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Growth hack strategies – Helping businesses outgrow competition

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An entrepreneur’s vision is always set on how to take any business a notch higher. Managing Worker of Sahara India, Subrata Roy feels that turning a small profit into long-term growth needs initiatives that offer steady progress in intelligent ways, without breaking the bank.

The Sahara chief, who has built a global conglomerate from a modest para-banking business setup in 1978, strongly believes that key growth hacking methods are not only limited to professionals. Anyone with the right tools and skill set can use these tactics, and expand their reach in the market.

 

What is Growth Hacking?

A process involving trial and error athwart multiple marketing channels, viz., sales, product development and other areas of a business to identify the best ways to expand a business.

As the name suggests, the process is purely aimed at a single goal – growth.

The underlying principle of growth is certainly hard work. According to Subrata Roy, “Hard work combined with discipline and honesty creates the plinth of your personality”. Thus, a company’s growth is uniformly dependent on both strategy and the efforts.

Putting into action, the following strategies can help your business flourish and thrive in the ongoing competition:

 

  • Build trust and deliver an exceptional product

An out-of-the-box product would sell only if you gain the trust of your audiences. A personal relationship with your brand will help contrive trust.

Give your customers the option to leave their feedback on your website. It gives them a sense of belonging and having an upper hand.

 

  • Reward loyal customers

“Motivation is really required, particularly when you want to get some specific work done or a very difficult kind of task carried out,” states Subrata Roy, the Sahara chief.

Think of this as a random act of kindness. A mail appreciating the people for their loyalty towards your brand boosts retention rate.

 

  • Let the referral games begin

A referral hack is always a win-win situation. The user who refers receives a particular benefit promised by the company, and the company, in turn, earns a new customer.

 

  • Expand your reach

A company’s presence brings it to the forefront of the market. Make sure to leave a mark on all your products, campaigns or everything else that your business entails. Adding ‘Powered By’ is one such technique which helps people notice your presence.

 

Growth is a term that circumscribes diversified aspects and happens in all directions. Focusing on the end user and drawing your strategies around them yields results that are mutually beneficial. Growth hack strategies only work as long as the users feel a sense of belonging to the brand.

Related Reads: Do business tycoons do things differently?

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