Every startup entrepreneur wants to see the growth of its company. They want to attract new customers to their brand and reach diverse and new audiences. Moreover, they also want to generate more profit and secure higher profitability. Here we will be focusing on two main questions: what are the most significant barriers startup entrepreneurs face in their route for achieving long-term growth? And how to overcome these barriers?
No matter how great your product is and how happy your customers are, nothing will matter if no one knows you exist. Visibility is a huge barrier that keeps your startup from seeing its full potential. Still, some strategies can be used to address this. These strategies include:
- Investing in publicity and getting your company featured in the news
- Developing the website of your company
- Employing strong marketing and advertising strategies like SEO, PPC, etc.
Capital is a must for the growth of your company. You will need money for purchasing the initial equipment, space and hiring people for starting the operations. From there, if you keep providing quality products and services, your company will achieve a modest growth rate. If you want to grow faster, then you can invest in marketing and advertising. You can also hire salespeople and practice social selling. There are several routes available to make your company grow, but all of them require money. There are several options for overcoming this barrier: getting funding from investors, capitalists, banks, peers, and crowdfunding.
The growth of a company depends on customer acquisition. The entrepreneurs who are growth-focused exclusively focus on customer acquisition, and they do everything they can to get their brand more customers. There is nothing wrong with this approach, but usually, a vital counterpoint gets neglected by the companies, which is “customer retention”. Customer retention ensures that your current customers stay loyal to your brand and keep buying from you in the future. If you want to achieve sustainability, then you must also focus on customer retention alongside customer acquisition.
Your startup will only succeed in the long-term if it has achieved some competitive edge over its competitors. Even if you have penetrated a new market with a novel approach, it will only take a matter of time before more competitors arise. Thus you will need something to give you a competitive edge over them to keep on growing. Some of the common ways of getting a competitive edge are as follows:
- You can lower your prices as this will help you steal some customers as you will be selling the same thing at a lesser price.
- You can compete on quality.
- You can make your product or service available to the different target audience because if your product or service is the only reasonable one, customers will have no choice but to purchase from you.
- Lastly, you can offer a better service to the customer. This will help resolve their issues and will provide them with a better connection to your brand.
In today’s world, data is arguably an essential resource for the growth of any startup venture. Data helps to resolve your several problems. You can know whether your customers are happy or not. You can tell if your marketing strategy is working or not; you can tell if your company is achieving maximum productivity. You can predict will a new approach to work.
To conclude, if you want your startup to achieve maximum growth, then it is a must for you to measure and analyze everything you can.