Growth is an essential aspect for businesses to survive in the market. Business growth can be achieved once it reaches the point of expansion and generates profit. Growing a startup is not easy as it requires tremendous effort and capital.
The first few years of every business is critical as following the right business growth strategies in the initial years will ensure a strong position in the market that will result in long-term business survival.
More than 50 % of business startups fail in their first four years. ( Medium)
As discussed above, growing your business is not an easy task, and many small companies or startups often struggle to scale their business. Business growth is not an overnight task, frankly speaking, there is no magic wand available to help your business grow in one day.
You need to put your time, effort, and patience into achieving a dominating position in the market. However, all your effort and time will go in vain if you don’t have the right business growth strategy.
So not wasting your crucial time, let’s discuss multiple growth strategies you can follow to grow a startup.
Here Are The Top 7 Business Growth Strategies To Grow Startup
1. Conduct Market Research
Market research can be defined as collecting, examining, and evaluating information to help solve different marketing challenges.
In other words, marketing research will help you identify customers’ expectations from your brand so that you can fulfill their needs that will lead to overall business growth.
Primarily four types of market research are vital for the growth of your business:
- Primary Research
Primary research includes the first-party data that you collect. Some examples of primary research are:
- Online Polls
- Market Surveys
2. Secondary Research
Secondary research includes second or third-party information. These kinds are already present in the market. Examples of primary research are:
3. Qualitative Research
It is non-measurable data that can be both primary and secondary. It gives you a brief idea about what customers think of your products or services.
The primary purpose of doing qualitative research is to get your customers’ feedback, so you can satisfy their needs more efficiently. Some questions you can ask your customers in qualitative research are:
- What made you use our product and services?
- Does our product or services meet your expectations?
- How can we improve?
4. Quantitative Research
Quantitative research is all about statistical analysis, and it can be primary and secondary. Quantitative research includes:
- Your website bounce rate
- Your website engagement rate
- Average time spent by visitors on your website
- Social media followers
The demand of customers is continuously changing, so to cope with that, you need to do regular market research to ensure your business’s profit and overall growth.
2. Grab New Opportunities
Unlocking new market opportunities for your business can help nurture your business. There are multiple new opportunities that you can grab by doing proper analysis. Here are some of the ways to identify new market opportunities:
- Feedback From Your Potential Customers
Getting feedback from your potential prospects will let you know what features they want in a particular product or service.
- Feedback From Your Current Customers
Getting in touch with your current customers will let you know the improvement needed in your products and services. That will ensure that they will not abandon your company in the future.
- Competitor Analysis
Doing a competitor analysis will let you know the following:
- What are the strategies they are adopting to bring new customers?
- What are the additional product features they are offering to their customers?
- What kind of promotion strategy are they following?
- What is their target audience?
- Foreign Market Analysis
Foreign market analysis will let you know the size and competition in the foreign market that can introduce you to additional opportunities and open doors for expanding your business in the foreign market.
3. Expand Your Product And Services
Diversification of products and services is a critical part that contributes to your business growth. You don’t have to restrict yourself in selling the same product or services; instead, try to sell products closely related to your current product and services.
For, e.g., If you own a bike showroom, it will be a good idea to sell clothing accessories like Biker jeans, jackets, gloves, hoodies, etc. This kind of diversification helps you bring new customers and grow your business.
4. Identify Your Target Market
Identifying your target market provides stability to your business; once you know your target customers, you can avoid unnecessary targeting and pitching.
Target marketing is an affordable and efficient way to reach out to people that are more likely to buy your product or services. Here are some ways to identify your target market:
- Examine the characteristics and interests of your current customers.
- Competitors analyze to get to know their target audience.
- Use demographics to find out who is more likely to buy from you.
- Study the psychographic of your target audience.
5. Boost Customers Experience
Providing customers uncompromised experiences is another way to grow your business enormously. Satisfied customers always give a brand reference to their friends and family, which lets companies add new customers to their list.
When you invest in improving customers, it will enhance your brands’ reputation and build a trustworthy relationship with your customers essential in every business growth.
6. Build Social Media Presence
Since your customers and competitors are both online, building a social media presence has become the essential step for a business to let people know about the product or services they offer.
Start by creating a profile on social media platforms like Instagram, Facebook, LinkedIn, Twitter, etc. It will allow you and your customers to interact with each other directly. Also, it will become easier for your customers to get in touch with you in case of any query.
Creating a profile won’t be enough to attract customers to your social media channels; you have to follow the proper social media marketing strategies to attract customers to your channels.
You can also run paid social media ad campaigns to reach out to your target audience.
7. Organize A Business Webinar
Webinars have become the popular marketing tool to show your business expertise to your audience. It is an effective way to reach out to a large audience and market your product or services relatively fast.
Some advantages of organizing a business webinar are:
- It helps you reach out to new customers.
- It builds your brand credibility;
- It lets you interact with your target audience.
- Furthermore, it enables you to showcase your product or services.
Make sure you promote your upcoming webinar using the right marketing strategies, including social media marketing, email marketing, influencer marketing, keyword marketing, and more.
Business growth is essential to achieve a dominant position in the market, but according to some previous studies, around 95% fail within the first 5 years. Therefore, you need to plan the right strategies for growing a startup.
Do you want your startup to gain enormous growth?
In this blog, I’ve discussed the top 7 strategies that every business should practice achieving a strong market position.
Make sure to grab all the important points stated in the blog to help your startup grow and save it from falling in the initial years.
Q1. How can a company increase its growth?
A1. Starting a new business by expanding your customer base is essential to your business growth. Here are some valuable tips to help you grow your startup.
- Conduct thorough market research to get to know your customers.
- Keep an eye on new market opportunities.
- Diversification of products and services.
- Identify your target customers.
- Boost your customers’ experience.
- Build a social media presence
- Organize business webinars.
Q2. How to start a successful business?
A2. Starting a business requires some work but growing that business into a thriving corporation requires a lot more effort than starting it in the first place. Here are some strategies that can help you build a flourishing business.
- Keep customer experience and customer experience your top priority.
- Hire culturally fit people
- Retain good and experienced employee
- Keep track of companies’ financial records.
- Innovation is the key to success.
- Focus on long term goal
Q3. How long do startups take to become profitable?
A3. It is challenging to determine an average time for startups to become profitable because different startups have different goals and measure profitability differently.
Also, it depends on the overall costs of startups. The higher the startup costs, the longer it will take for the startup to become profitable.
It can take around two to three years for startups to become profitable in conventional terms, but you can’t define business success on these terms.