Little-known growth hacks that will win big for small business
Regardless of where a small business stands in their launch or operation process, anyone responsible for the growth of said business should always be seeking new opportunities to further the business. If they are not doing so, the company will not stay stagnant. In fact, it will quickly begin to fade. Ideally, the person in charge should be aware of how to guide the company in a direction that should lead to growth. However, sometimes dead ends seem to be present or old strategies have run their course. These dead ends should not be seen as obstacles preventing success but chances to elevate personally or on a corporate level. Motivational writer and speaker Anthony Robbins spoke to this, ““Every problem is a gift — without problems we would not grow.”
How does one grow their company? First, it is wise to shift focus towards growth hacks that will breathe fresh air into the proverbial sails. Therefore, we have connected with a few business experts who have experience doing so.
Cost-free experiences
Drew Sherman is the Director of Marketing & Communications of Carvaygo, a brand offering auto transport service. He suggests giving customers the opportunity to be hands-on with a product.
“The biggest hurdle companies had in transitioning from in-person stores to a solely online existence was convincing the customers to follow through on purchases despite never seeing a product in person. This hurdle hasn’t gone anywhere despite the overwhelming presence of online retailers. How can you as a company get customers to make the leap and purchase your products? Give them a cost-free experience. People love free things. If they love them enough, they will return to the point of origin to make a purchase. It is costly but when done right, it is rewarding.”
Retarget advertising
Most consumers do not spend money on their first visit. Poised is a business providing free speaking coach for online meetings. Their COO & Cofounder, Soumya Mohan, advises others to use this to their advantage.
“In my opinion, there’s no better way to generate sales than to engage with people who have previously demonstrated an interest in your company. Retargeting marketing is how companies are going about this in the modern world. Using website technology, companies can see which devices visit a site as well as the items that were viewed. In most cases, people will not take the time to view products they have no interest in. So, when companies have this data, they can accurately know who is interested in which products. From there, they can send specific advertisements to these people as a digital nudge to make a purchase. It may sound a little unique, but it is tried and true.”
Listen to feedback
Bisoulovely specializes in Ethereal jewelry for the modern starchild. Their CEO, Breanne Millette, considers it wise to understand consumers thoughts on a product.
“I don’t think it’s safe to assume that the people who spend the most amount of time with a company know what’s best when it comes to taking the company to the next level. That’s not meant as a dig at those in charge of a company, rather, it is meant to highlight the importance of customer feedback. At the end of the day, your company hinges on its ability to meet the customers’ demands. But how can you know what the customers want if you’re not paying attention. Give special attention to listening and making sense of feedback you gain from customers. One small comment could spawn the next great idea for your company.”
Get involved online
Kevin Callahan is the Co-Founder & CEO of Flatline Van Co, a brand offering sprinter and transit van accessories. He cautions others not to forget to establish their brand on the internet.
“Like it or not, businesses can live and die based only on their involvement online. Any company seeking to grow themselves needs to invest deeply and regularly into creating an online presence that not only resonates with existing users but also attracts new ones. If you can gain ground online, your presence can spread like a wildfire. It takes some planning and foresight, but its so worth it. At this point, social media has evolved to a point where many companies hire experts or outsource their online efforts. This could be the route for you. Either way, make your online presence a priority.”
Artificial intelligence
It has become common practice to use AI technology to grow their business. Draft.dev is a business providing technical marketing content for software startups. Their CEO, Karl Hughes, proposes some companies invest time in this area.
“Years ago, if we wanted customer service, we would have to look up a phone number and then call within the hours of operation. It was a bit of a hassle to go through just for some assistance. Some people were very frustrated with this experience. Thankfully, modern technology has allowed businesses a helpful way around this – artificial intelligence. I’m sure you’ve used this technology even if you’re not entirely aware of it. The most popular example of it in use is in the form of chatbots. These pieces of technology allow end users to ask questions or submit requests to a computer that interacts with them like a human would. Nothing will replace the person-to-person experience, but a company can’t be available 24/7 and this allows for that to happen.”
Show off good reviews
La Blanca specializes in women’s swimwear and sportswear. Their VP of eCommerce, Karim Hachem, believes past customers hold some of the most influential marketing power.
“People are far more willing to trust other humans before they trust a corporation or non-living entity. There is something about human interactions that allow us to discern whether we can put our trust in someone. There is not enough give and take between you and a billboard to make this determination even remotely possible. Companies have realized this and begun to focus on it. People want to buy things they know they can trust. If they’re more likely to trust people, then it’s safe to assume that should be incorporated somehow. This is where social proof comes in, or the practice of showing positive reviews of your products from real people.”
Create content
Dan Potter is the Managing Director and CEO of Craftd London, a brand offering premium pendants, chains, and necklaces for men. He advises others to think about crafting online content to bring in the window shopper.
“Traditional marketing has been around long enough that even the kid with his mom’s iPhone knows what an advertisement is. I’m sure this aspect of the industry will never go away as it has had success over centuries. However, the internet has brought us a space which allows for much more creativity. From blogs to YouTube videos and podcasts, companies are creating their own content to pique the interests of consumers. Generally, it has proven to be a cheaper and more effective form of marketing compared to traditional advertisements so all in all it seems to be a better way forward.”
Data analytics
While business is not only a numbers game, having the right numbers could prove useful. Ember Fund is a business providing cryptocurrency portfolio management app. Their CEO, Alex Wang, considers this approach sensible.
“For years now, companies have made decisions based on information they gained from analyzing every aspect of their operation. Be it shipping times, sales generated from specific campaigns, or even worker efficiency, if you want something broken down into analytics, it’s possible. On top of this, it would be foolish not to take advantage of the deeply insightful information readily available. On the surface, analytics may seem overwhelming, but once you’ve figured it out, it will take your company to the next level.”
As evidenced above, there are many avenues to consider when attempting to achieve growth. The sheer number of options could cause some hesitation in deciding where to move forward. But the worst thing one can do for their company is to remain at a standstill. N.R. Narayana Murthy, co-founder of Infosys, summed this up, “Growth is painful. Change is painful. But nothing is as painful as staying stuck where you do not belong.”