In today’s competitive world, not all businesses survive and so to avoid making blunders especially at the initial stages is indispensable. Growth hacking gives a business the required boost and generates enough capital that the business can survive the early challenges that are associated with the launch.
Most startups eagerly engage in growth hacking but most of the time, all efforts are withered due to the lack of understanding of its basics. Before engaging in growth hacking, make sure that these mistakes don’t crush your startup dreams.
Believing that everyone will find your product and ideas incredible
If the product that you are about to launch is exactly like millions of other products out there in the market, then why will your prospects pick yours over the already-experienced players? You must understand that today’s customers are smarter than they were a few years back and they know what they want.
You believing that your ideas are amazing isn’t enough. Your product must have a USP that will trigger people into buying your product. Growth hacking a product that nobody wants will be a waste. Before you lose your money behind a new product, test it. After testing you will receive feedbacks and accordingly do the necessary revisions. Keep improving it until you have the right product ready for the market.
Spending all your funds at once
The aim of a growth hacking strategy is to build your business to a stable level. But is spending all your marketing funds in the initial stage a good idea? The answer is no! This is because if you don’t fly high in the first jump, you might be filing for bankruptcy soon. It has been estimated that among the startup failures, about 29% of failures are due to low financial strength. In fact, this is the second largest reason for startup failures.
Spending every penny may take your business to a higher level, but it is too big a risk since anything is possible. Don’t put everything at stake on growth hacking or any other marketing strategy because nothing is guaranteed and anything can cause a downfall.
By spending judiciously, you may have to start small, but you will still have a business.
Only wanting to hit big
If you have a good idea and it is incredible, there’s no reason why you can’t reach the skies. You can even be the next Mark Zuckerberg or maybe the first of your own. All startup founders have this same dream. Setting this as your goal is alright but adopting an all-or-nothing attitude can be very harmful to your business.
Instead, employing a realistic growth strategy will be more helpful in expanding your business. Your business may take off like a rocket but even if it doesn’t it’s okay. Everyone has to start somewhere. Rather than expecting to hit big, you must focus on stabilizing your business.
Not archiving your digital heritage
All your online activities and email conversations are your digital heritage as they are proof of all your business communications with other business firms online. If you are not employing a means of archiving them, then you are making a big mistake.
In case a dispute arises in the future, these archives can be used to prove your compliance. Using a Wayback machine instead of a proper archiving means is also not good enough. Recently, the Wayback machines are lately coming out as an unreliable means and you certainly can’t afford that. Your archiving method must be able to capture all the dynamic and interactive traits of your website along with any associated videos and links. And for that you definitely need an alternative to Wayback Machine.
These archives will confirm that your website contained no misleading sites. The archived business communications will help you establish your truth in case a company claims that your product isn’t what was promised.
Over to you…
With millions of companies working on similar projects, about 90% of the startups fail with 10% rolling-out within the first year. The ones that survive this competitive market are both lucky and smart.
Growth hacking is the new trend and, in many cases, it has provided the necessary thrust that is needed to expand a business. But there are cases when things don’t work. Every startup journey has many mistakes associated with it. But these mistakes can be avoided if you make your choices more smartly.