Starting up isn't easy - there is an endless list of things to do but with limited resources and time. A key role in any new business is digital marketing through growth hacking - a process of rapid experimentation across marketing channels to identify the most effective ways to grow a business. 

• According to a study by CB Insights, the top three reasons for startup failure are lack of product-market fit, running out of cash, and customer acquisition costs. Growth hacking can help startups to address all of these challenges.
• A study by HubSpot found that 92% of marketers say that growth hacking is effective.
• A study by GrowthHackers found that startups that use growth hacking are more likely to raise funding and achieve profitability.

Here are some specific examples of how startups have used growth hacking to achieve success:

• Dropbox used a viral referral program to acquire millions of users in a very short period of time.
• Airbnb used social media marketing and content marketing to attract new users and grow its business.
• Uber used a combination of growth hacking tactics, such as referral incentives and dynamic pricing, to become one of the most valuable startups in the world.

As with anything you want in life, it will be cheap, fast, good - though in reality, you can only choose 2. Hence, in the early stages of a start-up, you will often have to stick with cheap and fast, like a rocket ship held together with duct tape. That's not necessarily a bad thing, just that after a certain stage, growth hacking has to evolve.

With that in mind, here are five quick-fix growth hacks that can help your startup get a boost:

1. Build an email list

Email marketing is still one of the most effective ways to reach and convert customers. It's also relatively inexpensive, making it a great option for startups.

To build an email list, you can offer a lead magnet, such as a free ebook, webinar, or discount code. You can also collect email addresses from visitors to your website or at industry events.

Once you have a list of subscribers, you can send them regular email newsletters with valuable content, product updates, and special offers.

2. Offer referral incentives

Referral marketing is another great way to acquire new customers without spending a lot of money.

To set up a referral program, simply offer your existing customers a reward for referring their friends and family to your business. This reward could be a discount, a free product, or a commission on sales.

Referral programs are effective because they leverage the trust that your existing customers have in your brand. When a customer refers a friend, that friend is more likely to trust your business and make a purchase.

3. Utilise influencer marketing

Influencer marketing is the process of partnering with people who have a large and engaged following on social media or other online platforms. These influencers can help you promote your product or service to their audience.

To find influencers to partner with, you can search for relevant hashtags on social media or use an influencer marketing platform.

When reaching out to influencers, be sure to offer them something of value, such as a free product, a commission on sales, or exposure to your audience.

4. Encourage viral sharing

Viral sharing is when people share your content with their friends and family, and those people share it with their friends and family, and so on. This can help you reach a large number of people very quickly.

There are a number of ways to encourage viral sharing. For example, you can create high-quality content that is informative, entertaining, or emotionally engaging. You can also make it easy for people to share your content by including social sharing buttons on your website and in your email newsletters.

Yet, to make sure that your viral content ends up in front of the right audience, you can gain control of your personal brand through social selling. Engage with other creators in your niche and users who fall into your ICP criteria to help the algorithm figure out who’ll benefit the most from your expertise.

By following these growth hacks, you can pump your startup's key metrics without having to spend a lot of money. Just remember to be patient and persistent, and to experiment with different strategies to see what works best for your business.

As mentioned earlier, after a while, the growth will inevitably plateau. This would also mean that your business is ready for a higher level of marketing. When that day comes, you'll want to be have a chat with us on other growth hacks like Public Relations, Search Engine Optimisation, Inbound Marketing, and more.