It’s a competitive business world out there, and even though we are living in an entrepreneurial age with lucrative opportunities aplenty, there is no denying that only a small percentage of all startups will make it past their first year.
Simply put, the modern customer is very picky when it comes to putting their trust in new companies, and it is oftentimes the established brands that will continue to reign over the majority of the marketplace.
You need to develop your competitive advantage and establish yourself as a strong player in the industry before your competitors get the chance to push back. So today, we’ll be taking a look at the five cost-effective tips for some explosive startup growth.
Create a Killer Sales Strategy
To win big, you’ve got to sell big. Even though you can’t expect to match the sales rate of the bigger players in the industry within the first year, you can definitely maximize your current potential as a startup if you create a solid sales strategy. And it all starts with defining your niche and your demographic’s unique idiosyncrasies.
Researching your demographic and market is imperative if you are to tailor your sales strategy to the needs and wishes of your audience, and it will also allow you to discover those unique pain-points your potential customers have that you can capitalize on. There’s nothing quite as powerful as a solution to a longstanding problem, and innovating these solutions will allow you to boost your sales immediately.
Next, it’s important that you master cross-selling and up-selling, in order to sell your goods or services in bundles and thus enhance the customer’s experience and satisfaction, but also elevate profits and boost brand trust.
Keep a close eye on your top competitors, and analyze what they’re doing wrong and what they are doing right – all of this will help you make a better sales strategy.
Invest in Brand Building
To build an amazing brand means to step out of your competitors’ shadow and truly stand out in the oversaturated marketplace. If you don’t have a compelling brand identity to guide your business on the path to long-term success, you will invariably struggle with customer acquisition and retention – because the modern customer needs and wants to belong to a brand, a tribe of sorts. This is why customers nowadays choose their brands carefully, and why you need to invest in brand building from the start.
Stick to a few key tips:
- Define the core brand values that differentiate you from the rest. Make sure these values align with the beliefs of your customers to boost trust.
- Create a striking visual identity that will capture the customer’s attention, portray your brand’s identity in the best possible light, and complement your industry and niche.
- Define your brand’s personality and tone of voice. You can’t expect people to take a liking to your brand if you don’t speak their language.
Capitalize on an Amazing Domain
When building a new business, choosing a domain name is one of the most important considerations. While it is important that you choose a name that is identical (or closely resembles) to the name of your business, it’s also imperative that you learn how to personalize your service by choosing the right domain that directly appeals to your audience, and creates a personalized experience.
After all, you need to make your domain as memorable as possible.
Given the fact that personalization should be at the forefront of every strategy, especially marketing, it would be a wise business decision to choose a domain that evokes the right emotions, such as the increasingly popular .me domain.
Be sure to research these trends to capitalize on your domain quickly.
Provide Unparalleled Customer Service
Speaking of personalization and customer experience, another powerful way you can stand out quickly, gain leads, and boost retention as a new company is to provide unparalleled customer service. Nowadays, people want and need to communicate with their brands, and they want to do it on their terms.
Sure, put up an email address for your customers, but give them a phone number they can call as well, and make yourself available on social media and direct messaging services to let your customers know you’re ready to chat. When a business starts picking up, you can invest in a chatbot to further improve sales and communication.
Focus on the Inbound Marketing Tactics
Finally, be sure to focus on those inbound marketing tactics that won’t put a dent in your budget but have a high ROI potential. Things like content creation, social media management, SEO, and inspiring user-generated content.
Next, start investing in all digital marketing tactics, including paid advertising to put your business at the top of every relevant search result and thus boost your traffic and conversions in those crucial months after launch.
It might be an entrepreneurial age, but that doesn’t mean that new business leaders have it easy. In fact, the road to long-term success is full of obstacles and pitfalls, so be sure to use these tips to develop your competitive advantage, set your brand apart from the competition, and solidify your position in the industry quickly.