10 Best Growth Hacking Strategies To Increase Conversion

10 mins read

No matter whether you’re an established business or a brand new one, you need to grow. For businesses that don’t disappear soon. Studies say that 20% of businesses don’t exist for even one year and 50% of them don’t make it to the fifth year. You can prevent this from occurring in your business by using growth hacking strategies.

This blog discusses the 10 best growth hacking strategies and techniques to help you grow your customer base and business fast.

10 Best Growth Hacking Strategies to Increase Conversion

1. Use urgency and FOMO

Two psychological growth hacking strategies that businesses should tap into are FOMO (Fear Of Missing Out) and urgency. FOMO is the basic human nature to desire not to be missed out on something good. So, have a system to offer new feature releases and other goodies only for users associated with your company. 

Likewise, you should also take advantage of incorporating urgency into your promotional messages. Human beings have the inherent compulsion to act in an urgent situation. If you’re announcing limited-time discounts on your newly launched products, they are prompted to buy before the offer ends. You can implement FOMO and urgency by using a countdown timer on the product page. 

2. Gamify your onboarding

One of the surefire growth hacking techniques to increase your user base fast is to gamify the onboarding process. It’s a kind of visual marketing that engages your users. Design your onboarding to reward users both for using the product themselves and for referring new users. 

For gamifying your onboarding, you should think of those actions that your referrers and refereds can perform for their onboarding. This will allow you to set different milestones upon reaching which you can reward your users. For instance, Dropbox’s referral program has established different simple tasks upon performing each of which, unlocks more storage for its users.

3. Reward social shares

Source: InviteReferrals

With millions of social media users these days, spreading the word through these networks is recommended. This will help you gain new users via word-of-mouth promotion and social sharing. But simply asking people to share your brand on social media won’t work. You need to reward people for viral marketing

For instance, if you are using Shopify, you can integrate it with an app called Social Marketing All in One to ask users to share a product in exchange for a discount as soon as they add an item to the cart. Such instant gratification facilitates brand affinity and increased conversions. 

4. Partner with another firm

Partnerships can have a big influence on increasing your audiences. If you already have an audience of 30,000 users, collaborating with another firm with 30,000 users can instantly lift your combined audience to 60,000 users. Your partner shouldn’t be a direct competitor. Rather, it should be a business that complements yours. 

For example, if you sell saplings and plants, you could tie up with a business that sells gardening equipment. You can come up with creative ideas to combine your audiences in organic ways. It can be something like cross-posting on one another’s sites, offering combined product bundles, or tagging each other on social media.

5. Give freebies

Source: InviteReferrals

Freebies are time-tested business growth strategies. It gets people interested in you quickly and also sends out positive vibes about your brand. It can be a well-promoted social media giveaway. Hype it through plenty of channels to gather participants. You can also choose to incentivize people for sharing your giveaway with their circle.

Or you may offer something unique with every purchase your customers make. The aforementioned business of garden plants and seeds may give away free seeds to each new customer. This also would encourage buyers to try other products that you sell. 

6. Get interactive

People of all ages love interacting with online content. This is because of the short attention spans that don’t interest them to read lengthy content. They prefer short interactive content that encourages them to take action such as watching videos, filling up forms, answering questions, etc.

So, come up with interactive content like animated videos, quizzes, forms, polls, surveys, calculators, infographics, etc. You may even hire professional help from one of the numerous freelancing sites out there. Just instruct your hire to ensure that the content is easy, persuasive, and enjoyable for users. This will boost engagement and conversions, and lower bounce rates. 

7. Pose a challenge

Another wonderful growth hacking technique is to pose a challenge. This will not only build your relationship with your audience but also enhance your credibility. Your challenge could be related to a creative venture, a charitable cause, or a personal growth objective. 

For example, Tim Sykes, a millionaire penny stock trader, gives out a trading challenge. It’s a training program that seeks to create six-figure traders and millionaires. He invites aspirants to apply to (not join) his challenge. The trick is to make it something not available to everyone. So, get involved in something you’re concerned about. This will automatically pull others to you.

8. Teach your customers how to use your product

Oftentimes, customers who avail of a new service find it difficult to use it efficiently to maximize its benefits. So, take time and effort to educate your customers on using your products and services. Create an engaging and entertaining video to walk them through the product/service and its features. 

A single shareable video should demonstrate how your product works to solve users’ pain points. It should also present your top use cases. This way, users will become confident about using your product. Their enthusiasm for your product would become contagious and encourage more users to pay for your services and activate their accounts. 

9. Use a compelling tagline

Source: InviteReferrals

Your business should have a compelling tagline. This will help focus you in just a few words. It can serve to remind you and your audience about what you exactly do. And if you do it well, it becomes one of your best word-of-mouth marketing assets. It should be on your website, email signatures, packaging, ads, storefronts, and more. 

While writing your tagline, remember to

  • Resonate it with your brand
  • Explain your offering
  • Talk of the benefits- not the features
  • Keep it short while not missing out on the important points
  • Dare to be simple
  • Use positive words
  • Communicate with clarity

10. Solve a real-world problem

People look to the internet for solutions to the problems they’re facing. If you’re able to help them solve this easily and quickly, they’ll get back to you for more. Over time, they’ll be ready to pay for your product or service. This can increase your customer acquisition and revenue.

IFTTT (If This Then That) did exactly this. It addressed the issue that many devices are linked to the internet, but there wasn’t anything that connected them all to each other. It introduced powerful automation to connect your devices and apps in new ways. It constantly comes up with recipes including additional functionality with an increasing number of devices. 

Conclusion

Growth hacking strategies can act as catalysts to trigger businesses growth. We’ve listed the 10 best strategies and techniques to acquire more users and customers. Do try these proven tactics to drive the fast growth of your business and spread brand awareness.

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Shivani Goyal

Shivani is a content writer at InviteReferrals, which provides referral marketing software that allows businesses to attract new customers from existing customers through referral campaigns.

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