Growth Hacking Strategies for eCommerce Businesses
You ever hear about an athlete giving up every single thing just to be good at one sport? That’s like a growth hacker because they focus on one area to create growth. Of course, a traditional marketer cares about growth but the intensity and focus on one particular sector is not the same. It takes a number of tactics to get that point of unbridled growth in an area but it’s very doable. Traditional marketing may focus on the ads, the radio content, and even a commercial. However, a growth hacking campaign focuses more on modern and creativity tactics like social media to produce the same result in a more cost effective manner. Here are some techniques eCommerce users should consider as far as growth hacking.
What’s Growth Hacking?
Growth Hacking is a way that startups begin to employ their own tactics to create growth in sales as well as exposure. What type of tactics you may ask? Well, more traditional methods like radio, television, and even newspaper advertisements are a thing of the past in a more tech based world. Their focus is more on creatively engaging via search engine optimization, social media engagement, email marketing, testing, etc. These are all true tests because they don’t necessarily require a specific budget but more so focuses on creating engagement between users and growing things in a more organic manner. The experience also matters because you get to share your trial by fire or great outcome. On social media, you have the ability to share whether it’s a product review or a complaint. You can’t necessarily do that with a brick or mortar on that speed level because the outlet isn’t there. On a mobile format with e-products, it’s easy to share what you like and didn’t like and even can recommend to different users. Growth hacking is marketing but to a different degree that allows more flexibility and creatively to come into the fold for a specific purpose: ultimately to grow your audience and grow your sales.
The Mindset of a Growth Hacker
In this day and age, the world is ruled by numbers. This could be anything from things with numerical value and data. Data is very important to a growth hacker because how do you know something is growing without the right numbers to backup your claims?
Let’s say you create a product with a certain testing or referral program just as a bonus. Of course, your initial thought is, “maybe this will sell or maybe it won’t.” Now, looking back at the data and seeing who actually engages with the program and who actually gets customers with this particular sector completely changes your mindset. The data proves this is a sound investment and you may even decide to make this better to improve your ROI by providing more value. This is one of the things that growth hackers do…elevate in what works! This also creates more longevity for success because you have the data and you look into what made this work well. Maybe there’s a specific feature that people enjoyed and you find that your sales results was much better in Q2 than Q1. This way you can begin using your money wisely into what sells instead of guessing on what doesn’t.
While analytics are great, creativity and curiosity plays a significant role. You have to take some calculated risks to get ahead. Get in the mindset of thinking, “Maybe if I created an exclusive list to a new product, it could create buzz.” You can think of a specific sign up to get people locked in your product and then create a total full-on opening in which you can start gaining a loyal following. Also, you must be resilient enough to keep going when things don’t work the first several or 50 times. Optimism is huge and it gives you a backbone because not all tactics are created equal. While analytics certainly help a great deal, don’t knock taking risks because you may find even greater successes. Sometimes, it’s not about finding one huge breakthrough but a number of smaller successes that can ultimately lead you to knock your competition out of the game. A diverse mindset in your approach will set you up for long-term success.
Process of a Growth Hacker
Having a specific goal in mind takes a while to get there and it’s unrealistic that it will work from the beginning. Of course, growth is your “end all, be all” kind of goal but you have to set up smaller goals that help you create the stepping stones to achieve your feat.
Maybe your first goal is gaining more retention to your site. What’s a great way of creating more retention? Content. Plain and simple. Not just any content but the type that actually has value to the mix. What this does is actually create a domino effect. First of all, people are going to be more in-tune with your brand and you give them a forum to actually express themselves through comments. This is a great avenue because you can build a consensus of what people look for or at least their concerns. You can send an email notification to different members who have commented and replies to the comment. This type of cycle creates more interest. Also, it’s a great thing to include a “what’s new” section on your site so your readers can go straight there for all of your new content. This is very important because you never want your readers to get bored and you want to make it easy on them to get your latest work.
