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 on an offer, fear that this product will not be on the shelves when they need it, and so on. Creating urgency in a sales pitch is a technique used by many top brands. If you frequently shop on Amazon, you’ve probably seen the “only one left in stock, order soon” line. Understanding the psychology of buyers can help you boost your business, and creating urgency is a great place to start.
Startups have mastered the art of offering free tools that are super helpful but lack premium features. This prompts users to purchase the premium tools. The list of successful companies that have used this tactic to hack growth is long, but Grammarly is one of the best examples.
Grammarly, a writing assistant, offers a free account that allows writers to check general spelling and grammar mistakes but prompts users to pay for a premium account to access better features such as clarity, conciseness, and wordiness. This tactic has made the Ukrainian-American company grow immensely; it’s currently estimated to be worth $13 billion.
What other growth hacking techniques have you used to scale your business?
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