What is an ideal Growth strategy for a startup?
Starting a startup of your own is in itself a highly commendable job. Not everyone has the courage of quitting their well-paid jobs to chase their dreams. But you did it!! You took the leap of faith and started your own startup. Congratulations!!
What next? Just starting a start-up is not enough. Start-up growth is very crucial. You must have seen many start-ups crumble down after just a few years of running. In fact out of the majority of startups that come up every year, only a small fraction survives for 10 years or more. A startup like Flipkart, which once revolutionized the Indian startup Industry, is also facing turmoil currently.
That obviously should not happen to you. This startup is your dream and you should not let it be shattered. Surviving the fierce competition, the unpredictable market conditions, changing customer preferences, etc. is not that easy. But, with the right strategies, it is not that hard either. A lot of successful companies have braved against all these odds and reached where they are now. If they could do it, so can you.
The Ideal Growth Strategy for a Startup
There is no one ideal growth strategy. Just implementing one strategy would not get you there. A combination of well executed growth strategies are needed to help you keep growing and sustaining in the market.
Let’s have a look at some of the Growth strategies for startup:
1. Provide a Complete Solution
It is very important to know that a customer doesn’t come to you for just a product. They come to you for the complete solution of their problems. As a start-up, it is very important for you know what problems are you solving for them? What is the value proposition that you are offering them? What differentiates you from your customers?
Once you know what value your customers can derive from you, you can strengthen your value proposition. This will enable your startup to grow at a very good rate. Always keep working on your strengths. Keep improving your value proposition every day to keep your customers happy.
2. Inexpensive Marketing Techniques
Marketing and advertising at the early stage of your startup is very important for your substantial growth. But being new in the industry, you don’t have enough budgets for that.
Techniques like content marketing, social media engagement and SEO are very inexpensive as well as effective techniques. These can be used to create brand awareness as well as instil interest and desire in potential customers.
3. Complete Focus on Customer Service
Keeping your customers happy is very crucial for your startup’s growth. Your complete focus should be on providing seamless customer service. Be proactive. Provide prompt response to your customer inquiries. Keep all the channels of communication always open for your customers. Create a wonderful buying experience for your customers every time they come to you. When your customers are happy and satisfied with you, they will always come back to you.
4. Acquire and Retain the Right Talent
Acquiring and retaining the right talent is as important as customer retention and acquisition. Hiring the right people and nurturing them plays a great part in your startup’s growth. Employees who are happy and satisfied with you will create happy and satisfied customers. People who fit in to your organization will also bring in a lot of value to your organization.
5. Competitor Analysis
Analysing your Competitor’s strategies form a very important part of your growth strategy. Knowing what your competitor is up to is very important in deciding your course of action. Keep a close eye on their marketing strategies, their social media use, Google ranking, etc. to understand your relative position in the market.
Every business has its own requirements. And, the growth strategies would also differ from one business to another. But, the above five growth strategies can be beneficial for all types of startups. Apply these strategies while keeping the nature of your business in mind to keep growing in your industry.