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Kiley Doll, Goodman Lantern
A whole lot of business fail and crash because of the same mistakes. These are so common, it’s hard to believe that errors like this still happen. Growth hacking, when done right, grows the number of repeat clients.
When people buy from you more than five times, it shows that you’re attracting and keeping clients. Every business has to examine if they are committing these three deadly sins:
- Nobody Cares
You are the only one who loves your idea. You alone see it’s full value and potential. If you can’t communicate that vision and create demand for your product, you will fail. Nobody else cares yet.
Startups have failed because they spent time and money on a product that nobody wants or needs. It’s impossible to sell something nobody wants. The wisest way to approach your product development is to test everything. If you find an aspect doesn’t work or isn’t wanted, fix the issue. In short, start by actually being valuable to your clients.
- Try New Things
Growth Hacking is all about attaining stability in your business through growth tactics. Some businesses think they have to put their entire budget into growth hacking. Many of these go out of business. You have to budget for your growth in a strategic way. Put capital aside to cover the cost of changes and supportive strategies.
It’s better to prepare your business for success from many angles. Stay true to the Growth Hacker ethos of cross-platform excellence. You can have more than one solution if they work well together. You’ll discover which avenues fail, and have others to fall back on that work better. Test everything.
- Go Big or Go Home
Every businessperson wants to reach the levels of the big corporations of the world. It’s normal to crave the top prize, but must be done right. If you expect viral status right out of the box, you will be disappointed.
You have to set steady, reliable goals for your growth. Realistic, attainable steps allow you to track your growth and maintain forward momentum. Reach smaller milestones more regularly. Continually experimenting with the best approach will keep your business alive.
Kiley Doll, Goodman Lantern
Do you really understand growth hacking? Could you explain it to a total newbie? Some people avoid growth hacking because they’ve been misinformed.
There’s a whole lot of nonsense going about that distorts what Growth Hacking is. Here are five of the most common ones:
- Growth Hacking = Marketing
Growth Hacking and Marketing both focus on growing businesses. Marketers use marketing tactics and strategy to promote products and brands. Growth Hackers involve themselves in every facet of their business. They focus on the relationships between products and clients. Growth Hackers are on a mission to improve and perfect every part of the business. They want clients to love every part of their experience with their brand.
- Growth Hacking Is All About Coding
It isn’t. It definitely helps to have an understanding of coding, but Growth Hacking does much deeper. Repeated experimentation, changing tactics, and constant refinement is what it’s all about. If it doesn’t work, do something else.
- Bigger Businesses Can’t Growth Hack
Every business has to constantly grow and evolve. When companies stagnate, they disappear as their competitors leap at the opportunity to disrupt their status. Obviously then, every company will benefit from Growth Hacking. It’s all about making clients and their friends love your business.
- Growth Hacking Always Works
There are a lot of people out there promising seemingly magical results by using Growth Hacking techniques. Growth Hacking is not magic, and requires a lot of work and strategizing. Growth Hackers work hard to figure out what works, and even harder to keep trying new approaches.
- One Growth Hacker Is Enough
Some companies hire a handful of Growth Hacking experts and expect amazing results. That’s not how it works. A company culture of constant experimentation and change, steered by experienced leaders is key. You need to create a company culture of growth hacking and refinement.
Business to business selling, commonly referred to as B2B, can be a huge help in linking supplier businesses and wholesale outlets to their retail business customers. A common adage mentions that, over and above acquiring their desired products for the best price, what B2B customers really want at the end of the day is flawless customer service. One of the biggest obstacles in the sales process is miscommunication between buyers and sellers on a fundamental level. This usually occurs when products and their descriptions become overly complicated and wordy. A great tool to overcome this obstacle is the humble white paper.
In layman's terms a white paper is a summary of a complex issue into wording the average Joe can understand. By carefully constructing and supplying your customer with a white paper describing the benefits of your product, they will immediately become clearer on how exactly this product will benefit them. A white paper should always be as clear and to-the-point as possible.
There is no sense in struggling to communicate a point when it could be made simply and succinctly, eliminating jargon and other confusing terms that may be a barrier to a successful sale.