9 practical growth tips for entrepreneurs looking to gain traction
Maintaining growth is important every step of the way, but especially when entrepreneurs are embarking on their new business for the first time. We take a look at 9 ways you can take action to encourage the growth of your business.
1. Identify the market need
It sounds simple, but too often entrepreneurs get bogged down in the features of their product and forget to demonstrate how it meets a market need. Without realizing the fit between the products and the market, you won’t have a business for long.
A solution doesn’t need to use the most innovative technology that promises to revolutionize the way we work – it can just be about taking a successful idea and making it better. With startup success rate only 1 in 4, with a common the reason for the failure not being a market need, it is especially important for entrepreneurs to recognize whether there is a market to consume the product, regardless of its perceived benefits.
2. Create a request
During the MVP and Beta phases, it can be frustrating to want to sell a solution that is not yet fully ready for the market. Instead, see it as an opportunity to create demand before income.
Exclusivity is attractive, especially when trying to differentiate yourself from incumbents or other startups. Have an invite-only list so businesses don’t want to be left out or only offer a limited series when you launch.
Establish a waiting list to maintain interest. This should contain regular newsletters about the development progress – there is nothing worse than being left in the dark while waiting for a new product, and potential customers will always fear the worst if they are not updated. day.
3. Develop a mailing list
Despite the wide range of ways we have developed to communicate (and market) online, email remains the most effective form of marketing. In fact, email marketing generates $ 38 return on investment for every dollar spent. Building a mailing list is therefore one of the most important growth hacks, and can start to grow almost from the start.
There are a number of practical ways to develop a mailing list, including:
- Create content that is interesting and relevant to the industry. Readers who follow your posts will sign up for email notifications so they never miss an update.
- Offer offers (such as a free trial or 10% discount) to sign up for emails.
- Speaking on other platforms. Appearing in webinars, live talks, or guest articles are all ways to get your name known to new audiences.
Once you have a healthy mailing list, you can start sending out email drip campaigns.
4. Shareable content
Content is important in establishing your brand as an expert in the field. For example, an entrepreneur developing a blockchain-based financial application would share content on the growing use of blockchain technology to demonstrate both the viability of their project and their own in-depth understanding of it. Readers interested in blockchain developments would then share the content with their own audience, who in turn would perceive the company as reliable and knowledgeable in their field.
Make it easy to share your content. There should be links to share directly on the page for social media, blogging, and peer-to-peer, like email or instant messaging.
Content doesn’t have to be long, text-based articles. In fact, image-based social media posts are much more popular than large chunks of text. An image can be something as simple as an infographic (objective, informative, and easy to digest) or an eye-catching excerpt from a longer article that encourages people to keep reading.
5. Go big
Have confidence in your own product. This doesn’t mean getting carried away with big promises that are unlikely to materialize, but instead have genuine faith in how it will improve users’ lives and how the technology behind it. will do it.
It’s okay to get a little extra help. Big retail brands are known to get celebrities to endorse their products, but if an A-List cameo is off-budget, there are always ways to straddle someone else’s stardom. If you’ve worked with awesome clients before, be sure to put their logo on your website – the designs are much more eye-catching and recognizable than a list of names.
Likewise, if you’ve been the subject of a news article, blog, or press release, don’t be afraid to quote high-profile sites that have mentioned you.
Sponsorship is another way to bring your brand to public attention, especially at an event where you are assured of participation from your potential market, and integration with other platforms (like Spotify l ‘did with Facebook or PayPal on eBay) is also a way to leverage the popularity of an already established business to gain both credibility and an existing user base.
6. Claim your work
You establish your brand as reliable, and part of that is promoting yourself as a representative of the company. If you write for Quora or guest blog posts, make sure the posts are posted under your name with a reference to where you work. Make sure you have a footer or signature on your personal and generic work email addresses, and never forget to include the logo.
Your personal and professional LinkedIn pages are places to showcase your work with videos and articles. Social media is a marketing page for you as a brand, so don’t waste it.
7. Outsource your IT needs
Many entrepreneurs wonder whether to build their software in-house or outsource it to another company. Working in-house seems to offer more control over the end product, but there are many more downsides than benefits, including the cost and uncertainty of the hiring process.
Outsourced IT experts are on average cheaper than their US counterparts: the median hourly cost of a US mobile app developer, for example, is $ 150, while for highly skilled developers in Eastern Europe , the hourly cost is closer to $ 50. Outsourced teams also have the advantage of being hired on a project-only basis: if you hire a new employee for the project, in addition to the time it takes to recruit them and integrate them into your team, they remain in the workforce. business indefinitely, even if the role is no longer quite necessary.
Outsourcing IT tasks means your business can focus on running the business itself rather than being distracted by creating software. With the necessary tools already in place and a wealth of experience behind them, outsourced software development is the safest option.
Everyone loves an offer, and the ones that are only available for a limited time are particularly enticing. The benefits of early listing mitigate the risk of dealing with a new business and push consumers to buy “before it’s too late”. Once the software is launched, you can still offer subscription incentives, such as bundled pricing or a one-year subscription for the ten-month price, or perks like additional storage or credit when users sponsor a friend.
9. Social reinforcement
Consumers may be reluctant to embark on a new business and the actions of others can easily influence decision making, which is why social empowerment is so important. The case studies on your website give potential clients the opportunity to learn about how other businesses have been successful and what they can expect from the process. Shorter testimonials – preferably with photos, names, occupations, and where they work – are also effective in reassuring new customers.
These growth hacks should naturally be used together and can continue to be used as the business becomes full-fledged to encourage a growth loop of sharing, referrals, and new customers.