Growth Strategies For Startups
Any business, irrespective of size or industry, needs a business strategy. Such a strategy helps define your business goals and…
January 7, 2022 | 5 mins read
Any business, irrespective of size or industry, needs a business strategy. Such a strategy helps define your business goals and allows you to visualize the business’ growth. If you plan on starting your own business or startup, you can’t do without a robust startup growth strategy.
When it comes to running a successful business, new entrepreneurs must have a customized startup growth strategy. Why? Well, more than 50% of startups don’t make it past the first five years. This is usually a result of poorly-thought-out policies and a lack of clear business strategies for startups. So, if you want to see your startup succeed and make it past the five-year mark, having a detailed startup growth plan is important.
To survive and ensure that your business grows year on year, some necessary steps must be a part of your startup growth plan. So, without further ado, let’s take a look at these:
The first and most crucial step of a sustainable startup growth strategy is defining your business’ value proposition. A value proposition is a definitive statement that elaborates on how your products or services help your customers. This proposition highlights how your startup is equipped to solve consumers’ problems. It also allows your target market to understand how your offering is different from that of a competitor, boosting your startup growth.
A clearly defined value proposition is also important to show investors how your product will benefit customers. It helps them understand how your product or service will fare in the market, making it easier for them to decide whether they want to invest in your business.
As American Marketer Philip Kotler says, “There is only one winning strategy. It’s to carefully define the target market and direct a superior offering to that target market.”
The second most crucial step of any startup growth strategy is identifying the target audience. In this step, it pays to be as precise and detailed as possible.
Here’s how you can identify and work on understanding your ideal target market:
Market research will prepare you for the next step.
When it comes to your startup’s growth, long-term goals are indispensable. Here’s how you can set realistic long-term goals that’ll fuel your success right from the startup’s growth stage. These should be:
These should be reflected in your long-term goals.
Any startup that wishes to establish itself as a market leader can’t do without a team of skilled, talented and dedicated employees. This is why hiring the right talent is an integral part of any startup’s strategy.
Pick employees who have skills to help your startup’s growth. For example, growth hacking for startups is one of the most critical experiment-driven business strategies for startups. However, since it combines sales, marketing, data, development, design, engineering and even analytics, it takes a whole team to execute. In this scenario, the best way forward would be to hire experts to streamline the process.
If you lack the budget to hire the best in the domain, you can pick skilled freshers who are enthusiastic about working in a startup environment. In such cases, training your employees becomes an integral part of your startup growth strategy.
Whether we talk about growth hacking for startups, crafting compelling marketing communication, landing high-value clients or effective prospecting, proper training makes all the difference.
Now that you know all about a good startup strategy, how do you go about implementing this knowledge in real life?
No matter what your startup sells, it’s vital that you account for training and upskilling your staff. A hands-on approach is essential for mid-level and senior managers as they refine their management and teamwork skills.
If you’re serious about taking your startup’s growth potential to the next level, check out Harappa’s Select A Strategy pathway. Strategy is essential to growth, and this pathway will set the foundation for building a strategy, following it, and, if required, reevaluating and revising how you approach it. Our lessons are delivered by seasoned industry experts and can help your team equip themselves with all the necessary skills needed to thrive in today’s competitive startup environment.