5 Tips for Effective Startup Growth

Friday, August 31, 2018

5 Tips for Effective Startup Growth

A startup business can be a scary and intimidating undertaking. Anyone who has tried or thought about trying to start a company from scratch has been bombarded with terrifying statistics and negative naysayers all along their route. But business succeed all the time and itis because they’re smart about it.

Try these five tips to help solidify your company as a force to be reckoned with.

Observe the Market Demands

Before you register as an LLC, sign a single document, or apply for a patent, do your research. The number one reason that startups fail isn’t because they’ve run out of cash or have competitors, it’s because there was no market for their particular service. While there are exceptions to this rule, think Steve Jobs and the smart phone or Uber’s private transportation service, they are just that: exceptions. Every “new” product that changes the market has 50 failed companies behind it. It’s a much more secure plan to find a need and fill it instead of creating a need and filling it.

Viral Marketing

In this modern age, marketing has never been more accessible, yet more complex. With so many different avenues to choose from and platforms to consider, marketing can be something that easily gets out of hand. For a startup, getting the biggest bang for your buck is a no-brainer. Viral marketing is the way to go. Creating a product that encourages customers to share it with their friends is the way to do that. Reward your loyal customers who share with discounts or other incentives. For a business that sells cosmetics like Nu Skin company reviews are an invaluable way to drive up business and entice new customers. Examples of Nu Skin company reviews can give you a feel for what customers say about businesses that sell cosmetics.

Maintain Your Pricing

When just getting into the market, it can be tempting to offer your product at a much lower cost than your competitors. Absolutely this will attract a lot of business and get your product flying off the shelf, but it’s unsustainable. If things seem too good to be true, there’s probably a reason. If you offer your product at a cost lower than you can afford, you’re asking to be bought out of business. Do what you can to offer a product at a competitive price, but never forget what it costs to create it. Focus instead on outstanding customer support, a unique twist on the product, or just making a product that is far superior to your competitors.

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Use Promotions

Sometimes it’s okay to fudge the above mentioned rule. Always keep your product at its baseline price overall, but don’t shy away from promotions. It can be incredibly advantageous to lower the cost for a short period of time. This will drive in new customers and higher sales. Once your customer is in, they are more likely to stay, especially if you have a great product. Some companies dismiss sales promotions as gimmicks or quick schemes. But studies have shown that, used correctly, promotions like this can draw huge traffic and rapidly boost sales.

Work Environment

Remember, however, that a business is only as good as its employees. You may have an amazing product that everyone needs at a reasonable price, but if your employees are miserable, your productivity, and therefore bottom line, will be shot. Make sure that you make your office a place that people want to work. Allow autonomy for your employees, encourage them to be comfortable and make the space their own, and reward them when the company does well. If your employees are as invested in the success of the company as you are, everyone wins.

A startup doesn’t have to be a scary thing. Follow these five tips to make sure your company gets started on the right foot.

By  Kevin Faber Embed

Author Bio - Kevin Faber is the CEO of Silver Summit Capital. He graduated from UC Davis with a B.A. in Business/Managerial Economics. In his free time, Kevin is usually watching basketball or kicking back and reading a good book.


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