Growth dilemmas in SMEs are not anything new. Business leaders often face dilemmas when their objectives are not matched by the resources available to achieve them. These can occur annually, quarterly, or even weekly. Arguably, you can wing it and perhaps you are even successful once or twice. However, in order to bridge the gap between business objectives and available resources, you need a consistent solution. Herein lies growth hacking.
What is Growth hacking?
Growth hacking is centered around obtaining unbalanced results, or, receiving a greater output with fewer inputs. As a growth hacker, you can generate minimal resources to receive an immense ROI (return on investment) and lead your SME (small and medium-sized enterprises) into big business dominated spaces.
Growth Hacking post COVID-19
In the post-COVID-19 reality, we can expect a much more significant growth dilemma. SMEs will be facing uncertainty, fewer resources, and greater competition, making growth all the more fundamental. For this, there needs to be a greater focus on creativity and bold ideas that can transform the arena. Ultimately, it will be the SMEs who are willing to incorporate measures such as strong value propositions and low-cost offerings, that will thrive. To prepare for the post-COVID-19 economy there are several ways your SME can start growth hacking:
1. Let’s Get Digital
Everyone knows the advantages of digitally transforming their business, particularly as the pandemic accelerated the transition to online operations. Digital transformation can help you save costs and resources through innovative softwares such as automated account receivables, comprising of document automation, customer predictive analysis and invoice autoprocessing. Additionally, this can streamline your business, amplify your sales, and attract consumers. Businesses that maintain a consistent online presence will be able to tap into new markets and diversify their customer base. This is truly an opportunity to immerse your customers into your works.
2. Social Media is the New Word of Mouth
Research tells us that 54% of social media users use it to browse products, and honestly, it is apparent why. SMEs have taken advantage of social media to market their products and services. More so, they have implemented approaches such as retargeting, reaching out to influential bloggers, and drawing from customer feedback. It is, after all, an effective way to increase your reach and, by considering which social media channels suit your industry and align with your business strategy, you can make the most out of social advertising.
3. Teamwork Makes the Dream Work
Contrary to what many have been conditioned to think, competition is not everything. In fact, it can be more resourceful to combine efforts to attain feats you might not have attained on your own. Be sure to gain access to tools and resources you may not be able to tap into otherwise but ensure it goes both ways, then everyone wins! Aside from seeking opportunities to collaborate in the industry, be open to collaborations with customers and the community. This can be an insightful way to expand your network, acquire talent, and surge innovation.
4. The Best Things in Life are Free
Particularly as an SME, it is worthwhile to take advantage of free resources that could be valuable to your business. For this, it is recommended that you draw upon local resources and pragmatic tools from reputable partners. These can significantly aid growth and help your business thrive in the post-COVID-19 economy. After all, free resources are easily accessible, it is merely a matter of being business-savvy with the ones you select and the way you utilize them.
The Formula for Success
Ultimately, while it is easy to get caught up with tech innovation and digitalisation, it is essential to remember that you need the correct mindset to drive it forward. The growth hacking mindset entails being adaptable, quick on your feet, and willing to embrace the digital age. It entails building strategies to make the most out of the tools available to you and developing a workplace culture that draws upon these qualities.
The post-COVID-19 economy is introducing new challenges and advancements such as mass uncertainty, the accelerated use of technology, and divergence in culture. For SMEs, implementing growth hacks can mean the difference between surviving and thriving in these unprecedented times.
