There was a time when “growth hacks” was just another buzzword being tossed around like a steaming hot pocket ready to burn your palms, thinking it would make them sound cool and learning about viral marketing.
Now, Growth hacks have become a permanent part of marketing strategies or we can say viral marketing, and not just something you would experiment with from time to time.
A Growth Hack is a term used for strategies that are focused solely on growing the company. These unconventional Marketing strategies and tricks incur a low cost and are highly effective, thereby enticing the start-up crowd. Here’s a list of some outstanding growth hacks that you’re sure to benefit from and why you should use them.
1. Viral Marketing
The 2020 lockdown really confirmed to us, the power of Viral Marketing. So many things that we wouldn’t have even thought of were suddenly all over the Internet. From something like South Korea’s infamous Dalgona coffee being found in everybody’s kitchen to Netflix India’s “If the stars are not aligned” meme permanently cementing its presence in everybody’s TikTok and Instagram profiles. And mind you, they had a global impact. That’s the power of Viral Marketing!
Creating out-of-the-box content, memes, videos, anything that has the potential of having the likes of everybody and going viral, invest your time in them. You never know, your stars may actually be aligned.
2. FOMO (Fear of Missing Out)
This hack is pretty simple. With the pretentious social media world that we are adhering to today, it’s easy to feel left out when the whole world is doing something that you’re not familiar with. For eg. Game of Thrones! The whole world was talking about it. Many, who weren’t familiar with the work, had no option but to start catching up with it to stay in on the trend.
What we have to do as smart marketers is to tap into that emotion. You know the human tendency now, so what do you do? It’s pretty simple – Create scarcity.
Let’s say you’re a clothing brand. When you show your customers how a particular product is in high demand and how only a few pieces are left, you trigger the FOMO feeling in them.
Many companies have used this marketing strategy and reaped its benefits.
3. Partner up
A two-way deal is always great, to begin with. Who doesn’t love a healthy collaboration? If you’re a small company, you will benefit the most from this marketing strategy.
When you partner up with a company that’s relatively bigger than you, it does not only help you with your goodwill but also gives you access to their audience. And from thereon, it’s your responsibility to take it further and build a powerful relationship with their audience.
Let’s say you recently opened a cafe that only caters to healthy drinks. That means your target audience is a community of health-conscious people, right? Where do you think you’ll find this community? Gyms! Fitness centers! By partnering up with the above-mentioned phenomena’s, probably giving them personalized discounts or coupons can interest a massive audience.
You don’t necessarily have to partner with companies in the same market as yours. Uber x Spotify is a great example of how two companies with very different roots can partner up successfully.
Want to know more?
Unleash Your Business Online is a book for the upcoming leaders of the Business world. As you may already know, due to COVID, a massive population of businesses has shifted their base online. As more game players enter the Digital World, it gets harder to make it to the top. With a peak into my book, you will have an insider on many different Marketing strategies, techniques, and tactics used by successful businessmen to be where they are. See you inside the book!