One of the perks of starting your own business is you get to manage a lot of tasks simultaneously. While this helps the entrepreneur learn alot but requires he has knowledge about a lot of aspects of businesses.
Statistically over 20% of businesses don’t last even one year and 50% of the rest don’t make it to their fifth year. The urge to fight the battle on all fronts is a unique one. Since you own the business, you want to control and overlook every aspect to perfection but this hurts your business in the longer run.
There is one word that could save your business from going bankrupt in the first five years I.e. Growth Hacking. To identify the most efficient achievement of growth, a quick experimentation across multiple fronts from the same business is called growth hacking. Below are some ways small and medium business can hack their way in to sustainability:
Gone are the days when gamification was only used for actual video games. Making the user onboarding experience fun and unique without breaking your bank keeps people engaged with your new business and get them to recommend friends too. Moreover, incentivize referals. Giving the user something extra such as discounts, store credit a gift t-shirt can all increase the influx of customer to your business. Gamification encourages the customer on a subconscious level to engage with your business. This helps you gather data about the success of your campaigns and duplicate them as well
2.Create an app
With the rise and constant innovation in the smart phone industry, it’s always a good idea to reach your customers via a customized app. Almost 60% of people reach out to your website via their mobile. Also, apps account for a whopping 89% of a customer’s mobile media time. Study also shows that 61% users won’t visit your website if they have a problem accessing it the first time. Having a responsive mobile app can not only save you opportunity cost of customers but also are cheaper to make and maintain than a website.
3.Use analytics for decision making
Data and analytics lie at the heart of every business but most of the business owners either don’t understand the importance or how to get benefit from this. Calculated data provides useful deep insights in to your business which if used in decision making reap tremendous results. Data helps you get rid of unnecessary expenses, committing resources without actual gain and also identify areas of improvement.
Small businesses usually avoid any kind of experimentation as it is scary to bet money somewhere and lose it. They have budget constraints and experimentation is the last thing on their mind. However to bring in more customers and sales, experimentation can not be by passed. Ofcourse, you can learn from big corporations and other industry expert but at the end of the day no two businesses are the same. You have to invest and understand the long term worth of prototyping and experiments for your business.
In conclusion, growth hacking is about finding new ways to grow your business in the cheapest and fastest way possible. To make growth hacking simple and easy, small businesses need to invest. It is a completely ethical and moral practice to continue. We hope the steps above will help you take your business to new heights. Let us know what other growth hacks helped you develop your business.