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6 Simple Growth Hacks For Startups

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6 Simple Growth Hacks For Startups

Posted on by webadmin

Starting businesses in the modern world is more complicated than it used to be before the digital age. These days, it is a matter of building and growing two businesses: The actual one and the digital one. Technology is a double-edged sword; it can provide ease and convenience and boost business, but it can also be fickle if the user does not understand how to leverage it. Knowledge is power! Here are some easy hacks to help you get your startup on its feet and growing faster.

As many of my readers know, I usually write about strategy, innovation, and leadership. But recently I’ve been asked a lot about how I helped establish Praxie.com as a destination website for hundreds of best practice digital tools and templates using growth hacking strategies. That’s because it’s incredibly hard to cut through the noise and establish a new brand, website presence, and business model in today’s increasingly cluttered competitive world.

So, here’s what we did to build a brand and drive tens of thousands of visitors to our website each month, all without any significant marketing investment. Anyone who’s focused, methodical, and willing take the time can do it.

1. Create Expert Content

Content is king. You can create it yourself or provide a platform that encourages users to contribute content as part of your business model. Content drives the brand and engages customers. Plus, Google and other search engines index and prioritize pages with solid content, so your specific webpages with noteworthy content will get a boost in SEO rankings and see increased traffic over time. Content comes in many forms: articles, blog posts, listicles, white papers, templates, and videos.

2. Syndicate Content to Grow Backlinks

Backlinks are the lifeblood of SEO. The more that reputable websites link back to your website (or sub-pages on your site), the higher you’ll rank will be in search engines. And the higher your rank, the more organic visitors you’ll receive. Whatever you’re doing or providing as part of your business, position yourself as the expert. Become a source of knowledge and insight for the press, get interviewed on podcasts, write articles for other sites, or do anything else that gets your name (and backlink) out there on the net. This strategy also builds your brand.

3. Become a Video Star

Content isn’t just about the written word. YouTube is now the number-two search engine in the world, right behind Google. Video content highlights your expertise. It gets shared. And it drives traffic to your website that can convert to newsletter signups, subscriptions, and product purchases. Be sure to include keywords in the titles and descriptions of your videos. Also include a plug at the end of the video for where the viewer can learn more (e.g., your website). Re-purpose your videos on social media and embed videos into your website to further reinforce your content expertise.

4. Build Email Relationships

While just about every email inbox is cluttered with spam these days, when someone gives you their email address, they’re essentially giving you permission (opting in) to connect with them. While the same principle applies to social media, email is still a unique, higher-touch, form of connection-making. As compared with social media, email is like pinning a flyer up on someone’s front door versus hoping they see one that has been posted on the corner telephone pole as they walk by. So, create easy ways for people to sign up for newsletters. Connect with others on LinkedIn, where most profiles include email addresses. Focus on building a list and providing high-value communications that use expert content to connect with your audience versus just trying to sell them your product. Many free or inexpensive tools can get you started like Mailchimp and Constant Contact.

5. Measure Everything Using Dashboards

The only way to gauge progress is to measure it. Use Google Analytics to track your most important metrics, like the number of visitors, landing pages, conversion rates for your newsletter and purchases, and more. Use free tools like those provided by Moz and Similarweb to benchmark yourself against the competition. Connect social media metrics and advertising into a dashboard that provides a holistic picture of the business. But don’t spend too much time cobbling together data. Keep it simple so you can get a quick read on how you’re doing while spending most of your time doing the things that grow your business.

6. Test, Retest, and Test Again

Google recently introduced a great tool called Optimize. Optimize allows you to quickly run tests on your website or individual web pages. By creating A/B tests that serve up different page headings, product prices, button colors, etc., you can gain insight into what works and what doesn’t based on what you’re trying to achieve. Track which market positioning statements result in the most newsletter signups or which price model delivers the greatest revenue. Running tests should be an ongoing activity which essentially means you’re taking the winning formula from your A/B test and then running another A/B test using that as the baseline. Connect your tests to your data analytics to track what works (and doesn’t) over time.

Most small startups don’t have big funding. That’s why growth hacks are so important. Use a little elbow grease, coupled with savvy customer engagement strategies, to build the basis for market traction. You might need to give it a little time to yield results, but that’s also what’s needed to create an enduring business.

Any business risks failure without seamless, accurate, and secure payment processing. From integrated or mobile processing, card-present or web and phone-based transactions to e-commerce, having a reputable, reliable, and responsible company like Clear.Charge.Solutions will help propel your business forward. Contact our friendly team to discover how we can equip you with the optimal payment options for your business. Call 877.847.4478 or find us on Facebook.

