We live in an era where there is a continuous rise in competition between established businesses and early-stage startups and surprisingly, it is found that 90% of entrepreneurs aren’t growth-minded (McIntire, 2020). Why? Because marketing and growing a business can be difficult with the constant influx of new entrants in the market as if one is born every few minutes. This is why growth hacking matters, not only for startups but also for bigger enterprises. Growth hacking (Growth Hackers) refers to applying the right techniques and strategies that help businesses grow their customer base. It is about a series of action-based solutions, with no particular order to follow, that will drive accelerated and accumulative business growth.
Now, if you want to know why a business should rely heavily on growth hacking during its startup phases, we’ve compiled a list of effective ways to achieve sustainable and scalable growth in 2022.
Attending Startup Events and Conferences in Mauritius
Startups events and conferences will definitely make you acquire the tools and insights you need to make sure your business doesn’t fail. Not only are they great ways to gain industry knowledge, but they are also both perfect sources of opportunities to network and find other entrepreneurs in your respective industry. Go ahead and expose your business to relevant business events. You’ll also learn more about your competitors and get the inspiration you need to taste success with minimum efforts.
Where do we find these events full of growth opportunities? Turbine, one of the finest business incubators and accelerators in Mauritius, happens to bring together successful entrepreneurs, industry experts and startup founders through business events on a regular basis. We recently organised a Speed Networking Session in May 2022 with the aim to bring together our network for the first time and offer them opportunities to collaborate with one another. As usual, the event ended with great success with different professionals and industries connecting for an overall win-win experience. To learn more about our upcoming events, connect with us on LinkedIn.
Establishing a Partnership
One of the best growth hacking techniques is undeniably business partnership. An effective collaboration with the right partner can improve sales and interactions of both parties as well as double their audience. Rather than looking for a direct rival, put your effort in finding a partner that compliments your own. And whether both your industries are directly or indirectly compatible, use your experience, resources and strategies to complement each other and leverage the strengths of this coalition. Co-marketing and product partnerships have already proven their growth utility in our business landscape. Do you really want to struggle building your startup from scratch or share success with another brand and achieve profitable growth on a long-term basis?
Reaching out to Experts
While there’s no harm in implementing strategies to grow your business by yourself, you might also consider asking for help. Reaching out to relevant experts will give you a base for substantial growth. You’ll get answers to your questions and solutions to your issues. By connecting with the right industry experts, you’ll strengthen your product/service, build meaningful contacts and add awareness to your brand. As mentioned earlier, Turbine offers a thriving accelerator programme that leverages established startups and unlock their full potential. In this endeavour, Turbine deploys tried-and-tested growth strategies for businesses who are ready to scale and need investment to grow their team, increase their tractions and revenues. These startups will benefit from a 6-months programme that includes 2 days residential bootcamp, workshop with top speakers and experts, free working space at Oficea coworking, fortnightly business coaching, and more! At Turbine, you’ll find the relevant tools, insights and growth opportunities you need to make your business stand out.
Optimising Online Presence
Even the smallest business should have an online presence to attract visitors and investors. Having an optimised online presence can spread the word about your business in the blink of an eye. And in order to do so, you need to update your social media accounts regularly, build an attractive website, create a solid content strategy, perform search engine optimisation, and develop long-term relationships with your audience. You have to do the right things in the right way if you want to stand out on the internet. Start today by using your creativity and adopting a customer-oriented mindset to leverage your business and establish a solid presence online.
The competitive landscape in each and every market is undeniably growing at a phenomenal rate. This is why keeping an eye on your competitors in your respective industry can only strengthen your position in the market. How? By following your biggest competitors and learning about their strengths and weaknesses, you’ll surely come out with a better approach in front of your target audience and bring something unique to compete with the rest. Monitoring and tracking their tactics and business policy will help you adapt and leverage yours to offer your customers better. Now, this strategy is not only about knowing what your rivals are up to, but also about finding gaps and weaknesses in the market to tailor your approach accordingly and unlock new possibilities for growth.
Adopting these aforementioned growth hacking strategies will not fix all your problems. In fact, they will only leverage your power in this competitive environment. The truth is that the key is in your hands. As an early stage startup, you can only benefit from growth hacking tactics if you constantly experiment with new ones until you know what works best for you, and implement them accordingly. Henceforth, don’t hesitate to take a closer look at all the possibilities you may have to achieve growth. And if ever you think you might need further help to acquire these techniques, contact us through email@example.com. We will set you on the right path so that your business can be poised for growth.
McIntire, G. 2020. What Percentage of Small Businesses Fail? (And Other Need-to-Know Stats). Available at: https://www.fundera.com/blog/what-percentage-of-small-businesses-fail