This guest column is by Prateek Saxena, Managing Director, AppInventiv
It is imperative for new entrepreneurs to follow effective ways to grow their businesses, otherwise they are ignoring the chance of achieving growth.
A large number of entrepreneurs stay in the startup mode for a longer period of time. However, if you are a newly established business, it is the time for you to move from a startup to a grown up mode so that after few years you can look back at your startup phase as an advantageous part of thriving business. On the other hand, starting your own business is a very exciting thing, but at the the same time it is not a cake walk. Today, every startup wants to grow its business, but it is not very easy. This is because some marketing campaign works, whereas others get lost in the shuffle. In most of the cases, it is seen that the increased business from a campaign disappears as quickly as it arrived. It is believed that when you are an early-stage startup, you need to make sure that your offerings are reaching your target customers and ensure you get paying customers. As per a recent study, 74% of high growth internet startups fail because of scaling prematurely.
On the other hand, it is very important for startups to minimise the cost of customer acquisition so as to survive in the longer run. I have come up with some effective ways on minimising acquisition costs and helping you sustain your business to a large extent.
Ways to grow your business
Save yourself from Getting Ripped
When you are a startup, you always try to push your limits in order to acquire more customers and in this process startups often burn their hands and fall victim to cash burn. In order to avoid this, it is important for you to know that what works for others may not work for you. In this regard, pay attention that freemium model works for specific types of audiences and to adopt this model, make sure you have all the elements.
Ignore Some Kind of Feedback
Customer feedback is very important, but making changes to your product as per every feedback is not easy as this will increase your cost. It is said that all of your customers will not be equally important to you and this means that you need to filter the feedback properly before incorporating it in your product.
During your initial days, target a small niche of customers. After a while when you see that it goes well, then you can expand your range and can start marketing to more people.
Opt for the Correct Marketing Channel
It is said that if any social media channel works best for any particular company or for any specific industry, doesn’t mean that it will work the same way for your company. You should invest your time, money as well as your energy on the available social media channels. After doing a deep study, you will be able to identify the right social media channel and invest in it.
In this regard, you need to know what your business is. For example, if you belong to a category of a major consumer brand, you should choose Facebook, but if you are a media or an entertainment brand, twitter is the best option. In addition, if you’re a B2B business, then choose LinkedIn. Last but not the least, if you are an eCommerce Setup, Pinterest is of utmost importance.
Find your Target Audience Properly
It is very important for you to know your target audience, otherwise you will be wasting both your money and efforts. A comprehensive research on the target audience allows you to target ads in an effective way and this way it helps you with your user acquisition. In addition, it will also help you with all other aspects of your marketing as well as plays a very helpful role in the development of your app.
While starting a business venture, it is crucial to set specific timelines for actions as well as achievements. This is because without setting such things, you will be stuck with excuses. Thus, there is no exaggeration in saying that priority is the key to getting things done.
Grow your Network
Acquiring clients is considered as the biggest requirement of every company. However, it becomes very difficult to grow your business when you don’t have a client portfolio to reference, but you have the chance of researching on who your clients might be. In this regard, you should understand your clients as well as their needs.
There is no improvement in your vision, while staying in the startup mode. In the age of Agile development, the faster eats the slow.
Image Credit – RiaCentral