7 Powerful Growth Hacking Strategies Every Entrepreneur Should Know

by Paul Shepherd
| August 29, 2018
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A good growth hacking strategy has the potential to deliver amazing results. More and more businesses are looking for growth hackers to nurture fast-paced growth, increase customer base and dollars in revenue.

It is always amazing to learn about the fast and exponential growth of companies like Google, Amazon, Facebook and Uber and how they achieved such staggering results through growth hacking.

There are many misconceptions about growth hacking, the main one being that it “just a hype”. In truth, it’s about delving past traditional marketing methods to kick-start growth by helping your business reach its full potential.

These days, traditional marketing is being combined with growth hacking as results speak for themselves. A growth mindset leads to new opportunities and success.

Franchising has been long proven to be a solid way to grow a business and by applying growth hacking to this model, the results are multiplied.

In this post, I will delve into 5 main growth hacking strategies for franchises and how they can benefit from it.

*Approx 12 minute read
7 Powerful Growth Hacking Strategies Every Franchisor Should Know

Who Is This Post For?

  • Business owners small to large
  • Multi-unit brands such as franchise groups, dealer networks and national brands with a local presence.

Commonly Asked Questions That I Will Address:

  • What is growth hacking
  • What are the growth hacking strategies that every franchisor should know
  • Why is growth hacking important
  • What are the most effective growth hacking strategies for franchises

What is Growth Hacking?

7 Powerful Growth Hacking Strategies Every Franchisor Should Know

Growth hacking is the “process of rapid experimentation across the marketing funnel, product development, sales segments, and other areas of the business to identify the most efficient ways to grow a business.”

Conventional marketing at its core has not changed much in decades and the goal has always remained the same: Increasing customer interested and consumption of products. What has changed however is how businesses go about this.

The marketing game has been upped a notch and modern-day marketers fulfill numerous jobs and have to think creatively in order to find new ways to capture consumers. In today’s digital world, marketers have to possess coding knowledge as well as marketing skills and creativity.

The bottom line in creating growth within any business is to truly master the market and customer needs and then based on that knowledge develop better performing, more reliable, and more relevant products and services, thus outperforming the competition.

The Growth Hacking Strategies That Every Marketer Should Know

When deploying marketing campaigns for a franchised model, there are two elements to keep in mind – the franchisee’s individual approach and the franchise as a whole company.

Store owners have a micro focus on local business growth, yet it is important for both franchisor and franchisee that the whole company succeeds in the marketplace.

Whether it be a retail or restaurant sector, franchises have huge potential to drive healthy profits, when accurately managed. Here are some reasons why:

  • The sheer market presence of a multi-location business model
  • Brand image growth through the number of franchisees
  • Customers are constantly exposed to the presence of the franchise brand
  • Social media is a vital aspect in creating consumer loyalty as it gives customers a voice and promotes brand trust
  • Marketing campaigns should come from the top down but still be flexible with customised options for individual franchisees

#1 – Content Marketing Is Key

As the efficacy of traditional marketing efforts continues to dwindle, more successful and prominent ways of marking are emerging. One such method is content marketing.

Content marketing involves the creation and dispersal of qualitative, relevant, and regular content to a target market in order to fundamentally drive profitable customer and business growth.

Rather than directly selling a product and/or service, businesses produce relevant and helpful content to its customers in an attempt to solve their dilemmas.

According to CMI, 73% of B2B businesses have a in-house employee dedicated to managing content and 48% have a separate content marketing strategy.

These figures speak for themselves and illustrate the importance of having a blog on your website site that offers engaging and useful content.

#2 – Implement Savvy Calls-To-Action (CTAs)

Implement Savvy Calls-To-Action (CTAs)

What better way to get your fans engaged on your social media channels than to simply ask them!

The main purpose of good CTAs is to grow your reach in the form of comments, likes and shares. Not only do you grab your target audiences attention but you can also drive traffic to your website, mailing list or sign up for a product.

In a very short timeframe, CTA efficacy has skyrocketed with one study discovering that adding CTAs on your Facebook page can increase the click-through-rate by as much as 285%.

CTAs are here to stay and businesses must get on board quick smart in order to foster continuous sales and growth.

#3 – Nurture Your Subscribers

This is a great growth hack because it directly allows businesses to build a relationship with its subscribers on a regular basis. It keeps the brand in the mind of the customer in a much more subtle way.

Once the business has built a relationship with a prospect, then it can ultimately get them to purchase something and turn them into a customer.

