A growth engine constitutes both paid and free marketing channels. Paid marketing includes partnerships, print ads, radio ads, and endorsement, and the free ones consist of social media and blogging.
Setting up a growth engine in the early years of your business can help it grow faster. If we see Uber as an example, the main reason for their constant growth is that they managed to set up a growth engine very early.
Growth marketing has the potential to take your business to a whole another level. You need to set manageable targets and keep an eye on what activities and growth hacks help multiply your revenue and growth. In this blog, we will be discussing viral growth strategies for your business. Here is the list of topics covered in this blog if you want to read any specific one:
Six viral growth strategies
Viral growth strategies can help your business to attain the next level. It results in your business generating more revenue and growth. Here are six strategies that you should give a try:
1. Utilizing video marketing
Videos are a great way to showcase your product in every aspect. Today, you might have seen many popular brands make their videos and upload them on Youtube and other video streaming platforms.
Creating an engaging video doesn’t require you to spend very heavily, you just need to describe your product or service in a way people want to watch it. It can help you increase your revenue without spending anything on paid ads.
To make your videos go viral, you need to keep in mind the two key factors suggested by Harvard Business Review behind viral videos: Psychological response and social motivation. The psychological response tells you how your videos make one feel, and the social response tells you why one feels to share the video.
2. Giveaways
Giveaways are getting popular these days. More and more content creators are using this strategy to grow their business and drive traffic. Easy Promos study states that most of the popular brands run giveaways once every month, and they are getting more and more interactive with their giveaways.
Giveaways do not give you a lot of traction and user engagement if you don’t put enough effort into promoting the campaign and attracting the audience. You can track social media analytics. It helps identify the campaign bottleneck and helps improve it.
3. Incentivized social media sharing
Incentivized sharing has become a must in today’s world. From payment apps to games and blogs, every one of them offers incentives to their customers for sharing. Everyone wants something in return for sharing anything. It is the main focal point of incentivized social media sharing.
You can ask your customers to spread words about your product or brand in exchange for some exclusive content or a promo code. Doing this rather than only including a sharing button on the purchase thankyou page makes more and more customers share the product.
4. Using the power of referral marketing
Organizing customer referral programs help in word-of-mouth marketing. Your loyal customers can be the most powerful marketing engine for driving traffic and the growth of your brand.
Putting an attractive offer is the secret to the success of referral marketing. Creating attractive conditions for the referring client as well as their friend helps encourage the referral.
You might have heard of a lot of these kinds of offers where companies offer discounts and a lot of other things on referring. This helps increase product sales and traffic.
5. Teaming up with influencers
Building a social media following is not as easy as it seems. Sometimes it takes years to get to a million followers. So instead of spending your time building your own social media following, you can work work with an influencer to give it a boost.
Celebrities were a focus for many people, but nowadays, social media influencers can have the same reach and can give you a significant boost without hurting your pocket. Influencers are also easy to reach and work with. Click To TweetThe only thing you should keep in mind is to keep everything straight, clear, and simple.
6. Creating data-driven PR campaign
To put your brand in a better light and make it look more credible. You should incorporate data in your PR campaigns.
A research element can create a cohesive image for media. With a data-driven campaign, companies can get some links from leading newspapers and blogs. This helps in getting more reach.
Conclusion
A growth engine is essential if you want to grow your product or brand. You can start with the free resources and eventually switch to the paid one once you get your feet established.
Certain viral growth strategies are very effective and give better results. They can prove to be essential if you want to virally grow your brand. We discussed some of these in this blog to help you get started.