A start-up company or a budding business venture is not an uncommon feature in today’s times. With the right kind of resources available and the gumption to shift from the more traditional service-oriented job, more and more ventures are taking actual form and shape- from the land of being just an idea in somebody’s head to being a tangible entity in the real world. However, the challenges that a start-up faces are diverse and being able to successfully overcome them is what determines the sustainability of the company- whether the company can remain afloat of simply fizzle out by the gusts of external pressures.
What is Growth hacking?
Growth hacking is like adopting a fast track technique rather than the more conventional long drawn methods, to achieve growth and stability in your business. A growth hacker uses one or multiple tools and techniques to bring about productive ways of nurturing the business. These tools may be from various areas of expertise like design, marketing, engineering etc.
Why is growth hacking important?
A start-up company, unlike other well-grounded establishments, has very limited resources at its disposal. Thus it becomes especially essential for them to shorten their period of growth and get on the path to success as early as possible. A fast-track approach is imperative for not only the success but sometimes even the sustenance of the company. Adopting some simple although very effective growth hacks in the emerging stage can mean a world of difference for start-ups to become successful…
Top growth hacks for start-up success:
Referrals: Starting referral schemes wherein an existing customer gets to refer an acquaintance of his to use your business and in return get an incentive, can work wonders in not only luring in more traffic but even converting them to future clients. Incentives may not be necessary for the form of cash or monetary benefits but can be in any other form that your business can offer and be useful to your customers.
A great way to showcase your services/products to a wider base of customers is by offering a certain portion of it free of charge. For instance, if you have a game or a cookery website, you can offer some preliminary levels or a few recipes to customers free of charge. Advanced levels can be subsequently chargeable. Alternately, you can also offer a free service for a limited period when a customer joins you and then charges can be applied. This can get a customer familiar with your product before he/she decides to probe deeper.
If you have opened a start-up catering to a particular demand in the market, there might be another similar venture out there which might not deal in exactly the same product or service, but on a similar platform. Partnering or collaborating with one or more such brands would mean increasing the visibility/exposure of your brand many folds.
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Start-ups operate on a tight budget and expending of monetary resources on marketing and advertising rather than on product development reflects poorly on the growth strategies of the company. Using social media as a platform to spread the word about your business and increase visibility, not only is a cheap method, but the popularity of the internet can also get you the kind of exposure/reach and build a brand image that no other medium of advertising van possibly do.
It is very important to have a specific/limited target audience who you need to reach out to with your proposals rather than making it a more general venture. This will help in identifying and creating a niche customer base for yourself that will contribute to the majority of your revenue. Also when you conduct audits/surveys to gauge your level of performance and acceptance, it makes more sense to approach only the target audience rather than the general mass, most of whom will have no clue about your product.
Today, business process outsourcing is a great hack that can take care of customer service solutions for start-ups. The call center outsourcing costs in India can be quite interesting for International start-ups to look at alternatives here. Paying attention to Customer service solutions for start-ups is imperative for taking your venture to the next level of growth and call center outsourcing costs in India along with greater efficiency, customer retention and simpler workforce handling, all contribute to making it a great customer service outsourcing destination.
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