From Small to Big: How to Grow Your Startup
Growing your startup isn’t just a hopeful business plan. It’s essential to your survival. Starting off takes time, however. Usually, more than people anticipate. How can you take your business from small to big when you are barely making ends meet? There are many tips out there, but only some have been proven to work. We share them with you below.
Utilize Your Current Market
Bringing in new customers on a regular basis sounds attractive, but there’s a better way to generate sales: take advantage of your existing market. It’s easier and more cost-effective to increase sales from your current customers. They already know your business and use your services. Upsell or cross-sell your products, offer a loyalty program or run special promotions to boost revenue.
To grow your base of new customers, ask for referrals. Many business owners think that if they provide great service, their customers will naturally refer them. However, customers usually need a nudge. And when we say nudge, we mean incentive. To jumpstart referrals, consider starting a referral program where current customers and new customers have something to gain. Bottom line: Actively seek referrals for the best results.
Build a Strategic, Low-Cost Digital Marketing Plan
You don’t need big, high-budget marketing campaigns to get your startup noticed. There are many low-cost options available – you just have to know how to use them! To maximize your dollars and see the greatest ROI, it’s helpful to work with a company like WSI Star Web that specializes in SMBs and startups. We recommend focusing on the following:
- Branded content
- Responsive website
- Activity on social networks
- Customer advocacy
- Email newsletters
- Display ads
The good news is that most of these tactics can be budgeted to your comfort level. As your business generates more income, you can allocate more dollars to promoting your content, increasing display ads and more.
Surely there are things that separate your products from your competitors, but here’s another way to stand out: be innovative. Can you think of unique ways to use your products and services? If so, do a live streaming session on Facebook to demonstrate the various ways to use your items. You can also share tips on social media or launch a blog post series.
Participate in Trade Shows
Trade shows are far from dead. They can be expensive, though, so do your research and choose a couple of the best ones for your industry. Trade shows draw people in who are naturally interested in products like yours. Consider having a custom exhibit built that can be reused for future events and get promotional products in order. Branded merchandise can take your brand further!
Taking your startup from good to great is the ultimate goal. By following the tips above, you can watch your company make continued progress – just as you always dreamed!