Marketing for Success

October 8, 2020

Are you ready to take your marketing to a whole new level?

Growth hacking gets a bad rap in the marketing space sometimes. It is often associated with quick tactics to grow email lists or get likes and leads for your business.

It is a relatively new concept that focuses on smarter, low-cost alternatives to traditional marketing. For bootstrapped entrepreneurs, leveraging some of these alternative marketing methods can be the difference between success and failure. From word-of-mouth, to social networking, to web forums and video sharing sites, it practically hits every avenue and can help you reach your entire target market.

In my experience, it’s one of the most powerful tools for early-stage startups and businesses looking for massive growth. Its’ low operation costs also make it a great investment. I’ve put together the following four methods of growth hacking that have garnered success to date.

Build a Referral Program

Incentivizing customers is one of the best strategies to expand your reach with minimal cost. Here are two referral systems that have shown repeated results:

  • First, there’s the credit currency system. Implementing a credit currency system on your platform allows for current customers to receive credits when they persuade another individual to make a purchase. Individuals are encouraged to influence growth and promote your brand with the incentive of obtaining more credits to use for themselves at a later time. Even better, offering credit currency ensures that the money earned will go straight back towards the company—leading to long-term brand loyalty.

  • Secondly, a brand ambassador acts as an unofficial sales representative. Working as a mutually beneficial partnership, both parties are incentivised to play their role. Typically, growing businesses offer informal “brand ambassador” positions for freelancers and workers looking for a side hustle. The company benefits with an entire, risk-free team of marketers who are incentivized to actively promote products and services through their vast social platforms and networks. In return, brand ambassadors can receive roughly 15-20% per sale, a personal discount rate, and a revenue boost for their extensive advertising. In the end, they only receive commission if they are making sales, so why not give it a try?

Given the nature of referral programs, companies can easily onboard individuals to take care of day-to-day marketing and outreach operations in a risk-free manner. These options are perfect for businesses with a general target audience to save both on time and initial costs.

Offer Free and Discounted Services

Obviously, businesses are not charities—they’re designed to generate revenue and sustain growth. However, a study conducted by data and advertising firm BIA/Kelsey concluded that:

“Small businesses estimate 17.7 percent of their total business in the next 12 months will be generated by customer acquisition promotions such as discount deals, daily deals, coupons or similar offers. These promotions may or may not be aligned with a loyalty program.”

Generosity goes a long way in opening doors to formulate long-term B2C relationships. Whether your revenue ensues from subscription plans, products, or ads, it’s a great investment to alter the product pricing plans and acquire new customers.

Free and discounted services are highly adaptable, ranging from free trials, limited offerings, to seasonal deals. It’s practical and low-cost, which effectively fosters a long-term, loyal connection between the user and the brand. Best case scenario, these free and discounted riders will promote your services to families and friends, and continue to purchase your services when regular pricing comes into play.

Run Contests and Giveaways

If you’re struggling to build your brand on social media platforms and networking sites, consider creative ideas to increase engagement. Simply running a contest or giveaway can work wonders in extending your social reach.

Recent statistics from a 2020 study suggests that instagram accounts which hold contests grow their follower base 70% faster on average than accounts that do not. Here are a few more statistics on consumer behavior:

  1. 33% of participants are open to receiving information from brands and partners.
  2. 2:30 minutes is the average time spent on contest apps.
  3. 34% average acquisition growth rate for new contest campaigns.
  4. 94.46% of participants share the campaign with friends.

Whether you want to initiate a sweepstake, quiz, survey or poll, giveaways have the luxury of gamified marketing. These effortless and exciting contests can work on practically any social platform from LinkedIn to Instagram, and rapidly advance platform engagement.

Start Fundraisers

Charitable causes not only put your company name out there, but are also an amazing way to do good in your community and boost company sales. A 2015 report found that 70 percent of people will spend more on brands that support causes.

That being said, corporate social responsibility has recently carried an unexpectedly high level of public attention, and supporting the right causes will put you ahead of the game.

Ideally, these four growth hacking approaches will initiate a ripple effect—amassing a great deal of attention to your company and instantly increase credibility and recognition.

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