Did you know? Growth is a crucial element of any successful business. But while some businesses thrive, many others fail because of poor growth strategy implementation. That is why almost 80% of small businesses survive only their first year.
And approximately half survive their first five years in business. Therefore, since unfruitful business growth strategies account for more startup failures or business closures, it emphasizes the need to apply stable growth hacks earlier on your startup.
So, if you're looking to grow your business faster, you will need proven marketing tactics or a business growth plan that will quickly propel your startup. Hence, this article will outline the importance of a business growth plan and practical steps that will help you grow your startup quickly.
Although there are several ways to maximize your entrepreneurial journey and make quick gains, below are proven steps that work for any business. However, you may apply the best growth hacking strategies with minimal results. Why? Because you may be sabotaging your business without knowing it.
Thus, let's get started!
The first thing to do is to understand why your startup is not picking up growth. If your business is not generating your expected ROIs, you want to examine them to determine why. Look for what you're doing that is sabotaging your business growth. Check your marketing strategies, your business mindset, and the execution procedures to uncover what is preventing you from growing your startup business.
If you see that your marketing approach or business strategy is not working, go back to the drawing board and make the necessary adjustments. Also, conduct industry research and analyze your competitors to know what they're doing to make gains.
Your marketing audit or industry research will focus on industry trends and marketing tactics that produce results. Thus, do not procrastinate; instead, take action right away to set yourself up for success. By allowing time to pass and work at the last minute, you will become unproductive, which may be why you're not growing your business.
Yes, listening to your marketing persona is vital because it lets you know what offers they need for you. To illustrate, U.S. advertisers are the highest global spenders in advertising, with more than $220 billion in 2018. But according to experts, the numbers will rise to about $289 billion by 2022.
Source graphic: Statista
In 2015, U.S. advertisers paid over $183 billion in ad spend. But despite the extraordinary spending power, they made terrible losses. Why? It's a simple logical answer. The advertising campaigns did not produce results. And why is that so? Because advertisers fail to listen to their audience.
For this, consumers were not relating to the offers marketers were promoting. Moreso, marketers did not realize what was going on until they had incurred many losses.
Please, pay attention to your customers, listen to what they're saying across marketing channels about your products and services. Ask for their thoughts and feedback on your offerings to understand their most pressing needs.
In that way, you will be able to provide them with relevant products to solve their problems. The more feedback you get, the better you will know your marketing persona. This marketing growth hack is crucial because your buyer's needs may have changed over time without you knowing it.
Therefore, conduct surveys and polls across channels to learn more about your audience and listen to their feedback. Keep in mind that listening to your audience means, Taking actions that correspond with your audience's comments. As a result, you will maximize your startup business growth significantly.
To enable your business to run smoothly, you need a business plan with all the vital components. Not only will your startup operate smoothly with a stable business plan, but you will also speed up growth. Why?
Because your operational plan is like a sailor's compass or chip that lets you navigate your way through the waters with ease, but what is a business plan? Let us look at the definition of a business plan.
A business plan is a written document that provides valuable information on a company's action plan toward achieving its objectives. For example, a typical work plan includes the executive summary section. This area offers an overview of your company, including:
Your brands' unique value proposition (UVP)
Expectations and other vital parameters.
Hence, a business plan of action is essential because it provides practical guidelines for administering your organization's day-to-day proceedings with optimal success. Besides, having a work plan helps you establish your business targets, marketing strategies, and other implementation processes that align with your overall business goal.
Furthermore, it restrains you from unethical business practices as you strive to reach your goals.
Your business plan should comprise of the following components:
Industry market research
Organization's business goals
Company operation processes
Key Performance Indicators (KPIs)
Products and services
Sales and marketing undertakings
Reverse engineering (competitive analysis)
Please note that there are various types of business plans, which will determine the kind of elements that go into your program. But for this blog post, I give priority to the growth business plan. With these components, you give your startup business a clear path to success.
