Startup Growth Strategies
Many startups fall into the sinkhole every year, not because they offer unimpressive products, but because they often lack a detailed growth strategy.
Investors aren’t just interested in how your product can change the world or break into the industry, they also want to see a structured business plan and an indication of growth potential .
Here are a few basic growth strategies you can employ in your business:
- Study your competition even if it means it reveals your weaknesses. Many startups are hesitant to analyse their competitors due to fear of their products being superior. However, it’s better to face the reality head-on and find ways to solve problems by either utilising or countering the tactics of your competitors.
- Always track your key performance indicators (KPIs) and have an understanding of their impacts. For most businesses it’s KPIs like burn rate and conversion that play a significant role in the failure or success of their startup.
Create a buyer persona. A lot of startups obsess about creating a product and quickly forget about the target audience, but this shouldn’t be the case. Create a buyer persona to help you pinpoint your ideal customers by identifying their demographics, interests, age, and more. In turn, you can easily tailor the product and marketing efforts to the audience’s tastes.