Business Tips: Here are 3 Growth Strategies You Should Employ for Your Startup
- Explain why your product or service works
- Compete with the best brands
- Meet your audience where they are
- 2 Bonus strategies
Having people use your solution is a major prospect for every entrepreneur—the more your users, the more likely your revenue. In other to scale, it is highly effective to adopt the right strategy for customer adoption.
Below are some growth strategies for startups to consider.
Explain why your product or service works
You are not the first to solve the problem your target audience is facing, even if you were, you should consider developing personalized content that educates your audience on how your product can solve existing problems differently.
In order to continuously track and improve your educational content, create an FAQ block on your site or leverage on Q&A platforms like Quora, Nairaland or Yahoo to better understand your audience’s problems that relate to your product/service.
This type of educational content helps your audience solve and navigate common problems which in turn helps to develop their confidence in your brand.
Compete with the best brands
Whatever you chose to do eventually, there will always be competition but as a startup, you would have to find out an advantage of your company that gives you the upper hand to grow faster than similar companies in the market.
One way to achieve this is by noting what is trending, what is changing and what can work—to help you leverage and quickly adapt to market demand.
A lot of startups don’t know what their competitors are doing differently and as such do not measure their performance based on industry trends.
Measuring your performance against the industry helps you know how well you are doing compared to others. This would help you tailor your content to get a maximum footprint.
A lot of startups don’t know what their competitors are doing differently and as such do not measure their performance based on industry trends. Measuring your performance against the industry helps you know how well you are doing compared to others. This would help you tailor your content to get a maximum footprint.
Meet your audience where they are
The moment you choose entrepreneurship, you can no longer say, “I’m not a social media person”.
No matter where your audience is, most of them are on social media. Hence, social media an important part of the marketing strategy for any startup.
From customer insights, to customer surveys or customer acquisition, all can be done on social media—this will take your time and resources but if done rightly, the benefits far outweigh the cost.
If you are consistently creating valuable content for your audience and constantly engaging them, your services or products will be easily adopted.
Bonus Strategies: Leverage on Referrals and Partnerships
If you continuously develop your product or service and make it as easy to use as possible, a happy customer will tell a disgruntled friend about your amazing solution.
One of the oldest model for growth has been through referral—it could be from a family member, friend, or a satisfied industry influencer. In most cases, you’ll have to pay for referrals—the cost isn’t that much compared to the benefits.
Just like referrals, partnership is key. It is simply being able to work with another company—hardly your competition, for mutually benefits. The ideal partnership can help your small business gain exposure to a new target market, raise its brand profile and gain superior market knowledge as the case may be.
Now that you are aware of these tips that can help you in building the best growth hack for your business, get to work immediately and share your feedback when you get results.
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