Even though having an idea may seem as enough for getting your startup on the right path, keep in mind that in 2017 almost every industry is already saturated. This is why, in order to be off to a good start, your business might need a strong push. Here are four basic growth hacks that can help your startup gain a competitive edge from day one and in no time be able to stand up to its much larger niche counterparts.
1. Start with short-term goals
When it comes to setting goals for your startup, most people initially assume one is talking about long-term goals. Odd as it may sound, most people find it easier to see their business in ten years’ time than in just several months. Still, a journey of a thousand miles starts with a single step, which is why you need to pay special attention to your company’s short-term goals.
You can start by setting some daily objectives. For instance, how many customers you need to contact today, how many emails to send and how many meetings to attend. Next, you can also set your weekly and monthly objectives in pretty much the same manner. By meeting these milestones, you will always be able to tell if your company’s on the right path or not.
2. Setting up a referral program
Another thing you need to focus on is spreading the word of your business on the market. You see, by starting a referral program, you will give your brand a significant boost. For instance, your customer/user may get a material reward, a discount or a special feature available for each person they bring to your website. In time, this may help spread the word of your business like a wildfire. Keep in mind, however, that these incentives shouldn’t be too great, otherwise they would undermine your profits. For those who lack inspiration, there are some great ideas out there you can feel free to borrow.
3. Choose the right type of funding
Even though crowdfunding, selling an asset or applying for a loan may seem like too much work or too risky, they are definitely a better option to selling an equity in your startup. Sure, teaming up with the right person is always a good idea but the prospects of finding someone who shares, both your interests and ideas is not very likely.
This is why, unless you are planning a major project that will require multiple investors from the very start, you might want to consider other options of self-finance. The most popular of them is definitely applying for a loan from a bank, credit union or a third-party lending company such as Australian Lending Centre. The greatest advantage of the last option is a fact that it usually involves much less bureaucracy and paperwork.
4. Provide quality service
Finally, even though this may sound obvious, the only way to make people deal with your more than once is if you actually provide a great service. You see, according to one survey, eight percent of your return clients are responsible for about 40 percent of your entire profit. This being said, quality service and a proper post-purchase follow-up need to be cornerstones of your business strategy.
With these four basic hacks, your startup will have much greater odds of standing up to its more powerful competitors. Needless to say, if your product is inferior to those of your competitors, your quality of service worse and your prices much higher, no hack can help you. These four above-listed tips are just there to tip the scales in your favor when it comes to dealing with some of your closest competitors. This, however, usually tends to be more than enough to get your company kick-started in the right direction.