Growth Hacking is fast becoming the buzzword of 2017. By the year 2020, it’s said that over 40% of the Australian economy will be comprised of a self-employed workplace, and with much competition coming to fruition, businesses are carving their successes out of their ability to grow, identify new markets and establish a validated product.
In 2017, Spacecubed and FLUX is growing further, and as Perth’s largest startup and innovation hub, we’re providing further opportunities through our community for local Perth startups and businesses to establish growth hacking tips to their business practice, and shape their success for 2017.
How do you grow an early stage startup and implement growth hacking strategies? Or how do you shake up your existing marketing strategies to grow more? Here are five essential tips contributing to establishing growth for your business and startup in 2017:
1) Do your homework, market research is key.
By homework we don’t mean a desktop study of what academics think your market desires. But instead get out and actually interview your target market and understand their motivations. This not only helps you write better copy it also allows you to tailor your growth strategies and spending to the right market.
2) Optimise your marketing and growth efforts based on the following factors;
- Market Size
- Activation Energy (are they ready to buy or engage with your services?)
The best markets to capture are large, don’t require much convincing and influence larger groups of people.
For example, McDonalds and Starbucks in China were originally higher end offerings of western ideals which have since permeated to brackets of lower disposable income.
3) Pave your own path and use the tools you have access to
While the business world can often seem intimidating with competition at the forefront of every business person's mind, the opportunities to grow are limitless, and hustling, grit and determination in paving your own path will pay great dividends. Calculated risks through market research allows you to tackle your challenges head on.
The software, tools and means of reaching your markets are out there; and utilising content, social media, influence, the media and digital marketing strategies may affect different businesses in different ways. Depending on your product or service, don’t be afraid to try new things, network, collaborate and own your growth strategy.
4) Find a way to measure the impact of your efforts via Quantitative or Qualitative means.
Identify if the demographic you are targeting is the one you are getting in the door, and is also the same demographic that is evangelising your offering to the wider market.
5) Once you know where and who is giving you the best bang for your buck, incentivise this market with more than just money.
Community is key. Every company now offers a basic affiliate program with % discounts or cash bonuses, but it takes a real understanding of your market to offer something more. In a world of sign blindness and promo fatigue the companies that offer more will inevitably win. Hint: take a look at the intrinsic motivations of your market.
Interested in learning more growth hacking tips? Immerse yourself in the Spacecubed community through events, programmes and collaboration with our innovative community and grow at Spacecubed - book your tour here today.
The Plus Eight programme will focus heavily on global growth, if this is where your business is at, apply now before the applications stage closes on the 29th of January 2017 here.