Startups are the new paradigms of success in the world of business. They bring innovation and creativity to an established industry. Not to mention, growth-hacking has been the entrepreneurial mantra, specifically in the tech industry. The mantra has led to an entirely new era of online community, commerce, and digital marketing that has redefined how businesses thrive and provide customer service.
To get a snapshot of the current startup landscape, let’s grasp what startups are and their challenges.
A startup is,
a company that works on new ideas and tries to grow into a large organization. Most startups have similar goals; develop an innovative problem-solving product, find product-market fit to satisfy the target audience, and exit by getting acquired or IPO. However, not every startup is fortunate to achieve these goals.
Business owners do not start a company with an expiration date, yet it happens.
We have analyzed that founding teams often overlook core factors essential to lay the foundation for a tech company to last. Product development seems euphoric than working on team management and establishing processes. Despite the fact that the team and the processes they follow can make or break their small business.
In the absence of many essential elements, startups get shattered by common challenges as follows and cannot make it out alive.
- finding resources, including money, time, and expertise;
- managing the high-risk environment;
- solving complex problems;
- building relationships with customers or suppliers;
- developing new products through research or adapting existing ones;
- driving growth while maintaining culture;
- becoming profitable while not losing focus on customer needs etc.
So, how to build a successful tech startup that can endure all ups and downs? The answer to this question is you need to find a tipping point for your startup growth. Therefore, we have come up with growth-hacking tips for startup business development.
Tips for your startup business development
Now let us elaborate on some tips for startup business development that can help you establish a successful company from the ground.
Your Business Model is Above Growth Strategies
Growth strategies for a startup can be a tricky business. It is a skill that many people who are looking to start a business have never had to learn before, and it can be easy to get lost in your daily tasks and forget about the bigger picture.
Eventually, many startups fail even before they get started as they get too overwhelmed by all the growth strategies. They feel compelled to implement those strategies. However, the matter is that you don’t need to implement tons of strategies to keep your business growing.
In fact, if you try to go overboard with your strategies, you might end up wasting precious resources such as money and time to execute them all. So, how can you come up with the right strategy?
First off, you need to ensure that you have a good business model. You need to make sure that your business model is a powerful one. To ensure that your business model is a good one, you should listen to the people who have been involved with startups before.
Moreover, having a clear idea of what your market wants or lacks will add to creating a viable business plan.
All in all, it is crucial to have the correct business model in place before you even start your business. Otherwise, you will just end up wasting a lot of time and money trying to find a business model that works.
Personalized your Go-to-market strategy
The one big mistakes startuppers often make is rush. As soon as entrepreneurs get their product-market fit, they start spending on sales and marketing and racing to gain a competitive advantage.
In reality, your PMF is not capable enough to win your customers and investors on its own. In other words, your PMF can only take off well when there is a Go-to-market strategy in place.
Well, a GTM strategy is a comprehensive plan of actions of how a new product/service will reach its target audience. It includes every possible odd and end related to your PMF. Even though the industry is the same, products/services of different brands differ on a broad spectrum. Therefore, creating a personalized GTM strategy that fits your PMF is recommended.
Find below some crucial areas you should brainstorm on to form an insightful Go-to-market strategy.
- Possible acquisition and distribution channels and metrics to measure the success in each.
- Depending on the metrics, prioritize them from highest to lowest.
- Brief steps to achieve success in each channel.
- Figure out the money, resources, and time each channel may take.
- Distribute the responsibilities within the project team, defining the deadlines for the project.
Find a growth hacker for your startup – Your Competitive Advantage
The success of a business is not defined by the products or services but by its quality and ability to make it more attractive for consumers.
This is why you need to have your own competitive advantage. Where you are different from your competitors, that difference entices more customers to buy from you.
The easiest way to find your competitive advantage is by identifying what makes your company special.
Improve your startup business with the right marketing strategies
Many people think that in order to grow their business, they need to chuck in all sorts of different marketing techniques. In reality, that will only confuse the people that visit their website. In the wake of dog-eat-dog market competition, having a website with contact details and an accessible online store is just not enough.
Today’s businesses need to have a blog, a social networking page, a newsletter, a YouTube channel, a Twitter account, a Facebook page, an Instagram account, a Snapchat account, a Tumblr page, a Pinterest page, a LinkedIn page, and OpenTable page, a Yelp page, an Uber page, an eBay page, an Amazon page, a Groupon page, a Vimeo page, a Flickr page, a Pinterest page, etc., etc., etc., etc.
Since people are more found and easily attracted to what they see on these platforms, being active on social media has become inevitable. Nevertheless, there are so many platforms out there that your audience could be using. Because of that, it becomes a dilemma to opt for the right social media platform.
You should start with one or two social networking accounts, and mobile app development for your online store is just fine. Not to mention, you will require research platforms with a high number of your prospects before starting a marketing campaign. In contrast, you need to dig into mobile users to find out whether to develop an iOS or Android app for your business.
Now, you can look at expanding your business to make it bigger. But it has to stay simple. Otherwise, you won’t have any time to actually run your business.