A growth hacker also makes sure to look at the analytics to compare goals to those numbers. Don’t get discouraged because things may not add up at first. You might want to run a couple of experiments and do your own testing first to see if there is any leverage that pays off. Run them long enough to make sure that you get sound results. One experiment is seeing if a particular email campaign gets a certain number of clickthroughs and conversions. If goes below your predictions (realistic), you may need to try another method. It’s all about what’s cost and time effective in the end. Realizing your strengths early on will keep you motivated to not exploit those strengths but to find a strategy to tighten up your weaknesses. Don’t be afraid to use your resources but not to the point where you completely exhaust them. Know when it’s the proper time to quit your experiment after you’ve given a thorough look into possibilities.
How to Reel Customers in Using Growth Hacking
We get down to the nitty gritty in this section to find out what draws people into your brand. Luckily for you, there are a myriad of different tactics at your disposal. We will go through a few main tactics to help you reel in the fish using some nice bait tactics.
A podcast is an effective way to reel in bait due to the fact that people genuinely like to listen to what you have to say rather than read. There are a lot of people who simply don’t have the time or concentration to effectively get the knowledge they seek so a podcast works wonder. A lot of people have a smartphone these days so they can listen at home, in their car or on the train. They can go about their business while digesting knowledge. Also, you have a number of formats to create your podcast to help you expand your audience worldwide. It’s pretty convenient as well because you can create an audio or video cast and get in touch with different people from across the globe and you don’t even have to be in the same room. A weekly podcast could be effective but maybe set it up as an audio tool. You can make them a series with different parts and create a section on your site where visitors can listen. Personality and value of information is key.
You can never go wrong with blogging. It helps you get in touch with your audience through a written format, indexes your site, and just draws attention to your overall brand. Guest blogging is also another great tactic because you can capitalize off a whole other audience. Sometimes, you have to reach to other people and show them that you give their readers something great to take home with them. Not only do you build a great relationship with site owners but the readers gravitate to your brand as a residual effect.
Creating a contest is a great way to build incentive. This can be a bit pricey giving away product or some prize but it’s an effective method in creating traction as well as sales. For example, you can utilize this tactic to draw in your loyal following to create more referrals. The more they refer people to your brand, the higher the incentive. This brings in tons of growth without compromising your brand or even focusing on more traditional ways of marketing. While it is word of mouth, you can utilize social media buttons, email campaigns, and even viral videos to promote your contest. Really stepping out the box and being creative can lead to a long term payoff and a very satisfied core audience. Not to mention, you can test the waters and see what types of things your audience likes so that helps for your future growth. Staying stagnant is never a good thing; always elevate.
Pushing Your Products in a Number of Ways
It’s important to note that you need a myriad of ways to push your product out to a targeted audience. Network invites are still very effective from your mobile phone, your social media pages, and email addresses. Of course, it’s important to not be spammy in promoting your product. However, if your friends and family don’t believe in you, who will? At least, they can spread the word and give an honest opinion of your product. If you are on Facebook, a fan or business page works wonders because you at least give your immediate network the opportunity to follow your brand or bypass it all together. This brings me to the point of social sharing.
Social sharing enables people to actually post your blogs and anything else you have on your site to different networks be it Twitter, Facebook, Pinterest. The great thing about this is you don’t directly tell someone to go and share the post. They take the initiative themselves to post it because they enjoy what you have to say and this creates more traction to your post. This effect has the power to bring in subscribers and even buyers that will grow to love your product.
Organic traffic is still another way to push your product. Genuine SEO certainly helps to give your products a jump because people already look for specific keywords on the search engine. Think of all the engagement on your blog posts, the social shares, and everything else that isn’t necessarily perpetuate by you or your team. The more it’s organically built, the better you’ll fare on the search engine which means traffic and sales. This is a bit of an older tactic but still remains effective depending on the authority of your brand. This might be the lower end of your growth hack scheme because it takes longer but residual traffic is something you want after all the hard work is done.
Growth hacking is not necessarily a new tactic and you can teach an old dog new tricks. The key is using new wave tactics to really enhance the growth of traffic and your product sales. It’s important that you don’t limit yourself to one tactic so use email, social media, webinars or anything you see fit to effectively put your brand on another platform. Growth hacking helps you really channel your energy into a powerful marketing method that uses not only analytics but encourages creativity and experimentation. What are some tactics you enjoy using that creates significant growth for your brand? Post a note below.