Any experienced entrepreneur will tell you that the most difficult task in a startup is not comparing banks and their small business loan programs. Breaking into the already saturated market environment is actually the most challenging, yet the most crucial task. It is one of the major reasons why most start-ups fail to get past the first phase of getting their product into the market.
That’s where growth hacking comes in handy. Growth hacking is a combination of various skill sets such as data analytics and digital marketing, which can help you identify problems in your business and solve them effectively. Here are some product growth hacks that can help take your startup to the next level.
Develop an Amazing Product
Having an awesome product can have a tremendous impact on the growth of your start-up. Take Nest, for example; by simply redesigning an old home thermostat, they managed to turn a gigantic industry on its head. How did they do it?
They simply transformed something that was once dreary into something striking and attractive. Apple uses the same strategy to stay ahead of the stiff competition in the mobile device industry. When you have a better product, you have greater ability to align all of your startup functions to steer towards growth.
Conversely, if you have an uninspiring product, you will have to overplay marketing to make up for the fact that your product is boring. This can be extremely difficult to do.
It is imperative that you have a strategy for how you will market your idea before you even start to implement it. Yours could be the best idea in the world, but you have to promote it with authority. Otherwise, it will have problems gaining traction. So, what should you do?
You need to capture people’s attention, bearing in mind that people’s attention spans are awfully short nowadays. According to studies, people’s attention spans range from eight to nine seconds. Therefore, you need to find the most effective way to convey your message.
Today, consumers are exposed to a ridiculous amount of brand messaging every day. This means that you have to get them hooked at first glance. How can you do this?
You can use influencers. While this is a brilliant way to get your prospects hooked, it can be difficult to identify the right influencer for your product. It can be time-consuming as well. Fortunately, there are many tools out there, which are very helpful in identifying influential figures in various industries.
Tap Into Areas Where Prospective Customers Could Congregate
One of the brilliant ways to find new customers is by identifying the right audience and find where they hang out on the web. You should not waste time marketing to individuals or organizations that don’t actually like your product or service.
If you market in the right places, you will not only target the right audience, but you will reach the audience’s associates, who might also like what you are offering. How do you go about this?
You need to research on what areas your target audience frequents online. Then, camp there and spend your resources on nothing but spreading the word. Airbnb applied the same strategy on Craigslist to get their first customers
The most challenging phase in a startup is getting your product into the already saturated market environment. With these product growth hacks, however, you will manage to break into the market and steer your startup to greater heights.