Growth hacking a business propels a company to new heights. A business can boost sales and revenue overnight with the right growth hacking methods, or businesses can grow on the slow track trying to find financial success month-to-month.
Strategies you can implement today so that your financial future is stronger, include:
1. Niche Assessment and Choice
Businesses that specialize in everything have a hard time finding success. It’s not that your business doesn’t perform its duties well, but it’s unlikely that your business is able to perform the same job as a specialist with the same level of proficiency.
There’s a reason many food chains, for example, cater to a specific niche:
And the list goes on. These restaurants have carved out a niche, and it’s easier to growth hack yourself into a niche than it is to growth hack an entire industry. When you choose a niche, you’ll growth hack your:
- Expertise in a niche
- Fee range
- Level of competition
When entering a niche, you can demand more fees and have an easier time get your name into the public eye. It’s almost a fast track to success. Niches also allow you to rapidly expand your network, resulting in faster sales growth and referrals.
2. Hire NextGen Talent
A major issue businesses face when trying to boost their growth is that they don’t have a large pool of talent to choose from. Sure, there is a rather big pool, but 43% of the workforce is over 55, which spells trouble when planning succession and growth.
The reason why it’s important to hire NextGen talent is simple:
- They’re willing to work from the bottom up
- They’re newly trained and have passion
- Their energy levels are higher and infuse the team with energy
Sometimes, when a team gets stagnant and nothing can seem to liven up an office, all it takes is to hire some new, young talented to take the reigns. This is a very important move because these are the individuals who will work from the ground up to know your business and may take your place when you:
- Go on vacation, or leave
Young talent is a growth hack that many large businesses have been able to employ with great success.
3. Maintain Branding at Every Turn
Premium brands make a lot of money, even if they don’t have massive sales numbers. Branding is important for every business, and when trying to growth hack, you need to distinguish your brand. Come up with a brand identity and ensure that your business has:
- Strict branding rules
- Consistency across all mediums
- Promotes the same message
Brand awareness is all about consistency, and this is why people expect Whole Foods to have higher prices and primarily organic food. The company, while their sales have struggled in recent years, built their brand on being a premium grocer.
And the company has maintained that trust among their consumers.
Pricing plays a major role in the equation, too. The company knows that consumers won’t compromise on price because their food is better for the consumer’s health. Businesses can raise prices and maintain higher prices, becoming the premium brand, by:
- Highlighting service or goods benefits
- Offering something the competition doesn’t offer
- Going above and beyond in customer service
If you’re able to “wow” every customer and client that comes your way, you’ll be able to proper your business further. Word of mouth will spread your business’s name and you’ll be a brand that is both premium and worth the cost.
4. Make Products Addicting
If you sell a tangible product, you need to make your product addicting. No one talks about boring products because they’re boring. But when your business is in the growth stage, you need to do two main things:
- Acquire customers. Get into acquiring customers as early on as possible. This will allow you to be able to make money and grow your product.
- Make your product addictive. Customers want to be addicted, and this is something you must do if you have a product. If you can make your product addictive, you’ll be able increase the virality of the product and help make it a social phenomenon.
Products that are addictive sell faster and gain traction much faster, too. Look at apps, for example. Apps can either be a dud or become an enigma, and the reason for the rapid success of many apps is because someone spent the time to make the app addictive.