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Strategic movements a rising startup should do

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It takes a burning passion and true entrepreneurship spirit to start and build a successful enterprise. But without proper strategic moves, the challenges of running a business can burn out even the most determined entrepreneur.

For instance, 50% of startups go belly up before celebrating their 5th anniversary.

Poor marketing strategies, lack of market demand, stiff competition, misfit products, ignoring customer concerns, and inability to access small business financing are ranked as the top reasons why most SMEs tank.

Don’t panic! There are some strategic moves that a rising startup can do to navigate these challenges and keep their businesses growing. We discuss them below.

8 strategic moves to keep your startup rising

1-. Know your market and customer profile

According to CB INSIGHTS, lack of market is the second reason most startups hit moot. Thus, understanding your market and the unique needs of your customers is one of the top strategic movements that every small business should make.

Begin by studying industry trends, the market potential in your vertical, and how you expect to grow in it. Take time to uncover what the customers need vs. what you think they want. If you’re not careful here, you may try to create a product that interests you rather than the one that meets market needs.

You can nail that using surveys, interviews, and early customer feedback to buyer needs and create products or services that solve their everyday pain points. Again, take advantage of online and social media tools to understand your customer concerns, interests, the type of content they consume, their age, income, spending patterns e.t.c.

Armed with that knowledge, create in-depth buyer personas to know exactly what your target market is and the ways you can use to reach them and meet their needs better.

2-. Vouch for customer loyalty

Most startups focus on converting new leads and forget to care about those who have already purchased and used their products. Don’t fall for that trap. According to Fred Reichheld, author of the Loyalty Effects, a 5% increase in customer retention can result in a 25%-100% increase in profits for your business through upsells, repurchases, and referrals. Plus, it costs 5x more to win a new customer than keep an existing one.

Keep your existing customers in the loop with product updates, exclusive customer-only content with insider tips and tricks, breaking industry news, customer-only perks, and sharing customer success stories.

3-. Be responsive to customer concerns

Be a brand that listens. According to the U.S. Small Business Administration, 68% of buyers leave a brand because they get upset with their treatment. That can be anything from indifference by the manager, employer, or the business owner to resolve their issues or unanswered emails, chats, or phone calls.

You can nail that by offering responsive customer service and support through different channels like face-to-face, phone, emails, social media, and online chats.

4-. Improve products and services

The key to remaining relevant is to keep on improving your products and service. Take time to learn what your customers think about your products and services by asking them or listening to what they’re saying.

Run surveys by email, social media, and other channels to get customers’ feedback. Again, keep your eyes on both positive and negative reviews and comments to establish what’s working and not working.

Then use that knowledge to improve your products and service offerings. That helps you remain dedicated to delivering the best possible product, service, and customer experience.

5-. Have a responsive website

One of the ways to expand your business with fewer overheads is to offer your products and services online. Instead of opening new locations and hiring new employees, you only need to add a few product pages. When you receive orders from the neighboring city or country, you package and ship your goods there.

Plus, 80% of customers are now discovering new business online using mobile search. Thus, embracing eCommerce through a mobile-friendly site is a top strategic move that every startup should seriously consider.

6-. Embrace social media

Meeting your customers where they spend most of their time online is a great strategy. Today, Americans spend more than two hours on social media channels. And, people aren’t just going on social media to pass the time. 54% of buyers use social media channels to research new products.

That makes social media great places to build a community and enhance customer collaboration through Facebook groups and forums.

7-. Blog about your products/services

Brands that blog realize 67% more leads than those that don’t, making blogging an excellent content marketing strategy. Have a blog section where you post keyword-focused articles and guides answering questions customers ask search engines about your industry or products and services related to yours. Then, present your products/services as potential solutions to their pain points.

8-. Work with the suitable lenders

Finally, you’ll need c and growth capital to float your enterprise through the ebbs and flows of the sales cycles. Work with reputable, trustworthy lenders who can offer you small financing within a short call.

Your best bet is to partner with online lenders. They have a simple, paperless application process, less stringent requirements, and short approval periods. Visit the link in the intro section to learn more about small business financing.

 

Source:Plato Data Intelligence

 

 

 

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