Hispanic Owned Businesses Need to Know About These Growth Hacking Ideas
The past decade has seen the number of Latinx-owned businesses in the United States skyrocket. In 2018, a Stanford University study stated that the number of Latino business owners in the US grew by 34% over 10 years, compared to 1% for all other business owners. The impacts of Covid-19 are not insurmountable; Latinx-owned businesses are an economic force to be reckoned with, despite remaining smaller.
With growth hacking being a buzzword among startups and entrepreneurs, Latinx-owned small businesses should be exploring it more than ever to have a competitive advantage. At TRIBU, we provide a robust framework for B2B Hispanic businesses, startups, entrepreneurs, and founders to succeed and accelerate their digital innovation. This is our take on growth hacking.
What is Growth Hacking?
Do clear targets and timelines sound like your ideal relleno de empanada? Well, growth hacking is simply a bunch of marketing tactics that are quantifiable and focused on driving growth.
According to Gagan Biyani, who led marketing at startups Lyft and Udemy, growth hackers are marketers with limited time and resources, and are therefore forced to get super innovative to achieve their goals.
Automate Your Systems
In 2015, marketing automation software was not a priority for Latin American companies, but now, implementing marketing automation tools to do menial tasks is growing in popularity. With limited human resources at Latinx startups, it's wise to follow the trend, maximize the potential of your employees, and streamline your processes. Growth hackers can then focus on strategic activities to fulfill digital marketing goals and nurture customer relationships. You’ll grow revenue faster while reducing high operational costs.
Marketing automation also means communication at scale; chatbots and B2B Whatsapp facilitate the growth of an environment for immediate conversations. They get to the bottom of what customers need quickly and don’t force-feed them what they don’t want. At TRIBU, our accessible pricing means that our automation tools are available for small businesses, not just aimed at enterprise-level companies.
Enhance Your Online Presence
Getting a visitor online is like going on a blind date; if you show potential users or customers creativity, functionality, and ease-of-use, they’ll become more serious, loyal customers in the future. Consider investing in digital marketing services such as web design and development, SEO, social media ads, and content marketing.
And if your engaging content can be easily shareable and created in multiple languages – even better. It could reach the Hispanic audience in Latin America, the US Hispanic market, and English-speaking countries. To do that, you’ll require a bilingual agency. Our team of experts is based in Colombia and passionate about helping businesses with both English and Spanish-speaking audiences.
It doesn’t matter how charismatic a marketer is, or how powerful an idea, the analytics uncover the true potential of any campaigns. You need a reliable strategic partner with a growth mindset to do copious testing and experimenting to highlight which efforts perform best and yield results. Watch out for conversion rates, inbound links, and the amount of search engine traffic by using basic free tools; Google Tag Manager, Google Analytics, Search Console, and Microsoft Clarity are a good place to start. MOZ or SEMrush are more premium tools.
With our Performance Marketing Model, we carry out activities tailored to your strategy and predicted to achieve your conversion goals – and measure every action driven by our campaigns to minimize risk and increase your ROI. Unlike other agencies, we assume your digital marketing objectives as our own and offer risk-free profitability.
For every 100,000 Latino adults in the United States, on average, 510 became entrepreneurs each month in 2018. If Latinx-owned businesses use growth hacking tactics and Hispanic digital marketing services to increase the size of their companies, they could generate billions of dollars in revenue and millions of jobs.
Let’s drive scalable and sustainable business growth together!