Starting up is no joke, especially in a country like India. According to an article by ‘mint’, “more than 80 Startups are getting recognized per day in India” which is the highest in the world. At the same time, more than 90 percent of Indian startups, fail within 5 years of inception. What makes the other 10 percent of startups succeed? The simple answer is an effective yet simple marketing strategy.
Here are 5 effective strategies for scaling your Startup:
- Establish your USP and market it well.
What makes you unique from the crowd? Why should customers choose you instead of your competitors? What do you do better than your competitors? These questions should help you come up with your Unique Selling Proposition (USP). Don’t just stop there. Go the extra mile and market your product along with your USP. You didn’t choose to become an entrepreneur to just do what is needed!
- Analyze your startup’s performance regularly
Try to understand what is working for you and what you can do better. Use KPIs to help you analyze your startup’s performance better. For a product-based startup, Key Performance Indicators (KPIs) might be sales, engagement on your websites and social media, and customer reviews. Use this data to sharpen your strategies and execute them swiftly.
- Know your customer persona
This is a simple but very efficient tip. Knowing your ideal customer persona and targeting them can build you hot leads and hence conversions. This is a far better way to market your product than to just market it to the general audience, which is just a waste of resources. Here are some questions that can help you build your ideal customer persona
- What age group do your customers fall under?
- What gender group do your customers fall under?
- Where do your customers ideally live?
- What strata of the economy do your customers fall under?
- Network
Networking with other business owners can help you more than you could imagine. You can learn from their mistakes, they can help your hire more efficiently and it would ultimately increase your brand visibility. Keep in mind that you should also network with customers regularly. You can do this by:
- Engaging with your audience regularly on LinkedIn
- Attending business events
- Having solid social media handles
- Having a newsletter
- Keep Improvising
Be open to changes if they genuinely make sense. Do not try to do everything by yourself! Hire a CEO if you can afford to do so and if you feel that they might be better equipped than you. Use your experience from the past to navigate your plans. Keep scraping old plans and making a new plan for your startup every few months. The only thing you should stick to is your long-term goal. That is the most important. As long as you are working towards your long-term goal, your startup should be good to go.
Conclusion: As a startup, doing all of these things can be hectic and troublesome. It is okay to ask for help from experts.