To Scale Your Business With Growth Hacks
not easy to make your business successful in a competitive
can start a business, but scaling your business requires
knowledge, experience and skill.
There are numerous hurdles to overcome while building
your business from the ground up, and when facing
these obstacles many businesses give up.
the 2.1 million small businesses in Australia, 54,992
went out of business in the last financial year.
Scaling up can help your business survive while others
what should you do to ensure your business survives
and safeguards your financial future?
The answer is growth hacking.
is growth hacking?
you just give up your dreams and continue committing
ten hours to your job towards making someone else's
life a success story? Becoming a side character in
the world of business may not sound appealing to you,
but without the ability to grow your business and
survive this becomes the reality for countless entrepreneurs.
where growth hacking comes in.
hacking is an umbrella term that includes all the
strategies designed to help your business grow.
the strategies differ, the overall goal of growth
hacking is to acquire the greatest number of customers
as possible while spending as little money as possible.
2010 Sean Ellis, a successful entrepreneur, coined
the term 'growth hacker' to attribute the unconventional
ways which a company can adapt to ensure its business
then, many companies are employing these techniques
to scale up and dominate their industries. If you
also want to create a successful and long lasting
business, then here are some growth hacks for your
what people want
matter how competent your SEO team is, or how creative
your content marketing team is, your business will
struggle to achieve the success you want if you're
not selling what people want. The greatest advertising
in the world can't save a product that your audience
doesn't want or need.
To ensure your product is speaking to the pain points
of your audience, you should conduct some demographic
research. This may include:
Analysing people's taste and desires
- Running surveys
- Analysing your competition
- Running a pilot test
- Launching the product in a limited capacity
team at Wellbeing
Health Retreats have an exclusive tip that they
use in their own market research process, saying "market
research isn't about cold data. Study your customer's
beyond their purchases. What drives them to buy? What
emotions are behind a sale? Conduct face to face research
if needed to ensure you get the human reasons for
your data, not just the financial."
If the collected data doesn't indicate that your product
will trigger audience interest, then it is better
to switch to another business idea rather than investing
time and money in a product that is unlikely to produce
a positive ROI.
a positive cash flow
startups forget that business is not only about earning
money, but also about investing.
You need money to retain, maintain, and sustain your
business while keeping yourself afloat before your
business becomes self-sufficient.
is why running out of cash flow is one of the major
reasons why startups close in their first year.
of the simplest ways to ensure a positive cash flow
is a small business loan. As a growth hacking strategy,
a small business loan can be paired with cost cutting
initiatives to remove obstacles hindering your cash
to the experts at Maxiron
Capital, "if your company's place is on the
mortgage, then you can take a property equity loan
to ensure that you don't have to take out a huge sum
every month. This doubles the effectiveness of your
investment by both creating capital and saving you
value as well as functionality
can't survive in a competitive market based only on
functionality; you also need to add value to make
your product desirable. For example, Twitter would
have never become successful if it hadn't given a
different form of value than Facebook.
Concreting, provide an insight into the importance
of product differentiation, saying "you can differentiate
your product by size, price, personalisation, origin
or customer service. As concreters it may seem like
we can't differentiate our product, but there is always
a way to add value."
sure your product has value, and you will begin creating
a product that people want. If people find your product
valuable, then they will voluntarily share it with
their friends and family, and your product will increase
its chances of being successful.
you ready to grow your business?
need time, effort, and innovation to scale up.
is never a given and when one of these ingredients
is missing then it becomes more challenging to stand
out from your competition.
hacking is a buzzword for businesses who think it's
a way to provide a shortcut to the top.
follow these steps and you'll be positioning your
business to be successful, whatever niche you're in.