Growth Hacking 101: 4 Steps to Expanding Your Biz

What is growth hacking? It’s a term that’s being used for the process of rapidly growing your business. Gaining this type of explosive momentum takes great techniques to achieve. Most of the time, this concept is spoken of during the startup phase of a business. However, it’s also possible to use growth hacking for a business that’s becoming stagnant.

Unfortunately, many seasoned entrepreneurs are afraid of the idea of growth hacking – mainly because they’re unsure of what it is and what it entails. Here is a quick overview of the four step process involved.

Creating Micro Goals

All businesses have a main goal they’re striving for, like trying to become a multi-million dollar company. Even goals like this require you to have micro goals. The idea is to chop up your main goal into smaller bite-sized initiatives that will bring you a step closer to your ultimate goal. For instance, you can have the following goals:

  • Identify why people are abandoning the shopping cart and try to keep it under three percent monthly.
  • Try to increase your email list by 100 new subscribers daily.
  • Increase your website traffic by 25,000 within the next moth.

Measure and Analyze Key Data

Not all data is worth keeping a watch on, so identify which key metrics are the most important for your goals. Some data you should be tracking includes sources of your website traffic, conversion rates (subscribers, purchases, referral submissions, etc) and your goals on Google Analytics. If you’re not already tracking your goals with Google Analytics, then you should consult with an Internet marketing professional to set this up.

Create a Funnel for Increased Revenue

Setting goals alone won’t drive results – you need to start creating funnels that will help drive traffic to action, so that you can reach your goals. Your products and services and target customer are going to determine which methods would be best. A business consulting professional can help you develop a strategy for your particular business.

Always Split Test

A/B testing is ideal for determining what works and what doesn’t. It doesn’t make sense to continue guessing your way through your marketing strategy if you can potentially identify golden eggs from the rotten ones. Your content, page layouts and ads should all be split tested to see which should stay and which should go (and why).

Hugh Benjamin Internet marketing expert that helps grow small businesses. He offers a variety of services that can streamline expansion, including SEO, content marketing, social media marketing, online reputation management, business development consulting and PPC marketing.

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