Startups

Growth hacking for startups

  • 3 min Read
  • March 13, 2016

Author

Kanika Sinha
Kanika Sinha

Kanika is an enthusiastic content writer who craves to push the boundaries and explore uncharted territories. With her exceptional writing skills and in-depth knowledge of business-to-business dynamics, she creates compelling narratives that help businesses achieve tangible ROI. When not hunched over the keyboard, you can find her sweating it out in the gym, or indulging in a marathon of adorable movies with her young son.

Table of Contents

In this article, we’re going to take a look at growth hacking for startups. Before we dive into strategies, let’s first define growth hacking.

What is growth hacking?

Growth hacking is a marketing technique developed by technology startups, but it can be employed by startups of all kinds. Creativity, analytical thinking and social metrics are all combined to sell products and gain additional exposure.

The term was coined in 2010 by Sean Ellis who said, “A growth hacker is a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth.”

Why is growth hacking important for startups?

Many startups begin with slim marketing budgets. Startups who employ growth hacks focus more on lower cost marketing avenues. They steer away from traditional marketing and tend to spend their marketing dollars on social media and other online avenues.

Some avenues growth hackers use include search engine optimization, web analytics, A/B testing and content marketing.

Companies like Dropbox, Airbnb, Facebook, Twitter and LinkedIn use growth hacking techniques.

Growth hacking strategies

One great growth hacking strategy is the referral program. This is a great way to build your startup without making a huge dent in your bottom line. Let’s say your startup is an online survey business. You could offer users 50 complimentary surveys per billing cycle for each referral they bring to you. This costs you very little and has the potential of increasing your user base multiple times.

Another growth hacking strategy is to offer something for free. After all, who doesn’t love free? The same survey company could offer a free account to the first 500 subscribers. Right off the bat, you’ll end up with users who will spread the word about your great product. Your goal is to convert the free trial participants to paying customers at the conclusion of the trial.

Offering exclusive invitations is another no cost growth hacking strategy. Since people always want what they can’t have, exclusivity drives up demand. This technique also helps generate online buzz about your startup. You can even start a waiting list so customers feel more special once you “let them in.”

Building your email list is another growth hacking strategy. A good email list is invaluable to your company.  It’s basically free advertising with a ready and willing audience.

Email is one of the best digital tools in the growth hackers tool box. Why?

• You have instant access to your customers.

• They want to hear from you because they opted in.

• You can let customers know about events and new products or services.

• You can conduct surveys.

• You can send them special offers.

It’s important to start building your email list immediately. Encourage web visitors and social media followers to sign up by reminding them of the value they will gain from staying in communication with you.

Final thoughts

If you desire to aggressively grow your startup, consider employing low cost creative marketing techniques.

Are you a new startup? Are you looking to get your new business off the ground and watch it rise to success? We are here for you. We can help answer your questions and guide you through the process. Outsource your finances, payroll, HR duties and more to us. Contact Escalon today to get started.

Talk to our team today to learn how Escalon can help take your company to the next level.

  • Expertise you can trust

    Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.

  • Quality and consistency

    Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.

  • Scalability and Flexibility

    Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.

Contact Us Today!

Tap into the latest insights from experts in your industry

People Management & HR

2025 Employment Law Updates: What to Know

As we step into 2025, businesses across the country face several important updates in labor laws and employee benefits. Staying...

Read More
Startups

5 Signs Your Startup Needs an Outsourced CFO  

5 Signs Your Startup Needs an Outsourced CFO   Startups often operate with lean teams, but as they grow, financial complexity...

Read More
Leadership & Growth

CG Startups: How to Keep Costs Low While Scaling Operations 

Consumer Goods Startups: How to Keep Costs Low While Scaling Operations  Scaling a consumer goods startup requires a careful balancing...

Read More
Press Releases

Escalon Expands Its Reach: Full Stack Finance and Early Growth Join Forces with Industry Leader 

Escalon Expands Its Reach: Full Stack Finance and Early Growth Join Forces with Industry Leader  In a strategic move that...

Read More
Taxes

Delaware Annual Review: What Series A-C Startups Must Know to Stay Compliant 

Delaware Annual Review: What Series A-C Startups Must Know to Stay Compliant  For startups incorporated in Delaware, staying compliant is...

Read More
Taxes

Tax Planning for Startups: Preparing for Your First Tax Filing

Tax Planning for Startups: Preparing for Your First Tax Filing as a Growing Business  For many startups, the first major...

Read More
Taxes

Unlock Tax Savings with the R&D Tax Credit

As a startup, managing cash flow and minimizing expenses are critical to your business's survival and growth. One often-overlooked opportunity...

Read More
Accounting & Finance

1099 Compliance for Early Stage Startups

1099 Compliance for Early Stage Startups As your startup grows from seed funding to Series A, B, or C, you’ll...

Read More
Accounting & Finance

Meet the Experts at Escalon: Ankush Sharma

Welcome to our new series, Meet the Escalon Experts, where we introduce you to industry leaders shaping your business’s future....

Read More