If you are looking for cheaper and effective ways to grow your startup or small business, then you have come to the right place. 

This post explores growth hacking: what it is, why it is cost-effective, and practical strategies you can immediately start using for your business’s growth. 

WHY STARTUPS AND SMES? 

At Biz Vital Signs, we are a company committed to helping SMEs and startups across Africa thrive in their industry, without draining their resources. This in itself is the core principle of growth hacking: to explore inexpensive growth strategies and techniques, and stick with the one that works best for your business. 

The next few paragraphs of this article will explore techniques your small business can employ, with examples.

WHAT IS GROWTH HACKING?

Growth hacking simply refers to the use of low-cost strategies to accelerate your business’ growth, and drive sales. It is often used by businesses that are in their early stages.

Most times, growth hacking is done experimentally. This means that several low budget techniques are thoroughly tried and monitored, before the best is chosen and implemented. 

If you think growth hacking sounds attractive to you, know that it does not come without its pros and cons. The major advantage of growth hacking is its cost effectiveness and autonomy. On the flip side, its major disadvantage is that it only attracts one-time customers who would require active retention strategies to keep. 

5 HIGHLY EFFECTIVE GROWTH HACKING TECHNIQUES

If you are looking for growth hacking techniques for your small business, here are some strategies that are tailored for startups and small businesses.

• SOCIAL MEDIA MARKETING:

You are probably not surprised to see this point being addressed. After all, if your business isn’t online, then it is invisible. The trick is this: show up consistently, and optimize your content to be algorithm-friendly. This way, many more people can find and connect with your brand.  

• SOCIAL PROOF:

Only a business that proves to be legit can grow and retain customers. People only trust what others trust, therefore this technique goes hand-in-hand with social media marketing. 

Pro Tip: On your business’s social media platforms, post client reviews and testimonials, and encourage UGC too. People are loyal to what seems to work.

• COMPLIMENTARY COLLABORATION:

Complementary collaboration deals with partnering with brands whose offering complement yours. For example, a bridal brand can collaborate with an event organiser, or a spa collaborates with a skincare brand. Collaboration can get people talking about your brand, and drive traffic to wherever you want them to.

• NEW CUSTOMER DISCOUNTS:

Discounts are immediately attractive, but retaining customers depends on how users feel after they experience the product. The major advantage of giving first-time discounts is increased brand awareness. 

A very good example is TEMU Nigeria which offered cash coupons and free gifts to its first time users. Offering discounts is wise, but also ensure you have strategies in place to retain your new customers.

• REFERRALS:

• Incentivised referrals can bring a tidal wave of new users or customers your way. Here are a couple of examples:
• Palmpay. When Palmpay became popular it was as a result of referrals. Palmpay offered free money per referral and even created referral links for each new sign-up. 

TEMU Nigeria’s viral referral campaign rewarded users with gifts for getting others to use the app. Some Nigerians even went as far as rounding up people and paying them to use their referral links!

HOW TO MEASURE GROWTH HACKING SUCCESS

Since growth hacking uses the most cost-effective options, traditional metrics might not work here. Instead, use metrics that pertain to the techniques you applied. For the techniques provided in this post, you should track your:

• Follower growth
• Engagement rates (likes, shares, comments)
• Referral sign-ups
• Lead generation
• Sales spike after campaigns

In conclusion, know that growth hacking is not a shortcut to success. Instead, it is about using low-cost techniques that can help your startup or small business scale faster.

Need help setting up your growth hacking strategy?

Contact us at Biz Vital Signs for support.

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