5 Best Growth Hacking Strategies to Increase Conversion
Every entrepreneur has a dream to expand his business, but in this cutthroat competition era, it has become challenging. With the evolving competition and marketing trends, your slow and steady approach can lead you nowhere. Therefore if you want to stay ahead and stand out amongst the crowd, opening opportunities for rapid growth is the right solution- and that’s where growth hacking comes into the picture.
Top 5 Growth Hacking Strategies to Boost Conversion
1. Collab with another company to share audiences
Partnerships play a crucial role in this fast-paced world when we talk about audiences. For example, you can expand your audience base by leveraging another company’s audience song with your customer base.
Remember, while looking for a collaboration company, keep this mind that they are not your direct competitors. Instead, consider businesses that complement your own. For example, maybe you sell homemade cakes. You could partner with a business that sells toys or do the decoration.
Thus, reach out to your prospective partners through an email or phone call. Be ready with your ideas to combine your audiences in organic ways, such as tagging one another on social media platforms, offering product packages that combine your products, or even something as easy as cross-posting on each others’ sites.
2. Leverage Referral Marketing
Referrals are the new normal today, and it’s a very effective way to boost conversions. Referrals from relatives, friends, or industry influencers can convert a lead quicker than any other means of conversion. Moreover, referral customers’ CPAs are lower, enabling you to cut down on your expenses. Referral marketing statistics show that referred customers have better retention rates, leading to a 16% higher LTV.
For instance, when Uber began its ride-sharing business. They adopted referral marketing to strengthen their brand awareness and improve user reach. Their concept was simple: Users will get a $5 credit every time referrers utilize their referral code. The idea was so mind-blowing that it had been used by different ride-sharing apps as well.
3. Use Social Media Growth Tactics
Today, social media has become an important marketing segment. You can make use of social media communities to take your brand to another level. Also, it enables you to get market feedback and socialize with industry influencers.
Content demands patience and time to build and expand your audience. Also, you should align your social media activities with your business growth goals.
You can make your business a success by forming a Facebook group that revolves around your brand, and your audience would be involved with you. Moreover, you need to consistently deliver value to engage them.
4. Create Page-Specific Content
Once you determine your audience, you have to make efforts to fulfill their needs and expectations to convert them. And, the best way to do this is leveraging the power of content, as we all agree that content is king.
Here we are not talking about different types of content; here, you need to focus on page-specific content that is also known as content upgrades.
According to statistics, you can boost conversions by 500% if you provide audiences with content that is relevant to your website page.
Keeping all your contenders in mind, you need to ask yourself why your potential customers would stay on your site if you are not able to offer them useful content that acknowledges their concerns?
To make your content more engaging and specific, then consider including:
- A case study conducted by a trusted brand
- An infographic that makes your post skimmable.
- More examples of repurposed content
Ensure that all the recommended content upgrades are specific to your blog post’s topic. The more specific and relevant content you post, the more the audience will engage with it.
Moreover, remember that the page-specific should be as per the sales funnel stage your reader is at, their pain point, and the information posted on the page.
5. Get Bloggers to Review Your Product
Influential bloggers know how to attract customers and can persuade their audience. Thus, offering them free samples in exchange for reviews can lead to positive word of mouth about your product or service.
Remember, complying with FTC guidelines is crucial; therefore, bloggers must disclose their relationship with you and any benefits they’re getting out of it.
Today, many companies are making use of it as a smart growth hacking strategy that allows people to learn more about your product or service, and if they find it genuine or relevant, they tend to promote it. So it will ultimately help you to grow. For this, you need to invite people to contribute to your blog in exchange for a free account. It’s a great way to get a free promotion.
To execute this strategy:
- Look out for bloggers that write reviews and lists of products and services like yours
- Type the URL of their blog into Buzzsumo to view if their content gets shared or not.
- Reach out to them via email without sounding too pushy.
Final Words
In this cutthroat competitive era, growth has become a challenge for several small businesses and the biggest reason behind this is that their target audience and market aren’t exposed to such marketing campaigns.
Therefore, expand your business by utilizing above mentioned growth hacking tactics as they will help you experiment with different things. However, since new strategies are evolving, businesses really need to focus on tried-and-tested growth strategies. Remember, there is no particular hack that suits all. Henceforth, do not hesitate to leverage new growth hacking strategies.