They key here is to develop a regular and timely highly engaging email sequence that continues to give. The focus, of course, is to nurture the subscriber through personal customer stories, expert and trusted advice as well as teaching. The customer should be addressed as a friend by using words like “Dear so and so” and “P.S.” and so on.

It’s worthwhile to note that in 2017, global e-mail users amounted to 3.7 billion users. This figure is set to grow to 4.1 billion users in 2021. So get nurturing!

#4 – Work Towards Social Proof

Implement Savvy Calls-To-Action (CTAs)

Thanks to social media, social proof has gained steam over the past few of years, but in truth, it’s been around for a quite a while in marketing.

Now adding smartphones into the equation has provided unparalleled access to the Internet with consumers spending most of their time on social media and online messaging platforms. This has enabled consumers the ability to publish, consume content, research, share and speak openly about their experiences with brands, products and services.

Social proof, provided by peer-to-peer recommendations of products and services, is a powerful growth hacking tool.

Reviews were bigger in 2017 than they were any year prior. In fact they are becoming increasingly more important each year as consumers become savvier. Customer experience is the new marketing. Well maybe not new, but a return to grassroots in the form of digital. The importance of responding to customers could not be more prevalent. These stats illustrate that reviews are on the minds of all consumers:

  • 88% have read online reviews to determine the quality of a local business (vs. 85% in 2013)
  • 39% read reviews on a regular basis (vs. 32% in 2013)
  • Only 12% do not read reviews (vs. 15% in 2013)
  • 84% of people trust online reviews as much as a personal recommendation
  • 7 out of 10 consumers will leave a review for a business if they’re asked in person
  • 90% of consumers read less than 10 reviews before forming an opinion about a business
  • 54% of people will visit the website after reading positive reviews
  • 73% of consumers think that reviews older than 3 months are no longer relevant
  • 74% of consumers say that positive reviews make them trust a local business more
  • 58% of consumers say that the star rating of a business is most important

In BrightLocal’s most recent consumer survey report, they found:

  • 84% of people trust online reviews as much as a personal recommendation
  • 90% of consumers read less than 10 reviews before forming an opinion about a business
  • 74% of consumers say that positive reviews make them trust a local business more
  • 58% of consumers say that the star rating of a business is most important

#5 – Boost Website Speed

Web Page Load Speed

If a website load time is longer than three seconds then chances are your visitors are abandoning it. Latest research shows that while the average of the values in the table is 8.66 sec, the recommendation for 2018 is to be under 3 seconds.

Google goes a step further and states:

2 seconds is the threshold for ecommerce website acceptability. At Google, we aim for under a half second.” Maile Ohye, from Google

One thing is for sure, people like fast sites in 2018. They want the information literally at their fingertips and as soon as the touch the screen. Improving website page load time directly affects customer experience, conversion rates, and of course profits.

#6 – Get The Most Out of the Analytics

Through analytics, businesses have the power to discover valuable customer insights such as purchase patterns, market trends, product preferences and any other information that can be used to improve the following:

  • More effective marketing campaigns and more informed business decisions
  • Improved customer service delivery
  • More efficient operations
  • Competitive advantage

Specifically, analytics enables businesses to zoom into their data collected and look for the most relevant information and analyse it to make important business decisions. This has a transformative effect on business as it allows business managers and leaders to make decisions with detailed intelligence and insights available, often in real time.

#7 – Ask for Feedback

Ask For Feedback

By taking initiative and asking the customer directly, businesses can figure out what’s working and what’s not in order to improve customer experience.

Online reviews have moved from “nice to have” to essential. As customers look to these sites for feedback; updating profiles, responding to reviews and engaging customers becomes increasingly more important. Maintaining positive word of mouth online is digital age customer excellence.

In 2016, local businesses were spending $80B on digital marketing solutions and services, with reputation management boasting $1.3B of that chunk, up 216% from 2015 (Borrell). Social media marketing will be up 248% from 2015, taking up $2.2B of the pie. While online reviews have been prevalent for many years, business owners and consumers alike are now recognising the gamut of challenges and opportunities.

Moreso, franchise groups and multi-unit brands can leverage NPS to drive healthy competition amongst the network and improve overall brand perception which ties in with branding for the entire group.

Conclusion

To discuss how growth hacking can benefit your business model as well as specific solutions I have developed for Franchise groups and multi-unit organisations, contact me today for a confidential discussion.