5 Growth Hacking Tactics To Increase Your Startup’s Growth Curve

Startups are bringing in a lot of changes and filling in the gaps in the market. Thanks to the digital wave and the flexibility in financing, more and more people are coming up and pursuing their own ideas. There are startups in nearly every domain of the market today; there are AdTech startups, FMCG startups, and even startups to care for pets – certainly making the competition extremely tough. However, what we fail to see is the failure rate of startups is more than 90% today. Only a very few see the light of the day while the majority fail terribly or shut down mid operations. The reasons why so many startups fail is actually hard to put down in points. It could be because of various reasons; some because of bad inbound marketing strategies, others because of the market they are in.

Ensuring growth isn’t as easy as it might seem to some. What most founders fail to understand is, there is no “One size fits all” strategy. Each startup is different. And so is the approach to growth for each organization. As there are many aspects of growing a startup, we’ll go into five growth hacking tactics that can benefit the majority of startups – no matter their industry!

#1 Be Open To Partnerships & Focus On One Channel

When planned well, a strategic partnership can prove to be an extremely fast growth hack for startups. Major companies have changed their fates by partnering at the right time. It not only gives you access to a larger audience but also fastens your marketing and distribution. Usually, when you partner with a company, your service or product is merged with theirs. You share the revenues on a pre-decided percentage.

Good startups usually bring in most of their revenue from a single channel. The options of channels are vast today, leaving the entrepreneurs confused. One might actually feel tempted to work with multiple channels simultaneously to test the best ones. However, the plan backfires dangerously, as it takes more time in experimenting and understanding all of them. It becomes a problem to cut them off the list and focusing on one instead.

#2 Ensure You Have An Email List Of Potential Clients For Your Pre-Launch Intimation

There are multiple free tools for startups in the market today. E-mails might be pretty old school but have been effectively working for years now. If you already started your operations, you may already have data of all your subscribers. This list can be extracted from your purchase order database or your website subscribers. The email template will have a link to your chosen landing page(s). Your landing page aims at converting your email recipients into customers. In your initial stage, you should design your landing pages focused on these targeted lists, so that it is relevant to them. This is why having a list will help ensure that you can directly approach interested customers once your product(s) goes live.

It might seem like a small idea to market your product to close family & friends, local clubs, communities etc. You might be skeptical about how insignificant the growth would be with such small numbers. But having a small user base also means your pitch will be more focused at your target audience. This will result in meaningful engagements with your potential customers, yielding honest reviews for your business.

#3 Concentrate All Your Energies On One Niche

It’s very common for founders to start with just a product idea and mostly no clue about who would be interested in it. Chances are your customer demographic is smaller than other’s for now. It’s actually okay to focus on a targeted demographic while starting out. This gives you the scope to understand and gradually widen your acumen. Meanwhile, you get to understand your ideal customers’ needs better and find alternative ways to cater to them effectively.

#4 Something That Worked For Someone Else Might Not Work For You

Startups are going crazy with their ideas today. However, there is no one rule that works equally with all companies. For example, having Radio Ads worked for Hotmail and might not work for others. Every successful company has worked on finding a hack that changed their history. They have considered their KPIs and their company specifics while deciding on it. So, don’t make the mistake of taking the hacks of other’s out of context.

#5 Make Sure To Align Your Team To Your Goal

Make sure your team understands your vision and the reason behind it. Everyone wants to have a piece of the pie. Your team will work harder for something that they believe in. Another important factor is to ensure you scrutinize candidates before hiring, on the grounds of how they would fit in your company culture. And do not shy away from firing someone who doesn’t go in line with your company policies. The more you delay it, the more it will hinder you to achieve your goals. Having a strong team is one of the best growth hacks to increase your startup’s growth curve.

 

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