When hundreds of startups sprout in the UK annually, only a few survive the competition. Why? Because they don’t have a healthy business plan outlining the growth strategies. Establishing a company and scaling them up overnight is not happening anyway.
There is no short trip to success; you need hard work and dedication. To make your path easy, we have this post consisting of startup growth strategies for 2022.
How to create a successful growth strategy?
Business growth strategies differ depending on their business model, market competition level, and current financial situation. Every startup reaches a stage where they need to plan for growth and increase its sales and profits.
Look into a growth strategy example of successful startups and create an outline of how to customise one for your business.
The fundamentals of creating a successful growth strategy include:
- Knowing your startup’s value proposition
- Identifying your target audience
- Identifying your target market
- Understanding and defining a few key performance indicators
- Monitoring your competition
- Hiring the right people in the company
- Scale responsibly by avoiding debt, limiting overheads, and monitoring spending habits.
10 Proven growth strategies for startups
1. Reconstruct your digital marketing strategy:
Working on business growth strategies without looking into marketing plans keeps you one step behind your competitors. Traditional marketing tactics are converting into digital marketing approaches in the digitisation era. You must stay high on social media, Google, and search engine optimisation strategies.
Search Engine Optimisation (SEO) is the minimum and fundamental requirement for startups to succeed. Updating your SEO strategy can increase your presence on Google, Bing, and other platforms, converting the target audience into leads.
Social media marketing means creating an account on Facebook, Instagram, LinkedIn, and Pinterest to boost brand awareness and market penetration. With active social media accounts, you can connect with potential customers and market, increase your consumer base and receive feedback about products or services.
2. Increase your online presence:
The E-commerce market is trending, and if you want to grow your startup faster, expand your online presence by exposing your brand to target audiences. Putting steps into online and mobile shopping platforms can increase sales from online shoppers. If your startup relates to offering professional services, you can list your company on different freelancer or contractor listing websites.
You can create a website and add credibility to your business. It allows people to explore what you are offering.
Creating a Google My Business account can also help you target a local audience. Customers can find you while conducting a Google search and look into necessary information like your address, business hours, and contact number. Additionally, you can provide relevant photos to locate your business quickly and of your goods or services.
3. Indulge in strategic marketing partnerships:
Early-stage startups lack financial resources, and spending a huge sum on marketing is a luxury.
Such companies can establish strategic partnerships with brands targeting the same customer base. It assists in reaching a wider audience and increasing brand value.
4. Understand your audience:
For a successful business, customer satisfaction is essential. You can satisfy your customers only when you understand what they want and their pain points.
To determine the likes and dislikes of a wider audience, you can gather data and analyse them using tools like Google Analytics or heatmaps.
5. Launch a referral program:
Launching a referral program can be a great business growth strategy, as customers love the benefits. You can employ loyalty programs as an acquisition strategy. When your customers are happy, they will freely talk about your brand, which means you attract more customers with word of mouth marketing strategy.
6. Focus on your market development strategy:
Market development strategy involves identifying and targeting new markets that help you to get into and sell existing products and services. This strategy is best if there are limited or no opportunities for growth for startups in the current market.
It may include funding answers to questions like,
- Do I need to find new uses for my products or services to appeal to new audiences?
- Do I need to target a different type of customer to sell existing products or services?
- Should I sell my products or services to customers in different geographical areas?
7. Emphasise product development strategy:
Using a product development strategy to retain your existing market involves developing new products or services. It can be a great option if there is little opportunity for startups to grow in the market by selling current products.
Product development strategy can be time-consuming, expensive, and requires plenty of research. Before launching the product and services, you can use a third-party platform to understand what people think or react to your product.
8. Put a spotlight on diversification:
Diversification involves creating new products or services to sell into an entirely new market. It is a good way for startups to explore new opportunities but needs a thorough market and target consumer research and can be expensive.
If the existing product or service shows no chance in the market, it is good to change your direction.
9. Build a sales funnel:
Building a sales funnel is essential when you worry about a customer acquisition action plan. The sales funnel of a startup is the journey from converting your target audience to actual customers.
The process begins with creating brand awareness through marketing efforts, letting people know about your brand, going through the consideration stage, followed by the conversion stage, retention, and advocacy stages.
10. Create a productive work culture:
Your team is the backbone of your business’s success; companies will suffer if they fail in maintaining a healthy work-life balance.
Pay attention to wemployees’ mental health, keep them motivated, ask about their concerns and suggestions regarding work processes or products, and value them.
They can assist you in reaching new milestones and fostering business growth.
Starting and running a business is insufficient to survive the competition; you need a perfect business plan and focus on the growth strategy. There are numerous considerations and risks associated with creating a successful strategy. Seek assistance from a professional to stay ahead of the competitors.