7 Most Effective Strategies to Expand Your Startup
To begin with, over a thousand of startups are born annually while only 40% of them last after 5 years. The secret to the most fastest-growing startups is that their business growth did not take place overnight. They started from zero, explored how to scale a startup, and took the best steps to achieve business expansion.
It may sound impossible and risky but for a business to thrive, risks are unavoidable. However, there are growth strategies most startups follow to scale and evolve to be a high-growth startup.
In this post, take a look at the strategies you can take to grow your audience, expand your startup globally starting from today.
01. Create a startup growth strategy aligned with business goals
02. A strategic sales funnel and automate
03.Build an email list to grow your audience
04. Create passive revenue sources
05. Customer loyalty program to retain customers
06. Partner up and scale together.
07. Diversifying services.
A startup has a higher chance of failing than succeeding. But, startups can succeed with the right tactics and strategies that fit the business goals. This is where a startup growth strategy plays an essential role. A proper plan for the strategy and direction of the startup can guide the team and entrepreneurs in effective decision-making. Try this free HubSpot Growth Strategy Template to create a startup growth strategy for your business.
And to create a growth strategy for your business you must consider:
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If you want to scale your services and increase sales, there must be an audience. Not a 2-15 small group but an audience that's continuously growing and returning. And to do that, you need to attract, consider and delight them. But it takes time to generate, nurture, qualify, and convert leads into sales.
Moreover, performing this step by step may take longer. Because of this, an automating your sales funnel starting from today can save precious time and long-term process. For example, by understanding the buyer journey and creating content, marketing strategies based on each phase can make a huge difference to startup growth.
The return of email marketing is $42 for every $1 spent while PPC advertising returns only $2 for every $1 invested.
Email marketing is the best strategy that most organizations make use of. There are over a billion users with an email. Because of this, it's an easier and more effective way to build your audience and nurture them. Think of your email list as a way to track your business performance and visitors interested in your business.
To get started with building an email list, Aweber, ConstantContact, ConvertKit, Drip, GetResponse, MailChimp are a few of the most common email marketing tools you can begin with. And a lead magnet that persuades your visitors to hit that subscribe button. Check out these strategies to building an email list from Backlinko.
The third crucial factor for startups to fail is not having the capital or funds to continue. In effect, a business must put up a lot of effort to grow. And this is where passive income streams comes into play. Passive income streams are where sellers are not actively under a contract to work but continues as an extra method of earning.
But how can passive revenue sources help in startups to expand? When your services or products are made available for recruiters online, for a postive experience, chances are high that they'd love work with the company again. That's how startups benefit financially and by opportunites. Search for potential customers and connect with them to share your services and products remotely.
As the name suggests, loyalty programs are great for loyal customers and to boost sales. This means the attraction that loyalty programs can help achieve long-term business goals. At the same time, a customer-centric loyalty program can bring together your customers to try the business.
With the right partnerships scaling your business, connecting with a larger audience are some of the positives of partnering. LinkedIn, startup communities can help with search for the right partnership and scale the business together.
What are the opportunities or improvements you can bring to your product, industry? Diversifying the services, products aids in creating opportunities for startups. for a businesses to expand fast. Think of it in a solution-oriented mindset and addressing pain points of your customers.
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In conclusion, strategies to scale startup business are actionable starting from today. From the first step of planning startup growth strategy to, sales funnel automation, building email list, startups can grow slowly. By forming partnerships, diversifying services and customer loyalty programmes, businesses get to reach to a wider audience globally.
To learn more about how we've helped businesses, read our success stories.