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6 Essential Growth Hacks for the Frugal Entrepreneur

For business enthusiasts enticed with a fresh new idea, or traditional entrepreneurs looking to accelerate their company’s maturation, growth hacks are many, various and they’re equally effective.

As a new marketing technique, growth hacking has been changing the way we brand, promote and sell our business offers in the online world, and all of that with one specific goal to significantly speed up the development process.

And while some of them tend to work quicker than others, the good news is they are mostly cheap, if not completely free. Here are a few for a frugal entrepreneur to consider.

Related Article: Growth Hacking 101: The Process & Techniques Used For Success

1. Sparkle Up Your Brand

As the market becomes more crowded each day, originality is now the biggest leverage of a growing entrepreneurship. Obvious as it may sound, brandability is thus the ultimate first step that leads straight to the top. To avoid confusion, let’s pause for a second and determine what being brandable really means. Recognizability, as a key for success, is an asset of those who are not afraid to be bold, take risks and get noticed.

To be brandable, hence, means to make brave decisions and insist on originality. In the world of endless possibilities, a quality product is unfortunately no longer enough in order to make it appealing, you’ll need to wrap it up in a shiny package with an avant-garde bow tie. Commit your time to creating a story behind individual products and then tie them all together beneath a catchy title, in a nutshell, be fresh, attractive and engaging.

2. Explore the Market

Before you take the big business leap, remember to test the water. Every market has its specific dynamic, which is why researching the current status of your niche is of the utmost importance for the pace and direction of your development. Market researching tools are often expensive, but fortunately, there are ways of understanding your business environment without spending much money.

Try secondary data sources like governmental agencies and nonprofit organizations or get an insight into your competition with sites like CBInsights, Glassdoor or LinkedIn. Another great growth hack of this kind is the utilization of Survey Monkey, which allows you to test the potential of your business offer in accordance with the current situation on the market.

Related Article: Up and to the Right: 12 Essential Growth Hacks for Content Marketing

3. Focus on Sharable Content

For those skillful enough, growth hacking is a tireless machine. What makes it run faster is content, which is why its creation and promotion should be another focus of growing businesses. Whatever the niche, a website is mostly unsearchable without a blog, and unless you’re in the e-commerce business, consider creating your main web presentation entirely in this form. If the blog still seems too time-consuming for you (and it certainly is), try guest posting.

The principle of content sharing is pretty much the same with this technique, the difference being in the publishing platform instead of managing your own blog, you’ll be submitting your content to other websites.

4. Build Following

Digital marketing lies in the very core of growth hacking strategies without a viral presence, a brand is invisible and a business is unlikely to succeed. To effectively promote your products and services and earn money in the online environment, start focusing on social media. All of them provide options for targeted marketing and additional filters to effectively narrow down your audience, but such services mostly come at a price.

Instead, try utilizing social media for their sharing advantages and stay interactive, engaging and present on all of the main networks. Keep your focus on those most suitable for your niche use Instagram and Pinterest for promoting visual content and Facebook and Twitter for social campaigns that will lure your audience to participate in your offers. With a strong following, the road to business maturity is not going to be so bumpy.

5. Harvest Leads

According to an article on Entrepreneur, the harvest of email addresses is a growth hacking technique 40 times more effective than social media marketing. As old as they are, email addresses are still a major source for generating leads, which makes it a valuable opportunity for quicker development.

To advance your harvest, consider delegating this growth hack to email marketing automation software. There are still a few of these tools available for free, and they will certainly help you with your email approach by analyzing your leads, generating customized messages and building your contact list.

Related Article: Email Marketing: 6 Growth Hacks for Building Your Email List in 2016

6. Stay Frugal and Use Trial Versions

Similar to the aforementioned automation software, numerous marketing tools are circling the web waiting for you to discover and exploit them. Most of them, however, require a solid budget, but there’s a trick that allows you to use them for free. For a limited period of time, trial versions of marketing tools will support your growth, especially if your business is still in its startup phase.

Get your free test version of Marketo, Tableau or Hubspot and allow them to lead you through your marketing journey for a couple of weeks. Without any costs, you’ll get a chance to have your brand noticed and you can evaluate the marketing tools available online for the more prolific phase of your business.

To accelerate growth and expand further, forget everything you know about elaborate marketing strategies, and reach your goal quicker with growth hacks.

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