Growth is fundamental to a business' survival. A concrete growth strategy is more than a marketing strategy, it is a crucial cog in your business machine. Without one, you are at the mercy of a fickle consumer base and market fluctuations. Growth strategy allows companies to expand their business. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. A company's industry and target market influences which growth strategies it will choose. Here are some actionable tactics for achieving growth. Viral loops are not guaranteed to go viral, and they have become less effective as they have become more commonplace. Some of the growth strategies are as follows:
1. Word-of-Mouth
From just 8,000 users at launch in 2013, Slack hit one million daily active users in late 2015. That is a stellar growth metric. In the beginning, Slack made itself available to large, established companies like Rdio and Flickr, generating plenty of early press coverage. The company focused on user satisfaction above all, answering thousands of helps tickets and tweets each month. This attention to customer service led directly to positive word-of-mouth amongst its early adopters. In 2014, co-founder Steward Butterfield stated, “The growth has been completely insane and almost entirely on word of mouth.” “In fact, we just hired our first marketing person, but he doesn't begin until next week”. “That’s why social proof remains the #1 instrument in both sales’ copywriting and overall marketing content, and that's why most brands draw focus toward their online reputation.” Focus on delivering a spectacular user experience, and users will spread the word for you.
2. WhatsApp
Over 1.2 billion monthly active users can vouch for that. Its founders, Brian Acton and Jan Koum, wanted to create a product without the baggage that came with similar apps at the time. They intentionally opted for no ads, no marketing, and a free first year to attract users fed up with other providers. WhatsApp stood out by being dramatically different from every other option at the time. They created a product that was brilliantly simple for sending and receiving instant messages.
3. Growth Hackers
Highlight what you find, and get users talking.

4. In-Person Outreach
According to an annual report from their parent group, Match Group, Tinder raked in over $800 million in direct revenue in 2018. An excellent growth strategy and a lot of dedication made it happen. Tinder’s growth strategy took off at the University of Southern California in 2013. Tinder paid for the whole event. The company also hired a bouncer, and any student who wanted to get into the party had to download Tinder at the door. Once those students returned home from the party and started matching with each other, Tinder became what co-founder Sean Rad describes as “a phenomenon within USC”. Over the next few months, the Tinder team conducted more personal outreach at fraternities and sororities across Southern California. This set the course for Tinder to be carried by word of mouth.
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