As a startup, it’s tough to stay afloat when you’re still in the initial business phase. You may be feeling the pressure of competition and increased demand on your time.
You might also be struggling to find new clients or customers for your product.
The truth is, sustaining startup growth is no easy task, as you need to focus on developing a product that solves customer problems and provides value.
As such, startups are highly susceptible to the possibility of failure. However, success is possible if you know how to sustain growth for your startup.
Get started with these practical steps to help you survive and thrive:
1. Focus On What You Do Best
One of the biggest mistakes that many startups make is trying to do too much. If you try to be everything for everyone, then there’s a chance that your company won’t be able to focus on what it does best.
For example, if you’re building an app, you need to understand your target audience and create a product that directly appeals to them.
If you try to be a fashion retailer and an app startup, then there’s a chance that your customers will get confused over what they need from you.
A lot of startups make the mistake of trying to diversify too early in their life cycles. This is mostly because companies are afraid of missing out on a potential revenue stream.
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However, in attempting to do too much from the start, you risk confusing your customers and not selling them anything at all. T
o streamline your startup processes, consider Six Sigma Certification that will help you improve your workflow, eliminate defects, and guarantee quality at every step of your business processes.
2. Know Your Customer Base and Target Market
As your startup starts to grow, you must keep a close eye on your customers and what they want.
You can’t expect them to tell you exactly what they’re after, but if you know which channels get the most attention from this group, then use those channels as well.
Implementing more targeted marketing efforts will lead to more conversions and a higher retention rate.
Understanding your customer base is a key factor in achieving growth, and building a strong customer base will allow you to increase retention rates.
As a startup, you should first focus on building an audience that wants to buy your products. Make sure you’re always listening to customer feedback, too.
If they need something, figure out how to provide it, so your customers want to come back for more.
3. Figure Out What Works and What Doesn’t
Startups need to learn what works and what doesn’t to sustain growth.
You must figure out the best way to meet your audience, whether that might be through a particular social media platform or building an app for certain devices.
You should also know if you’re meeting customer expectations in order to continue growing successfully.
This requires figuring out which methods will provide you with the information you need and how to do it.
For instance, if you’re trying to figure out ways to acquire more customers, look at your analytics. Look for spikes in web traffic or conversions and determine what actions were taken during those times.
You can then use this information as a foundation on which to build future marketing strategies.
Another way is by talking with consumers directly through surveys or focus groups. They’ll be able to tell you what they like and don’t about your company and any suggestions for improvement.
4. Don’t Be Afraid to Pivot If Needed
Pivoting is a natural part of the startup process. In fact, it’s often expected that you pivot multiple times before your company finds product-market fit and scalable growth.
If things aren’t going as planned, don’t be afraid to change gears in order to reach your goals faster.
For instance, let’s say that your startup successfully attracts users to the platform, but the revenue isn’t increasing.
If this continues over time, it may be necessary to change monetization strategies or explore other ways for bringing in revenue.
This doesn’t mean that you should throw away all of your hard work up until this point. Instead, try tweaking some aspects of your model that you think might be holding it back from sustaining growth.
In this way, pivoting can simply mean a course correction as opposed to a complete overhaul.
The key thing is that your business model should still be scalable, even if you have to change directions slightly or temporarily.
Boost Your Startup Growth
You can boost your startup growth by following these four tips. It’s easy to get caught up in your company’s immediate success and think that focusing on revenue or profitability is what matters most.
However, building a company with long-term sustainable growth will be more beneficial for everyone involved.
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