 

Three Things That Small Businesses Must Prepare For In 2024

Posted on by webadmin

Unless you find yourself successfully operating in a niche market, the business world is a competitive place. Every step owners and operators can take to secure and stabilize their enterprise is always a good idea — ensuring reliable, predictable, secure, and seamless payment processing with the experts at Clear.Charge.Solutions is a prudent start! Entrepreneurs can also help protect their businesses by anticipating and preparing for future economic or social trends that may impact them. Here are three to consider for 2024.

The new year has begun, and the U.S. economic situation has generally been solid now that the worst days of the pandemic are in the rear view mirror. However, small business owners should always look forward and be on the alert for outside considerations that could negatively impact their companies.

While the Federal Reserve has hinted at possible interest rate cuts this year, we don’t know for sure. Trade has rebounded nicely as supply chain disruptions subsided, but international events could change that in a hurry. And, despite a strong holiday season and some good signs in the economy, the threat of a recession always looms.

As I see it, there are three things that could most hurt the outlook for small businesses this year.

1. Continued High Interest Rates

After almost two years of interest rate increases, Fed Chair Jerome Powell signaled towards the end of 2023 that the central bank could start cutting interest rates in 2024, providing that inflation continues to fall.

While the statement raised expectations that rates could drop, there is no guarantee that it will. The Federal Open Market Committee (FOMC) makes its decisions on interest rate hikes based on numerous economic factors, including inflation numbers, employment figures, and overall economic conditions. Chair Powell has repeatedly stated that the Fed’s target inflation rate is 2%, and we are not there quite yet. We may have more clarity on January 30-31, when the next FOMC meeting is scheduled.

Meanwhile, the latest Jobs Report from the Labor Department found surprisingly strong hiring in December. The U.S. economy added 216,000 jobs in December, signaling a still strong labor market. Unemployment held at 3.7%, a figure that signifies nearly full employment in the economy. Since the labor supply is tight and the demand for workers (as evidenced by job creation) remains high, wage pressures will continue for business owners. This pushes their overall costs higher.

Should businesses borrow money in 2024?

Deciding whether your business should borrow money depends on a number of factors, and interest rates are just one of them. If you are concerned that rates are too high and that you might not be able to make the payments, you might consider holding off from borrowing. But there are other factors, beyond the cost of capital, to consider.

Purpose of Borrowing: If you need the funds for an opportunity that might go away, such as buying a business that is up for sale right now or purchasing or repairing vital equipment, then the reason for borrowing is a big consideration. If your company is on a growth path, you may not want to let interest rates hold you back.

Return on Investment (ROI): Evaluate the potential return on investment for the borrowed funds. Will the investment generate enough income to cover the cost of borrowing, including interest payments? If the ROI is positive, it might make sense to borrow, providing that your company has the financial capacity to meet debt obligations without compromising day-to-day operations.

Economic Conditions: While interest rates are important. If the economy is strong and your business is poised for growth, borrowing may be more justifiable. However, if economic conditions, including your own business forecast for 2024, are less rosy, then caution may be warranted.

Risk tolerance: If interest rates remain at their current rate or increase in the short term, would your business still be able to cover the debt?

Ultimately, the decision to borrow money should be based on a comprehensive analysis of your business’s financial situation, goals, and the economic environment. If in doubt, it’s always advisable to seek professional advice tailored to your specific circumstances.

2. Geopolitical Uncertainty

Geopolitical events, such as China’s increasingly aggressive behavior toward Taiwan, the war in Ukraine, and the hostilities between Israel and Hamas, can significantly impact the supply chain and the U.S. economy.

Geopolitical tensions can lead to trade wars and the disruption of the flow of goods and services across borders, which may cause shortages of raw materials and delays in production, thereby increasing the cost of imports and exports and leading to higher prices overall. We have also seen how increases in energy prices in oil-producing regions can fuel inflation by driving up transportation costs. Higher costs naturally affect the economic success of businesses.

3. Recession

The Fed’s efforts to cool inflation seem to be working, albeit not as quickly as many economists would have liked. The central bank’s stream of small but steady interest rate hikes have curbed inflation and may indeed produce the “soft landing” that economists had hoped for. However, we saw during the pandemic that unforeseen circumstances have the potential to cause a global economic slowdown.

Many small business owners worried about recession during the pandemic and did so even through last year. While the U.S. economy has remained fairly solid, the possibility of a recession is still something that business owners must consider in their own long-term planning.

Another aspect of successful businesses is their impeccable management of money and time. Smart business owners know how beneficial it is to have the optimal digital processes in place to facilitate a smooth transaction (and save money with a streamlined, fiscally responsible structure). The friendly professionals at Clear.Charge.Solutions take the worry off your hands with their proven track record and expert solutions. See how we can help you today! Call 877.847.4478 or find us on Facebook.

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