hacking focuses on just one objective – GROWTH.
Just like with mainstream marketing, I believe small businesses can reap tremendous benefits from adapting growth hacking concepts to work for small business.
For small businesses, growth hacking can look differently for local or online businesses, but one thing is the same for both: It’s not a passive state. It’s an active focus that’s different for every business, depending on the specific challenges and customers you want to attract.
There are many lessons small businesses can learn from growth hackers, but we’ll start with the basics.
Growth Hacking for Small Business
- Visibility is King
Growth is only possible if potential customers know about your business. You must be visible. Whether your business is entirely online or a brick and mortar, get in front of your potential customers! This really can’t be emphasized enough. Want to guess where your potential customers are? They’re online.
- Acquisition Costs More Than Retention
Focusing on acquiring new customers is important, but don’t forget to take care of the customers you already have. It’s far better to keep your current customers happy and add to the bunch rather than continuously having to replace lost customers. Take a look at your customer retention numbers. If you’re not holding on to them, you don’t need growth hacking. You need to fix whatever issue is costing you customers first.
- Be Creative!
Part of the appeal of growth hacking is that it’s not necessarily dependent on budget, not as much as traditional marketing anyway. How can you meet potential customers where they’re at and motivate them to become buyers? Forget the old, dusty, passive strategies. What can you do differently? Think grassroots meets technology.
- Simplicity Wins, Every Time
The fastest way to block sales of a product or service is to make it complicated. Not only should the product or service be simple, policies need to be simple. The customer’s experience on your website needs to be simple. Contacting you needs to be simple. If any aspect is complicated, the bottom line is it’s impeding your business’s growth.
Do you agree or do you think I’m off base here? I’d love to hear from you.