Strategies To Keep In Mind For Startups To Sustain Their Growth
Authored by: Manish Tahiliani and Gaurav Lakhani Co-founder of Voxturr
Considering the times we live in, being the startup founder is challenging. One has to deal with different situations such as an unpredictable marketplace, financial capacity, survive competition in an already volatile economy, and drive company growth.
Achieving sustainable growth is possible only when start-ups set strategies in place from the very beginning. It allows them to build a long-term value without exhausting the finite resources available at their disposal. While there are several strategies to choose from, we recommend the following ones to sustain the growth of your business.
- Develop an Effective Go-To-Market Strategy
Businesses must develop an effective go-to-market strategy before launching their products or services. It brings together all the critical elements that drive your business and outlines the steps necessary to succeed in a new market.
To devise an effective plan, entrepreneurs need to assess the market and gain in-depth knowledge about their stakeholders. Understanding this will help you position your product/services better and create compelling reasons for customers to buy. Successful implementation of this strategy will ensure favorable outcomes in the long run.
- Create a Marketing Strategy that Resonates with Your Target Audience
Do not confuse marketing strategy with a go-to-market strategy. Marketers often use these terms interchangeably, but they are entirely different from each other. While a go-to-market strategy focuses on bringing new products to the market, a marketing strategy focuses on how a company or business can reach its target audience using various channels.
Social Media Marketing is one of the most cost-effective methods to connect with your audience. Building an active community on social media platforms is an excellent way for startups with a shoestring budget to gain exposure. Make most of the freemium tools available online to gain a competitive edge and market your business.
- Boost Your Customer Service
Customer service is essential for any business. Irrespective of how long a company has been in operation, efficient customer service assumes more importance when you are just getting started. A recent study by Zendesk Customer Experience Trends Report suggests that 57% of the customers consider customer service the most critical factor in establishing brand loyalty. Customer service is fundamental to any business. It makes your customers trust your brand. If they feel that they are buying from the right place, they are more likely to recommend your brand to others and make repeat purchases.
Software such as Customer Relationship Management (CRM) improves customer relationships. It helps you understand your customers better and optimizes your communication with them. Entrepreneurs must compare the different software before choosing the right one. It enables you to provide customer satisfaction and retain customers for a more extended period.
- Focus on Organic Growth
Companies spend thousands of dollars on Pay Per Click (PPC). It becomes quite expensive, and all startups cannot afford this massive cost per acquisition. The idea is to go organic. Companies with a strong presence on Google have relatively better chances of survival and long-term sustained growth. Websites that are search engine friendly and social media accounts with organic followers have a more significant advantage in the long run.
- Product Diversification
Once you have established yourself well in the market, businesses need to indulge in product diversification. Product diversification is a strategy used by companies to increase profitability and sales volume by introducing new products.
The goal is not just to introduce new products. Startups need to ensure that these products are unique and address their customers' pain points. Launching an innovative product will improve brand recall and boost sales.
- Focus on Experimentation and Continuous Learning
Every startup needs to carry out a set of experiments. They cannot afford to get stuck in perfection paralysis. It is a misconception of startups to think that scaling big is the only parameter of success. No, it is not. Scalable growth hacking experiments allow businesses to measure specific metrics at different stages of marketing strategies and helps them understand the ones that need scaling up. If the experiments are not well-planned, a company could spend more money and use more resources than intended. Therefore, experimentation is a new way of achieving specific goals.
- Build a Team of Knowledge-Oriented Learners
Hiring money-oriented people can quickly become a problem and hamper workplace productivity. Thus, entrepreneurs must hire people who understand their mission, vision and work towards realizing it. Employees who are learning-oriented and want to add value to the organization's shared goals help you grow sustainably.
- Think about Long-Term Growth
It takes time for any business to grow big. Growth hacking experiments need to be continuously modified to fit your strategic goals. Continuous planning and executing experiments effectively measure long-term growth and achieve sustainable success. Growth hacking helps smaller businesses with lower budgets achieve substantial growth in a shorter time.
Lastly, make yourself relevant. It has everything to do with creating a successful business and making it sustainable over time. This is where we, as a growth hacking agency, step in. We keep your customer’s target audience in mind at all times, create agile marketing strategies and help clients achieve exponential results.
DISCLAIMER: The views expressed are solely of the author and Adgully.com does not necessarily subscribe to it.