6 All-Time Best Growth Hacking Tactics for Every Company

Find out why growth hacking is your golden ticket to scaling up in 2024 and beyond. 

Imagine turning a failed project into a tech sensation. That’s the story of Slack, which began as a gaming venture named Glitch in 2013, only to pivot and skyrocket to fame as a go-to app for business collaboration. In just two years, it hit a milestone with over a million daily active users. By 2023, its worth had ballooned to a whopping US$26.5 billion, securing its spot as one of the tech world’s most rapidly growing Software as a Service (SaaS) companies. This journey isn’t just about luck; it’s a masterclass in growth hacking, the secret weapon businesses are using to stand out in today’s cutthroat market.

The term “growth hacking” might sound fancy, but it’s a game-changer for anyone looking to make a big splash quickly. Yet, diving into the growth hacking pool can be daunting without knowing how to swim. Many entrepreneurs, eager for rapid success, jump in headfirst without a plan, hoping for the best.

What is growth hacking?

Growth hacking is about prioritizing speed, creativity and scalability in marketing and product development to significantly escalate a company’s presence in the market. It’s a collaborative effort involving cross-functional teams that dive into rapid experimentation and iteration to discover growth opportunities. Unlike traditional marketing methods, growth hacking is thoroughly metrics-driven, concentrating on user engagement, retention and virality. This innovative approach has been instrumental for giants like Pinterest, Dropbox, Instagram and LinkedIn in achieving remarkable growth.

Companies often turn to specialist “growth hackers” to craft and execute these strategies, utilizing their expertise in data analytics, web design and marketing tactics to drive growth efficiently.

Six effective growth hacking strategies

With around 33% of small and new businesses failing during the first two years, the pressure for rapid growth is paramount. To combat this, here are six growth hacking strategies that every company should consider implementing in 2024:

1. Maximizing the influence of social platforms 

The significance of social media in cultivating substantial customer relationships is undeniable. With over 5.61 billion unique mobile users by 2024, ignoring social media’s reach is not an option for businesses aiming for growth. While many businesses flock to popular social channels like Instagram and Facebook, exploring alternative platforms like Reddit, Pinterest and Medium could uncover new growth avenues tailored to specific audience requirements.

Airbnb’s innovative use of Craigslist, a site not typically associated with social networking, demonstrates the benefits of expanding your digital strategy beyond the usual channels. By enabling seamless cross-posting to Craigslist’s extensive classified ads sections, Airbnb boosted its visibility and user engagement, contributing significantly to its rapid expansion and reinforcing its reputation for creative solutions.

For businesses looking to maximize their social media impact, it’s essential to conduct thorough research to understand where your target audience spends their time online. Choosing platforms with lower competition can lead to more efficient and effective growth, helping you stand out in a crowded market.

2. Executing effective right pre-launch marketing

Pre-launch marketing is a great strategy is crucial for generating excitement and a sense of urgency, or FOMO (Fear of Missing Out), around your new products or services. Done correctly, this strategy can significantly boost your brand’s visibility, build anticipation, engage with potential customers and lay the groundwork for swift expansion once you launch.

At the heart of any impactful pre-launch is the creation of compelling teaser content that captivates your audience. A well-rounded pre-launch plan encompasses strategic social media campaigns, targeted paid advertising, and partnerships with brands that share a similar audience, all designed to stir up enthusiasm and pave the way for your product’s success. Additionally, making a personal appearance at events and tradeshows offers a unique chance to engage directly with future customers, fostering discussions and amplifying interest in what’s to come.

3. Leveraging referral marketing

According to Nielsen’s 2021 Trust in Advertising study, 88% of consumers trust recommendations from people they know more than any other form of marketing. This insight underscores the potential of referral programs or word-of-mouth marketing as powerful tools for turning trust into tangible purchasing power. Dropbox is a classic example, offering extra storage space to users for each successful referral, significantly boosting its user base without traditional advertising.

Setting up a referral marketing campaign is simple but highly effective. Offering customers a shareable link or code to refer their network essentially turns satisfied users into brand ambassadors. For the referral strategy to thrive, it’s essential to provide incentives for both the referrer and the referred, ensuring continued participation and enthusiasm for the program. Leveraging platforms like Affise, Referral Factory, InviteBox and ReferralCandy simplifies campaign management, automating processes to enhance efficiency and amplify the impact of your referral marketing efforts.

4. Collaborating with another brand

After launching, it’s common for small businesses to struggle with gaining attention and establishing credibility, especially when they’re new or not widely recognized. This challenge of limited visibility and credibility can, however, present a valuable opportunity for strategic partnerships with other brands.

The key is to identify non-competitive companies that cater to similar audiences, allowing for the cross-pollination of user bases. This approach utilizes each brand’s unique strengths to foster mutual growth. For example, if you sell furniture, you could form a beneficial partnership with an interior design firm. Such collaborations extend your reach and bolster credibility by association, laying a robust groundwork for long-term success and expansion.

5. Giving out freebies, demos and freemium products

In this expensive world, offering freebies, demos and freemium versions of your products or services can be a game-changer for growth. By eliminating upfront costs, these tactics reduce barriers to entry, giving potential customers a taste of what you offer and laying the groundwork for strong, ongoing relationships. This approach significantly increases the chances of converting those who try your products into loyal, paying customers.

Image from HubSpot’s website

Spotify and HubSpot exemplify the success of this strategy. Spotify grants free access to its basic music streaming service, enticing users to upgrade for more features later on. Similarly, HubSpot’s free website grader tool not only provides value by assessing website performance but also collects user emails for future marketing purposes.

Incorporating giveaways or samples of premium offerings can maintain customer engagement, encouraging deeper exploration of your brand’s full range of products and services. Distributing freemium products both online and offline can thus be an effective way to drive growth and build a solid customer base.

6. Investing in content marketing

Investing in content marketing is crucial for attracting and maintaining a dedicated audience, establishing your brand as an authority and fostering a reputation for thought leadership. This strategic approach encourages audiences to take profitable actions by offering them valuable, relevant, and consistently high-quality content.

The cornerstone of effective content marketing is the regular creation and distribution of content that genuinely engages your target audience. This encompasses everything from insightful blog posts and in-depth ebooks to guest contributions on well-regarded websites, compelling infographics and thorough industry reports. Additionally, video content, whether it includes deep-dive essays, educational films or engaging podcasts, is particularly effective for growth hacking efforts. Its easy-to-digest format and high potential for virality make it ideal for not only educating your audience but also significantly enhancing your brand’s visibility and engagement levels.

Conclusion

The remarkable journey of Slack to a valuation in the billions showcases the transformative power of growth hacking. By embracing a mix of creative strategies, from utilizing unconventional platforms to rolling out effective referral programs, businesses can secure swift and cost-efficient expansion. Growth hacking excels by marrying creativity with data analytics, ensuring strategies not only reach a broad audience but also resonate deeply with them.

As the digital landscape continues to evolve, growth hacking remains a pivotal strategy for companies aspiring to replicate Slack’s meteoric rise. In essence, the key to optimal results in the ever-competitive market lies in incentivizing every customer and their referred new leads, thereby creating a perpetual engine of growth.

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Header Image from Pixabay

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