Entrepreneurs and emerging businesses must revamp their digital marketing strategies periodically to boost conversion rates and expand their businesses. Here are 5 cost-effective startup growth hacks to adopt to strengthen their brand presence and successfully scale in 2023.
Growth hacking is more than just a buzzword, with effective strategies becoming increasingly popular for companies to expand their customer base and improve return on investments (ROI), while boosting their overall profitability in the long run.
Modern-day growth marketing strategists leverage real-time data technology, and other innovative shortcuts to yield more results. Developing a more targeted action plan is beneficial for smaller and emerging companies by helping them build a powerful brand presence, improve their customer acquisition, retention, and increase sales revenues by up to 20%.
Here are 5 essential growth hacks for startups to accelerate in 2023.
1. Leverage Data-Driven Strategies
In this digital era, data is embedded in almost everything we see on the internet, from search engine algorithms, to language processing abilities, as well as online exchanges and transactions. Data-driven technologies are proven to be more effective in generating real-time insights that enable businesses to optimise their strategies and held a significantly higher success rate.
As modern businesses are met with greater challenges to deliver growth targets, integrating data-centric technologies will allow them to navigate the ever-changing commercial landscape, and revamp their strategy-planning more effectively. This additionally benefits startups by redirecting their focus to areas that could help generate higher profitability, while driving a greater impact.
2. Automated Email Marketing
Email marketing is one of the top business strategies incorporated by many small and emerging enterprises that yields a high ROI. It is estimated that for every dollar spent, companies can expect an average return of US$36. Such emailing tactics are proven to be nearly 40 times more effective in converting customers than Facebook and Twitter.
Businesses can improve retention rates by optimising their email marketing strategy- an ideal way to do so is to integrate an automated approach that enables companies to send more timely and personalised messages to their list of contacts. Automation is key to strengthening customer engagement as it provides companies with timely intel on ever-evolving consumer behaviours.
Automated email systems are proven to target subscribers more effectively, and have a significantly higher click-through rate up to around 152% than those manually sent.
Moreover, by utilising the data collected, companies can run more targeted campaigns, while reaching a wider audience base, without requiring additional time and resources.
3. Prioritise Customer Acquisition & Retention Equally
Customer acquisition and retention ought to be equally important priorities. While one determines your ability to generate sales and secure new clients, the other demonstrates your brand values and communication strategy in building lasting relationships- the key is to establish a balance between the two to reach optimal growth.
For most startups, however, acquiring new customers is often a top priority in order to generate sufficient sales during initial growth stages. By implementing a successful acquisition strategy, businesses can retain a loyal client base, while improving their profitability in the long run. Enhancing one’s onboarding and service experiences can effectively build lasting impressions.
Customer retention comes as a next step towards building a successful business model. Companies must understand their growth priorities to invest their time and resources more adeptly, while working in alignment with their long-term goals.
4. Optimise Marketing and Sales Channels
Automation of key marketing and sales strategies is now vital to a company’s growth. With the rise of new digital technologies, it is now more accessible to integrate automated tools targeting niche markets to acquire new customers, and reinforce consumer behaviours, while effectively hitting revenue targets.
Automation utilises software-as-a-service (SaaS) applications to computerise and streamline repetitive marketing and sales processes, such as social media posts, gathering customer data, running email campaigns, advertisements, and more. This allows companies to optimise the use of their time and resources more efficiently, while improving productivity and brand consistency. These technologies also gather important data to support businesses in various areas of decision-making.
While automation boosts productivity, the prevalence of human touch is just as essential to delivering a comprehensive digital experience. Find the right balance to better support your customers where it matters.
5. Invest in Scalable Quality Content
Quality content is no longer enough to drive a new audience base. Businesses need to step it up by strategising the scalability of what they produce and publish on their websites and other social media platforms. This recent shift in attitude is brought about by a growing focus on search engine-optimised “evergreen content,” introducing a forward-thinking marketing approach.
Content scalability can expand a company’s customer reach, allowing them to generate leads more organically. The general idea is to create timeless, up-scalable, and compelling marketing pieces, that a brand can modify, reposition, and promote across different sales channels.
Businesses can elevate and diversify their workflows and writing processes by integrating automation tools to further streamline their scalability strategy and deliver high-quality content. In addition, maintaining consistency and posting regularly on social media platforms can help startups acquire customers more swiftly.