Are you struggling to grow your startup business?
Let’s face the bleak truth!
Whilst 100 million startups are sprouting up every year, 90% of them are failing to survive.
Want to know why?
Lack of the right growth strategy is primarily the reason for their failure. This cold statistic is not to demotivate you, but to encourage you to do what the remaining 10% have done. Taking a startup business to the next level is certainly not a walk in the park. If launching a startup is hard, growing it is even harder.
Harvard Business Review reported that “the riskiest period for growing business is not actually at startup but during the scaling for growth period”. This suggests that the leap from the startup phase to the growth-phase is indeed challenging. However, if you have the right startup growth strategy, you can successfully turn your startup into a sustainable business.
Johnathan Dane, the founder at KlientBoost, said,
“You may be obsessed with tactics, but you should care more about solid strategies…nothing beats winning slowly and surely by turning silent visitors into repeat visiting fans…”
Every successful startup like Medium, Airbnb, and Uber has grown its business with a solid growth strategy. So, if you are caught up in the startup fever and want to fuel your startup growth, make sure that you have the right growth strategy in place.
Who knows you might even enter the unicorn club anytime soon!
If you are on the lookout for some effective growth hacking strategies to propel your startup business growth, read on this post!
Here are five hacks to help you grow your startup.
1. Hire the right employees
“The most important thing for you as an entrepreneur trying to build something is, you need to build a really good team. And, that’s what I spend all my time on.” – Mark Zuckerberg
Did you know that not hiring the right team is one of the top 20 reasons why 101 startups have failed?
When you launch a startup, you might have to wear a lot of different hats in the initial stage to get started. But, you can’t continue to do all the work yourself. So, you ought to build a winning team to keep your business afloat. Make sure that you hire the right people with the right skill set to get your startup business off the ground.
If you want to reduce expenses, you can outsource non-essentials instead of hiring in-house employees.
2. Use cloud computing
Most startups are now relying on cloud computing to rapidly grow in the cut-throat competitive market with minimum investment and resources. Over 3 million companies have already shifted to the cloud. Whether you want to develop applications or store business data, cloud computing will enable you to do all this and more with zero upfront costs.
Isn’t it amazing?
So, if you want to limit your operational expenses and scale your resources, start leveraging cloud computing. With cloud computing, you will be able to enhance the productivity level as well as optimize profitability.
3. Identify your target audience
You might have created a killer product, but, the real challenge is to sell your product to the customers. Unless you know who your target
audience is, you won’t be able to market your product or service. So, you must identify your target audience.
audience is, you won’t be able to market your product or service. So, you must identify your target audience.
Instead of reaching out to everyone, narrow your target audience and focus on a specific group of people who you think would be interested in your company.
Having identified your audience base, start connecting with them and get their feedback. This, in turn, will help you to maximize ROI and boost your business growth.
4. Build a solid marketing plan
Once you have identified your target audience, plan your digital marketing strategy to attract them. Start building a reputation of your company on the social media platforms to scale up your startup.
Some of the effective marketing strategies that you can follow are:
Content Marketing – You can reach a wider audience base through content marketing. Try producing blogs and vlogs to market your start-up.
Statistics say that 85% of prospective customers are influenced more by a brand’s video content. As visual content has tremendous power, you can consider going live on social networking sites like Facebook, Instagram, etc. to engage your audience base with your brand.
Besides, a webinar is a powerful medium to educate your audience base.
Influencer Marketing – Collaborate with the micro-influencers to increase your brand awareness. This will help you gain the trust of your target audience and enable you to grow your startup.
5. Build strategic partnerships
If you want to speed up your startup growth, build partnerships with the right companies. This will help you promote your services or products and benefit your startup business in various ways.
Can’t wait to place your company on the growth trajectory?
Start following these five hacks and take your startup business to new heights!
All the best!
Author: Pallavi Banerjee
Picture credit: AllBusiness.com