Growing a start-up into a multi-million company isn’t an easy task. But with new possibilities in the online marketplace, it’s a whole new ballgame now.
An online business provides an unprecedented amount of data and the ability to communicate with customers in useful ways. If you are planning to take your online business to the next level, here are some growth hacks for you.
Growth Teams
Prioritize your growth by establishing growth teams. Growth teams use inter-department collaboration and strong leadership to get results. A growth team is made up of members from different departments within your company, and it harnesses the power of collaboration to focus exclusively on finding ways to grow.
But in order to succeed, the growth teams need to have a strong leader. This leader will identify the target area, set clear goals and establish a time frame for the accomplishment of these goals.
Know your customer
The common secret behind the success of companies like Facebook, Airbnb, Amazon etc is that each of them realized their must-have product or service that people loved and they leveraged on it. To develop a must-have product, you need to know your customers well, their needs and demands. Conducting a simple survey is the most reliable method for figuring out how your customers feel about your products.
Crucial insights can be gained by testing out new approaches, like showing test audiences a simple video demonstration or an inexpensive prototype that highlights potential new features. Even if the tests prove unsuccessful, the feedback you’ll get will prove extremely valuable and will help in growing your business.
Track Your Growth
In the movie Field of Dreams, the main character hears a mysterious voice: “If you build it, they will come.” But this doesn’t happen in real life, you’ve got to do more than just build something great if you want people to come and keep your businesses thriving. One of the best ways to drive traffic is to figure out which metrics matter most to generate growth.
Tracking your growth is important to find one key metric to serve as your North Star, above all others, best measures the core value of your product. This measurement will keep teams focused on growth and the efficient use of time and resources.
Retain The Existing Customers
Attracting new customers is necessary but retaining existing ones is equally important. Keep your customers loyal and active by creating customer habits. Many businesses like Amazon have found success by helping customers form habits by offering rewards through a process known as engagement loops.
A good way to start your own engagement loop is to test different reward strategies in order to find out what customers value the most.
