In this article, I will show you how to build growth strategies for your startup.
What is a Growth Strategy?
A growth strategy for a business is a plan that increases sales. As a result, the market value of the business also increases.
Growth strategies make sure that the business overcomes the challenges created by competitors. It is detailed planning that helps your business grow and generate a target revenue in a specific time.
Do Growth Strategies Work for Startup Businesses?
Every business, big or just a startup needs to have a concrete growth strategy to be successful.
Different types of growth strategies work differently for businesses. You would have to brainstorm about what type suits your startup. Below are a few examples of growth strategies.
The best type of growth strategy is the self-sustainable one. A good strategy just needs an initial push. After that, it starts yielding results automatically. This is called a viral loop.
This is how the viral loop works as a growth strategy.
- You give someone to try your products or services.
- A valuable incentive can be offered along with the product.
- If they find the product or service good enough, they share it with others.
- They accept the product with incentives and share it among their networks.
- New users find the product and see the incentive hence, share among their network.
- This cycle repeats itself.
A milestone referral strategy also works well for businesses. In this strategy, the company fixes the amount of incentive based on the fixed number of referrals.
For example, the person receives an award for bringing 5 or 10 referrals. This strategy brings more results than a fixed reward for each referral.
Milestone referral brings a huge volume of customers as compared to the viral loop.
How to Build Growth Strategies
1. Research Your Audience
As a business owner, your main purpose should be to build a brand around users’ needs. To grow, you must know who your target audience is.
Your customer can tell you about your audience. What type of customers is of great value for your business?
You can research the state of the industry in which you want to grow the business. It is an essential and feasible tactic that brings valuable customers to your business.
2. Set Some Goals That You Want to Accomplish
Once you have established for whom you want to grow your business, the next step is to decide how you want to grow your business.
You would have to make calculations in terms of metrics and timeline to build a growth strategy. The goals for growth strategy should be based realistically.
It must reflect the end aspirations. For example, where do you want to see your company in the next few months?
3. Select the Area in Which You Want to Grow
To build a growth strategy for the business, you must first decide in which area you want your business to grow. Different people have different ideas for their startups.
- Some startups want to grow in terms of employees
- Others may want to generate more profit and revenue
- Launching a new store
- Introducing new products
All these are the areas in which a business can grow and you would have to build a solid strategy for it.
4. Invest in Tools That Align With Your Growth Strategy
Tools are a great way to boost your growth. They are the shortcuts that can be used to promote your growth strategy. It depends on your goals and what you want to achieve for your business.
For example, if one of your goals is to polish your website and create good content. Several tools can create excellent content for your website. Mind you, consistently producing good content can do half the marketing for your business.
Paraphrasing tools are a great option for rephrasing and creating content in bulk. Paraphraser allows you to remove plagiarism from your content and they can help to make it more engaging.
Graphic designing tools are another useful option that makes your content more presentable by adding images and infographics.
5. Incorporate Customers Feedback
Incorporating user feedback can help you achieve your goals more realistically. This way, it can be made sure that the growth strategy is resonating with the audience.
You can read their comments under blog posts. Answering their queries also reflects positively on your business. It shows that your business cares about its customers.
As a result, they will stick by your side if they are satisfied with the business strategies. They will even refer it to their peers and help your business grow.
6. Look at Your Competitors
Having an idea of what your competitors are up to is a good strategy to grow in business. Your competitors are those with businesses in the same niche.
Closely observe their marketing strategy and how it is profiting their business. you can learn a few things from there.
7. Do Some Experiments
It is not wise to stick to just one growth strategy. If it is not yielding desired results, you should be able to immediately modify it.
A common mistake that startups make is that they keep adding a requirement to their strategies. By doing so, they shorten the timeline in which it can be implemented.
Therefore, we advise you to analyze your strategies thoroughly but not overthink them.
This brings us to our next point i.e., always design more than one strategy. You never know what clicks with the audience and which approach may be more successful.
8. Review Your Growth
After implementing your growth strategy, it is time to review it. You should analyze the results thoroughly to know what specific details are working in your favour. Collect this data and stretch that forward.
For example, if marketing through email is not working then you should drop that and pick something new. This is all about researching and experimenting with new strategies to be successful in business.
Getting successful in business requires effort and research. Growth strategies take time to yield results. You have to be consistent with your marketing campaigns to mark an impact in the industry.
Building a strategy and implementing it in your startup may seem a very hectic task. It can be daunting at first but the results are unparalleled.
If you become successful in building a good strategy, then it will keep growing your business exponentially. A good strategy keeps on improving itself.