Businesses need to scale themselves to stand the competition and carry themselves through the long run. One sure-fire way to grow is to copy what leading brands do to gain millions of customers and increase revenue.
This is known as growth hacking. Though you’d face several challenges down the road, adopting the best growth hacking strategies can be fruitful.
Why adopt Growth Hacking Strategies?
Learning something by yourself through a trial and error method is time-taking and isn’t cost-effective.
So, it’d be wise to learn from the success of others- especially that of leading brands. So, here are the best growth hacking strategies from ten leading brands. Gain inspiration from these.
10 Best Growth Hacking Strategies To Increase Conversions
At the time when Gmail began, it used an invite-only system. Only Gmail users therefore could send invites to allow people to join it. Many people who feared being missed out of the Gmail community, started opting for Gmail. Its popularity grew so big that Gmail invites were auctioned on eBay.
However, one more reason why this worked was, Gmail users could email those users who used other email services tools. When Gmail tried a similar invite-only tactic to closed-off social networks like Wave, Google+, Buzz, etc. it miserably failed.
So, brands that wish to steal this growth hack technique should do so only if they’d be employing it for open communities and tools.
Another growth hack to learn is that of Amazon’s. It offers personalized experiences via its fully managed machine learning service.
Its product recommendations are highly customized and go beyond static and rigid rule-based systems. These relevant and refined product recommendations along the user journey help it increase its sales via upselling and cross-selling.
This works because people today yearn for highly personalized experiences. When they get it from a brand, they not only buy from it repeatedly but also start advocating on its behalf. So, adopt this personalization hack for your business.
Dropbox’s growth hacking technique is quite creative. It gets people to refer it to their circle by gamifying its referral marketing. As users start referring to it, they get to open up more free storage and incentives. This way, the company has expanded its customer base to 700 million now!
So, the growth hack you learn from Dropbox is gamification. This works because it attracts the user’s attention and increases their engagement. And when they become focused, they tend to get more involved with the brand and its offerings. This in turn increases the brand’s conversions.
Back in the 90s, Hotmail was the most popularly used email service provider. It acquired 12 million users within just one and a half years of its launch. One of the significant marketing strategies that earned them this enormous user base was their captivating tagline which read “PS: I love you. Get your free email at Hotmail.” They had it in their email signatures.
So, what’s there to learn from it? Yes, the taglines. You should have a tagline- an attractive one. It should be simple, yet convey your brand most memorably!
Foundr, a global media, and education company for startups is another company whose growth hacking strategy businesses should learn from. It combines organizing competitions, advertising in social media, and influencer marketing. It executes these by using a tool called Upviral and incentivizes top users for getting involved.
This has enabled Foundr to gain thousands of email marketing subscribers and hundreds of new supporters. So, use a mix of the above for promoting your brand.
Of all the growth hacking strategies discussed till now, Hubspot’s is something that every business can employ and benefit from. It offers value for free. This gives people a valid reason to use it. This in turn has increased its popularity immensely. For instance, its Blog ideas generator, website grader, invoice template generator, and more
You too can employ this hack no matter how small your business is. For instance, if you are a blogging site, you can post blogs on how to write killer blogs; if you’re a clothing brand, you can offer free tools and resources to users to help them find their ideal fitting size; etc. Just get creative in finding how you can offer value for free.
A leading B2B SaaS business found that professionals experienced increased stress and poor productivity owing to poor communication. As a solution to it, they created Slack, a platform that offers faster, well-organized, and secure communication than emails. They even provided a freemium model. Slack’s daily user base rose to 500,000 within 12 months of its launch. Today, it has more than 12 million daily active users.
The growth hack to learn from Slack is to recognize a problem that people don’t even realize they’re experiencing, and then create a solution for it!
Paypal paid people to refer their friends. It spent 60 million USD on its referral initiatives. Besides, they also promoted it through different marketing channels like emails, blogs, and instant messaging. These catapulted its user base to more than 100 million users. Way back in 2000, its daily growth was 7 to 10%. Today the firm’s yearly revenue is $21.4 billion.
The growth hacking strategy to learn from PayPal is incentivizing your existing customers to refer people to you. When loyal customers gain something out of promoting their favorite brand, they get encouraged to do it more readily. So, it can also act as one of your best customer retention strategies.
9. Movies Unlimited
Movies Unlimited is an online store for movie collectors. You should learn from how it increased its orders. It was a time when they faced a high abandonment rate. They came up with the idea of promoting their products through emails and A/B testing two different versions of campaigns. One version offered a discount and the other did not.
They found that the cart abandonment recovering campaign had a 27.7% higher average order value than their other marketing campaigns. Besides, the conversion rate for the offer version was 36% more than the non-offer emails.
10. Dollar Shave Club
Dollar Shave Club, an American company selling grooming products, employed visual marketing to promote themselves. Their video message was simple yet captivating that they went viral. Their revenue made in two years was over $20 million!
So, what do you get to learn from this? Human beings are visual creatures, who get motivated by what they see. 74% of the global internet traffic is accounted for by videos. So, it’d be wise for brands and businesses to tap into its immense potential.
Do Put Our Best Growth Hacking Strategies To Use!
Adopting some of the best-working growth hacking strategies can effectively boost your business growth. In this blog, we’ve discussed ten of the best growth hacking techniques you can learn by looking at those businesses that excelled at it. Employ a few of these to grow your customer base and increase revenue generation.
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Shivani Goyal is a content writer at InviteReferrals, which provides referral software that allows businesses to attract new customers from existing customers through referral campaigns.