7 hot growth hacking trends ??

Hi, it's Wojciech,

Business development and growth hacking is a topic that many experts speak on. There are many effective tactics to get on the path of growth. However, nothing is given forever. Some solutions lose their effectiveness in time. Instead, new ones emerge to help you improve your metrics. Today I'm doing a review of the most exciting trends in growth hacking that will work for your business.

Freemium products and services

It has always been known that a business needs to generate more revenue than costs to sustain itself. However, some companies have decided to offer their solutions for free. The Freemium model allows them to build a large scale of action and attract a vast audience. In a world where new solutions are created every day, and there is much competition, such tactics allow you to stand out nicely. This type of solution has been used by Google, social networks, news portals, and recently in open banking by Nordigen.

The rule is simple: offer additional paid premium options in parallel to what you give for free. You will convert freemium users to paid premium accounts with a large enough scale. In addition to the revenue from paid options, you can build value by other metrics. For example, it could be related to the number of users, activity, or data flows through our platform. Freemium options are often associated with yet another trend which is the democratization of access to: technology, data, business, market etc.?

Don't be afraid to experiment

For years I've been telling startups that everything they assume about their business model and the use of their solutions is just a hypothesis. Technology can show its value only when someone starts using it. So the next steps in development should be done based on data from hypothesis experiments. With data and user feedback, we can develop in an informed way.

Data doesn't have to be only about the usage of our solution. We can also experiment with processes such as sales and verify how traffic flows through our website, how effective our marketing campaigns are, or with what user retention is. Why is this so important? Because you can't afford to be mismanaged. If 1,000 people are flowing through your website, a 1% improvement in conversion will result in 10 additional customers. Yearly, this can give you an excellent advantage.

Additionally, implementing minor optimizations in different places can give you an even larger scale of benefits altogether. You just need to have the data, understand it, and run an experiment to see which of our ideas works better. Better is always the enemy of good.?

Quality knowledge for free

Like the freemium model, this tactic allows you to attract attention to your business. The incentive is something you give for free. It can be a specific piece of knowledge in a tutorial, checklist, or report. It can be training related to your clients' needs or help them find their way in a new market situation. Free knowledge can very quickly attract a large group of new contacts. If what you are offering really has value, some of them will surely be interested in becoming your clients. What matters, in this case, is the quality of your material and how good a first impression you leave.

Know you competition better than yourself

To be better than your competition, it is not enough to have a good offer. You have to know your enemy well. It is best to know him better than others and yourself. By following their actions, you can analyze the strategy and goals that your rivals want to achieve. Thanks to the analysis, you will find weaknesses in this strategy and areas that are not a priority. In this way, you can discover places where it will be easy to develop. What is not worthwhile for some will be low-hanging fruits for others.?

In addition, by tracking your competitors, you can also begin to compare yourself on different metrics easily. It will give you a better understanding of where you stand in the stakes and the advantages of the various players. In this way, you will also adjust your strategy of action. Finally, comparing yourself with your competitors will also be an advantage when meeting with customers, who will usually appreciate that you have this knowledge and overview.

Direct contact through channels you fully control

Social media is a great tool to stay in touch with your audience. However, you never know how many of your audience will see the message. Unless you pay for the ad. Changes in display algorithms occur very often, so you constantly have to adapt to maintain its effectiveness. A better solution is to use communication channels that you can completely control in this situation. It can be simply an e-mail contact that you have, thanks to the fact that someone left you their e-mail address. Another solution gaining popularity is building your community of fans, customers, or enthusiasts of a particular subject area. This solution can be a part of your website. You might as well create a channel on slack or discord. Email contact is undoubtedly easier to manage. Your community allows for much more interaction and can generate other values. However, you need to take proper care of it and animate it to make it attractive for your audience.

Automation

Each of us has 1440 minutes at our disposal every day. It does not matter whether it is a CEO of a multinational or an intern in a company. We all have the same amount of time, and it depends only on how we use it. Doing the same things repeatedly is not something that will grow your business. If something can be automated, do it. It will free up your people's resources to do something that will provide even more value. Using scripts, remarketing or robots will allow you to manage better the time you and your people have. Remember to test what you automate. Robots and scripts are not super intelligent and will not sense your intentions. They will perform the assigned task. If it is ill-defined, the consequences can be severe.?

Challenge them

Many companies, to promote themselves hold various contests with prizes. If the prize is attractive, it is usually effective in attracting the audience. However, something can work much better than a regular contest. It is a challenge that you give to your employees, users, or customers. The challenge can be related to a problem you face and for which you are looking for a solution. It is how corporate partners of our Space3ac accelerator work.

?? They show technical and business challenges and look for reliable partners who can provide answers or help to build them. These can then be offered to customers on the corporate side. Another idea is also a trial of strength. Being confident in your technology, you can suggest others to find its weaknesses. This type of activity is very media-driven and attracts much interest. Finding a hole, in this case is rewarded financially. This model allows both to reach a wide audience and increase technology security.

Now it's your turn. Let us know what interesting you observe in your case and what works exceptionally well. Our readers will surely appreciate it.

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