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Is there really a perfect start-up growth strategy for your business?
Well, every enterprise has a start-up growth strategy for their business that they believe to be perfect, expecting it to show the desired result in the longer run.
This can be true if the start-up plan resonates well with the current market scenario and dwells in harmony with the target audience.
The outcome of such strategies can be brilliant or even it might go down the hillside depending on how well you put the pieces of the puzzle in place.
Here is an amazing word from Jonathan Dane, co-founder of a PPC agency that grew from $0 to $2,500,000 in a year and after that, he went for becoming a founder of another mega-company KlientBoost.
He says “You may be obsessed with tactics, but you should care more about solid strategies….nothing beats winning slowly and turning silent visitors into repetitive visiting fans…”
This is the exact point that is followed by every business or mega companies around the world for creating traction in the direction of the business ROI.
But before you create a perfect start-up strategy for your business, you need to have a feasible product or service that the audience needs, and can add value to their lives.
Designing a product or service and preparing the website for conversions
This is the ultimate step before you even create a business strategy and that is to design an in-demand product or service for the audience.
If you have an amazing product or service that has a major demand in the market, the process thereafter becomes easy as it is liked by the masses and that is all you need to get started.
If we observe the data, it can be seen that many enterprises get out of business (face losses) at the starting stage due to this sole mentioned reason.
And, guess what that reason is?
Source: CBI insights
As seen from the above pie chart, the majority of the start-up businesses fail due to the sole reason of not having the demand for the product or service in the market among the audience.
If there is no or little demand for the product or service you are offering the mass audience, then the business is about to fail.
Now, the product or service is not in demand among the audience, it means it doesn’t solve the problem that people are looking for from your product or service.
This can cause your business to roll down the possibility of getting a higher ROI and even toss out the name of your brand from the market.
Well, this can be avoided if you play your cards right.
Sometimes the start-up may have the right product or service for the audience that actually solves the problem they are looking for, but then due to not having the website ready, the conversions get affected.
For example, you are getting enough traffic on your website but as the user goes through the payment gateway for purchase, the portal doesn’t respond well to their actions, or even the loading time is too much for the user to wait.
Such problems deflect the users away from the conversion point and thus increase the bounce rate of the website. So you need to take care of certain parameters as mentioned follows that will boost up the conversions.
Website loading speed and structure
The average time that any website must take in loading is 3 seconds and anything more than that will just let the user bounce away from the website.
Plus, you need to take make sure that your website is mobile-friendly as per Google’s algorithm.
Make sure you analyze your website and take this test for upgrading the website for bringing in more conversions.
Seamless navigation through the website
After taking care of the speed and the mobile-friendliness of the website, the next step is to make the website navigation from one page to another flawlessly.
This adds up to the strategy for enhancing the customer experience and makes the time with your brand easy as well as of some value.
Making the navigation increases the stay time of the user on your website and thus the chances of getting converted are also elevated.
Testimonials through social media
Once your customers are happy with your product or service make sure to get their testimonials and get them featured on your website.
This shows and spreads the credibility about the brand as well as your work, and thus you get your product or service more efficiently to the masses that are in need of it.
Customer’s Feedback loop
Customers are the honest reviewers of your product or service.
You can get the inside out structure from them, and use the data to further improvise your product or service and get it back in the market with more velocity.
Having a point of contact through your website will be an added advantage if the customer wants to get in touch or leave a review for your product or service.
This also creates a customer feedback loop for the brand and establishes a more strong connection with the customer and the coming audience in the future.
Embracing smaller wins paving the way for start-up growth strategy
When entering the jungle of starting a business the most important thing is to embrace the smaller wins that fall in your way and move forward with it.
The mantra to run a healthy business and climb up the ladder of success is to target the smaller wins until you make it big.
Well, that’s the route to accelerating your business.
“Collect the small pebbles and build a castle out of it.”
Running a business can be sometimes a headache thrashing you with lousy nights and hard days but there are also the small little wins that every start-up must concentrate on to get it going.
This all sums up to be a greater push towards the ultimate goal you want to achieve. But along with moving with small wins you also need to be aware of the mistakes that you need to avoid.
Here’s the strategy from one of the biggest marketer of times Neil Patel, founder of crazy egg, Hello Bar, Kissmetrics, and neilpatel.com:
Choosing the right business partners
Jumping on to chose the person with whom you have worked, may not always be the best decision for the business partnership in the long run.
You need to skim through the pros and cons of your partner, and then chose the one that resonates with your thinking as well as compliments your weakness.
Both the partners must learn from each other and grow in the journey towards the goal.
Also, always make sure the partner you choose is financially sound and all the decisions made are in the interest of the company and not otherwise.
The partner must have a deep contact network in the industry, and in case the strategy goes down the hill, it can be used to make things right.
Maintaining a business partnership might not be all sunshine but if considered the above-mentioned points, the process can be better.
Searching for ideas instead of what people need
The best business ideas need not be always great and awesome but definitely, it needs to be a solution to the problem that people are looking for in the market.
As long as you are looking for a successful business, always remember “Any idea you choose for your business must cater to a solution to the people’s problem”
This is because a great idea that revolves around a solution to the audience problem works a miracle when combined with marketing tactics but an idea that doesn’t co-relates with people’s problems, even great marketing cannot help that idea.
In simple language, your idea must have importance to the audience otherwise things can go south despite any brilliant strategy or marketing implemented for it.
Getting your hands on multiple projects
Handling more than one project at a time could make all the projects fail. Instead, you must always take one project at a time and make it a massive success.
Plus, the focus on a single project is more concentrated and when you handle multiple projects it gets scattered all the way, deteriorating the result quite opposite as you expected.
This indirectly affects the productivity of not only yours but your entire team and the ROI associated with each project decreases down the line.
Choosing traffic over conversions
Well, who doesn’t want consistently increasing traffic on the website?
But traffic is not of much help until it converts.
Now, this doesn’t mean decent traffic to your website is of no use, it surely provides you with a great awareness deal.
A website must attract traffic that brings a consistent conversion rate for your business. Summing up having traffic without any conversion rates is of little use to your business and thus your focus must always be conversions.
The journey of starting a business can be decorated with ups and downs but gearing up with the right start-up growth strategy goes a long way in the process.
It doesn’t make the path clear from all the hardships but a less bumpy to go forward with. So, apply the above points to your business and make the journey a whole lot better.