7 Reasons Why Every Small Business Should Try Growth Hacking
When running a small business, spending money on marketing might be the last thing on your mind. And even if you wanted to do it, maybe conventional marketing might be out of your budget. But how about a stream of marketing that is focused on improving the bottom line of your business? That is where growth hacking comes in.
What is growth hacking?
Growth hacking refers to marketing techniques that are performed with one goal in mind – to drive maximum growth for the business. They try to generate more leads and increase sales as much as possible in the most efficient way.
Growth hacking is a great way to grow your business, but there are a few reasons why it is particularly advantageous to a small business.
Why Should Small Businesses Try Growth Hacking?
1. Cost Effective Marketing
Small businesses are usually tight on budgets, and have a hard time allocating marketing budgets. But growth hacking has various low cost or even no-cost approaches to growing your business. So if your goal is to maximize revenue while keeping your marketing spending to a minimum, growth hacking might be the solution for you.
2. Targeted Customer Acquisition
Conventional marketing schemes might help in increasing the awareness of your brand among the general public. But if what your company is lacking is quality customers, this might not be the best way to go about it.
This is where data driven growth marketing techniques come to the rescue. You can more efficiently market directly to the people who are the most likely to be customers, thereby increasing marketing efficiency.
This happens using methods like A/B testing, and personalized marketing to try to figure out what your ideal target market is and the best way to market to them.
3. Rapid and Sustained Growth
Growth is the name of the game for a reason. By targeting the right customers, and optimizing the campaigns based on the data received, growth hacking can ensure rapid growth. But a small growth spurt is not enough in the grand scheme of things. What matters is sustainable growth that you can keep going.
By constantly optimizing and reoptimizing the campaign with available data, and running automated campaigns, growth hacking ensures that the growth that you attain can be sustained and is scalable.
4. Increasing User Engagement
An engaged userbase would not only have a higher chance of being repeat customers, they might also be more likely to spread positive word of mouth about your business. So keeping your audience engaged could directly help your bottom line.
By using techniques like A/B testing, you can understand the best, most cost effective way to keep your audience engaged and happy.
5. Data-driven Marketing to Get the Best Results
Growth marketing techniques don’t try to do things ‘well enough’. They aim to get the best results from your marketing efforts, in order to drive scalable growth. How do they do it? By employing data-driven marketing strategies.
This ensures that money is spent in the most efficient way possible. Small businesses could benefit from this, not just due to budget constraints, but also because it will help them discover what the right marketing approach could be for their brand.
6. Adaptability and Agility
The market is always changing, and so should you. In the case of traditional marketing campaigns, it is often hard to course correct once you commit to a marketing strategy. However, growth hacking is all about adapting to change.
It does as the data dictates, and does whatever is the optimal course of action for the current situation. Since growth marketing is designed to be this way, adapting to a new scenario is an effortless and agile process. Small businesses can avoid losing out on potential customers or revenue due to being too slow to make the cut.
7. Improved Product-Market Fit
Marketing is not a one way process. Listening to customers is just as important as conveying our message to them. The data you attain from various growth marketing processes helps you understand the customers better.
You can see what aspects or variants of your product are working, and try to optimize the product lines accordingly. It would also let you understand which direction to go when you try to release the next iteration of the product. Thus, growth marketing can also help you attain an improved Product-Market fit.
Start Growth Hacking Today
If you are a small business, you would have realized the difference growth marketing can make in improving your business. The first step to the journey of scalable and sustainable growth could be right now. If you are confused about how to begin, you could refer to our guide on How to Make your Marketing More Effective through Growth Hacking. And if you want to do it on a bigger scale and employ expert help, you could contact an agency like Maplitho Solutions to help you with it.
So what are you waiting for, start growth hacking today!