Email marketing automation is an effective digital marketing tool that allows you to send emails that connect with the right audience. It helps you:
Increase email efficiency
Convert prospects, and
Moreover, automating your marketing emails is beneficial because it enables you to improve content relevance to recipients, and the emails go out at the best time of day. Workflows and behavioral patterns are vital elements that let you send the right email messages to the right people.
How automating your email campaigns work:
When visitors land on your site, they may fill out a form and download what you're offering, such as an e-book
At this point, the software routinely adds subscribers to various segments of your email list based on their interests, behaviors, and other vital insights.
Next up, you create email campaigns and set triggers, and schedule the emails to go out according to the subscriber's action or behavior.
As a result, recipients will receive the marketing emails based on the campaigns you set.
Unless you don't have the budget, but working alone is a stressful and unproductive activity. Therefore, consider bringing in the right workforce that will help strengthen your startup growth. Your ultimate goal is to grow your startup and expand your horizon.
Consequently, assemble a qualified team that will assist you in reaching your objectives. These are people with the right skill set for small businesses. And, if you're cash-strapped, I suggest you hire expert freelancers to get the ball rolling.
They will reduce employment and labor costs and help increase productivity and revenue. The good thing about working with freelancers is that they're always ready and willing to collaborate with others. Bringing in the right team players will significantly boost your startup growth quickly.
As far as I know, blogging is not dead, and it is one of the best ways to get the word out to your target market. The best part is that blogging works for all types of businesses and performs the highest in building brand awareness for B2B marketers.
Thus, it makes sense why blog article writing takes 2nd place among all content types B2B marketers use for business growth.
Graphic via Social Media Today
Therefore, if blogging and content marketing are not part of your marketing strategy, you are losing money. So start creating blogs around your products or services. Produce quality content that relates to your offerings and highlight how your products will help your readers.
For maximum results, define users' problems and then write informative blog posts that show how your products or services will solve their issues. Remember, the article must be persuasive enough to provoke readers to action. That way, you attract more readers, build a community around your blog, and increase brand awareness and sales.
Indeed, according to the survey mentioned above, 86% of B2B marketers reached their brand awareness goals with content marketing.
Also, almost 80% of the respondents succeeded in educating their target marketing using blog posts. At the same time, 75% and 70% of marketers accomplished building brand credibility and generating targeted leads with blog content.
However, ensure that you create persuasive blog articles with call-to-action (CTA) to move your readers to action. Also, diversify your content strategy to meet the needs of your target market. You can supplement it with videos, infographics, and other marketing content to engage each audience segment.
One of the best business growth hacking strategies is creating a sales funnel that works. What are a sales funnel? A sale funnel is a speech figure used to refer to the step-by-step process that walks consumers closer to your offer.
The funnel's customer journey starts from the beginning (top of funnel to bottom-funnel) to the end of the buyer journey. This process involves applying a series of marketing content and other actions, including:
Automated email campaigns
It means that if your marketing tactics do not incorporate a sales funnel, you're losing money. Why? Because it lets you automate your business processes and increase growth faster.
Here are my top six marketing growth hacking strategies for scaling your startup business. But as noted at the beginning, you may be sabotaging your business growth, contributing to your business failure without realizing it.
Hence, re-evaluate your business strategy and marketing tactics to see what you're not doing right. Then adjust what is not working or discard them if need be. Also, improve those generating results, implement the pointers above, and continue testing your strategies to make them better.
What other startup growth hacks would you like to add for our readers? Our readers will much appreciate your insights and recommendations.
Amazon is one of the world’s most renowned and popular online marketplaces. It literally sells every little product. But most sellers tend to forget the fact that though Amazon is a big giant today...
Learn Digital Marketing and Become an Expert With Only One Course! With over 180 lessons, dozens of strategies, 100+ tools, checklists, templates, blueprints and practical steps you can follow -...
This course is targeting students without IT background but want to have a stake in the eCommerce and owe a Website at lowest cost, as my title mentioned: Nearly Free. I attend an IT design semina...
SMMA DRAGON SLAYERS SALES MASTERCLASS FOR 2020: Having trouble finding leads for your Ad Agency, no problem, we will train you to find and retain high-ticket clients and SLAY the competition! Do...