Are you struggling to find strategies to grow your business? Can’t seem to find an effective, long term way to gain traction? Look no further. Growth strategies can make or break a business, and finding yours is vital when trying to survive in today’s age. We’ve found the top five companies that developed strategies so tactical and innovative that it completely changed their businesses. Read about each strategy used, and think about which one would work best for your company!
Tinder is currently considered the most popular dating platform. Starting in 2012, Tinder was almost an instant success due to it’s taboo, as well as its new way of dating. While the whole concept of the app was interesting enough to accumulate its success, it was also their marketing strategies that allowed them to aggregate a near $800 million last year.
Tinder’s co-founder, Justin Mateen, started his in-person outreach strategies when first launching the dating platform. At first, it was Mateen just texting the app to peers hoping they would download it. After gaining traction, Tinder started sponsoring fraternity and sorority events, handing out fliers and pitching the app to different businesses and even people on the street.
By just going out and getting people excited about your business, and actually interacting with potential customers, you can make a difference. While this type of marketing can seem outdated, it can also be very effective. Showing people how excited you are about your company, and how relatable it can be to them, can, in hand, make them excited about it as well.
When Paypal started back in 2000, their team was struggling to gain users. Because this type of payment platform had not existed yet, it was hard to convince people to join and give up their banking information. This was a continuous struggle until they started incentivizing joining. After actually paying people $20 to join, Paypal’s users catapulted to almost 10,000.
After gaining more success from this promotion, and due to the increase of users, Paypal started decreasing the amount to join from $10 to $5 and ultimately took away the incentive altogether. At that point, it did not matter due to it already being a staple in the digital world.
When trying to gain customers, it can be frustrating when all of your efforts have not turned out the way you had hoped. Sometimes it takes something as simple as “bribing” people into trying out your product. Whether it be a coupon for half off a coffee, or waving a joining fee for a video streaming platform, people love free things and will more than likely try it if given that opportunity.
When entering an already saturated market, it can be challenging to differentiate yourself from the competition. That was the struggle WhatsApp founders Brian Acton and Jan Koum were facing back in 2009. With iPhones becoming a normalized cell phone, messaging platforms were popping up everywhere which began an uphill battle for Acton and Koum.
WhatsApp developers then decided to eliminate ads and marketing altogether and gave users a free full year as well. This change allowed WhatsApp to allot a near 1 billion users and become one of the most popular messaging apps out there.
It’s crucial to differentiate yourself when going into a competitive marketplace. You have to look at what the competition is doing wrong and do the opposite. You also have to research what people would like to see change from your competitors and make the changes within your own company. Other good examples of this strategy are Doordash and Netflix.
BuzzFeed is a giant digital media platform that is continuously generating content and earning millions of views every day. They seem to have gotten “going viral” down to an art. John Peretti, the founder of BuzzFeed, has been going viral since 2001 after his order of custom Nike shoes with “sweatshop” written on them was denied for being inappropriate. After seeing how many responses he got from sharing that interaction, Peretti knew he could develop something that could accumulate consistent visitors.
After years of trying to think of an outlet for viral articles, videos and pictures, Peretti developed BuzzFeed. The platform now gains around 50 million visitors on YouTube, Instagram and Twitter every day.
By creating content that was relatable and easy to share, Buzzfeed has taken over the internet. It’s easily accessible and shareable, which encourages people to take part in it. Feeling like someone knows their pain, or does something quirky when they are alone, really resonates with some people.
Research popular trends, record that information and then form it into an advertising strategy. This will add a more personalized touch when trying to connect with your target audience because you took the time to find what they are interested in.
When asking people to put their information into something called a “cloud,” it would be challenging back in 2008 when many didn’t even know what it was. That was the challenge Dropbox was facing when first launching.
Dropbox had to become crafty in order to gain a consistent stream of new users to its platform. This is where they used the Viral Loop Strategy.
Tons of websites, apps and companies use Viral Loops regularly because of how effective it is. Your users get a reward for sharing, which strengthens their loyalty, and your company gains new customers. It’s a win-win!
Whether it be word of mouth, Viral Loops or taking it to the streets, everyone’s story and method are different. It’s about finding the one that works best with you and your idea and working as hard as you can to make your dream a reality.
Growing your business can be tricky, and it really is all about finding what works best for you. If you need some extra help, reach out to us – our mission is to help businesses flourish!