It can be a challenge to succeed as a small business. Large competitors can be formidable, and competition from other small businesses can be fierce as well. Plus, as a small business, you don’t always have vast funds to allocate to marketing, investment, or other growth strategies.
That’s where growth hacking comes in. Growth hacking is all about finding low-cost strategies that are effective for growing your company. If you’re looking for ways to build your market, boost sales and improve your company’s outlook without having to spend a huge amount, here are our top tips for growth hacking.
Optimize your cashflow with a credit card
If you don’t already use business credit cards, you should. They can enable you can pay suppliers quickly, as well as letting your employees have access to the funds they need to facilitate the day-to-day running of the company easily. This saves you time that might otherwise be spent on dealing with expense reimbursement requests, and you can get benefits from credit cards, helping save your company money.
“Cash flow is one of the biggest challenges facing small businesses. Having a business credit card simplifies expenses. Even if you get a lot of your funding through loans or other means, having a credit card as your first port of call for funding can help make sure that you keep on top of your business spending. Plus, the extra benefits and payment protection are vital for small businesses.”
Damian Brychcy, COO and US MD of Capital on Tap
Be clear about your pricing
While we’re talking about money, one of the easiest ways to attract more buyers is by having very clear pricing. Cost transparency is vital because it helps potential customers know what they are getting into, and it encourages people to reach out to your company. If your products and services don’t have one set price, you can always put a price guide on your website to give potential customers a general idea. An estimate can be much more appealing to customers rather than having no idea of the price.
Have introductory special offers
A special offer is a great way to entice new customers. This could be a free item with their order, a discount price, additional services on top of their order, or anything else that seems appropriate. Just be sure that the special deal does not leave you working at a loss, as growth hacking is all about spending the least money possible while increasing growth.
Offer a free guide
What field is your company an expert in? One surefire way to get noticed is to offer a free guide to assist potential new customers. This doesn’t need to be a long guide. It can be a short piece of advice, a checklist, a research paper, a useful infographic set, or anything else, as long as it includes handy knowledge that your customers might need. You can offer this for free to people who sign up for your newsletter or anyone who creates an account on your website, helping you build a digital mailing list.
Know what your competitors are doing
It’s vital to keep abreast of what your competitors are doing. You should know what their general movements are, what new direction they might be expanding into, and how successful these efforts are. Luckily you can find out all of this just by keeping an eye on websites and social media.
Use social media to your benefit
Social media is hugely important these days, and almost everyone uses social media of some kind to inform and engage with customers. Most of your potential clients will be using social media. You need to make sure that you have a strong social media presence on all the platforms that your customers are likely to use. This means posting regularly with interesting and engaging content, as well as highlighting any special offers via the appropriate channels.
Stay honed in on your target audience
It’s always worth being certain of what your target audience is. You might find that your target audience changes over time, especially if you start to attract a broader range of customers. You should always make sure that you know what audience you trying to engage and what their needs and wants are.
Encourage online reviews
Most consumers or businesses will look at several reviews before they choose which company to contact. This means that it’s very important to get positive reviews online. If you can encourage your customers to leave reviews, this can help ensure that potential customers choose you rather than your competitors.
Network through guest posts
Guest posts are a great way to network with other companies. There are many small businesses and start-ups that can all benefit from sharing their scope and working together. Plus, guest posts give you a chance to show off your expertise in your industry. This creates trust in your company and it also gets you noticed.
Emphasize your brand at every opportunity
As a small business, you need to make sure that people remember your name. You can do this by emphasizing your brand. Make sure your logo is present on social media posts, packaging, advertising, and other forms of communication. Maintain a consistent style with everything that people see. You want to make sure they associate your name with your product or service.
Listen to feedback
As a small business, your customers are your lifeblood. If you want to make the most of this and ensure consistent growth, you need to gather feedback. You can use this to make sure that you are always responsive to customers’ needs.
Use data to track your progress
It’s always important to track your progress using appropriate data. You should track several different metrics, including your website conversion rate, sales, social media interactions, and inquiries This will help you see what approaches are successful, letting you refine and improve your growth strategies.
Growth hacking tips: Summary
It can require ongoing effort to master growth as a small business. The key is to look at growth hacking strategies that allow you to make the most of your resources. Your customers and clients should always be your main focus, so be sure to stay aware of what interests them and adapt according to the feedback you get. You should also look at ways to improve your operations, such as using business credit cards to streamline payments and working with other small businesses for improved growth.