All startup owners dream of exponential growth. In a 2018 study by the British Business Bank, one in three businesses said that they wanted to grow their operation, but were unsure how to build a growth marketing team or how to go about it as a whole.
It’s all in the preparation and strategy. An article we came across from Business 2 Community offers up a few tips for those startups who want to double their revenues but are wary of over-committing too many resources to achieve it.
Why is growth marketing important for business growth?
Wherever there is a business, there is marketing. A strong marketing strategy is key to growing your business and achieving healthy revenue. Growth marketing tactics such as advertising, content marketing, PR and social media are important channels that drive sales. But they are expensive and time-consuming to execute. As a startup owner, you might have limited resources and lack expertise in marketing. But if you can identify the right growth channels and get them to work for you, your business can grow exponentially.
How do we calculate the market growth rate?
The first step is to identify your market and determine if it is growing. This way you can determine if your chosen segment is one worth pursuing. You can use online tools such as the Harvard Business calculator on their review website. It is worth noting that there is no standard formula. The growth rate of your market will depend on its size and how much of that market share you can gain. The Harvard report suggests that you should look for markets that are growing by 10% or more annually. If the market is growing strongly, then it means
that there is a strong demand for your product or service. The article also recommends finding a market that is underserved. This will give you a competitive advantage.
Here are some tips to make your growth marketing more efficient.
The idea of outsourcing jobs that you could do yourself might seem counter-intuitive. Particularly in the early days of running a startup, you may be tempted to do everything yourself. After all, finding the right people to take certain tasks off your plate – freeing you up to allow you to do what you do best – can take up a lot of your time and energy, as well as being an expense you could do without.
But by failing to outsource early, you could be preventing your business from reaching new heights. Take digital marketing as an example. Of course, you could bring in a small internal team to help you build a campaign which generates leads focused on your target audience that drives revenue growth. But how much is it going to cost you to find an experienced growth marketer or marketers in your niche who can assist you in formulating and implementing an effective growth strategy?
By outsourcing early, you give yourself a bit of time to find a specialist agency that has a proven track record full of effective marketing strategies and case studies. They can help design your strategy in the pre-growth stage – so when it comes to scaling up, your startup can hit the ground running.
Be Ready for the Spike
If your website was to welcome thousands of new visitors in the next hour, could it cope with the demand? Likewise, if you were to get a host of new enquiries via telephone, do you have a system in place to put callers in a queue?
If your answer is ‘no', you're right to be concerned. After all, if prospective new customers or even existing customers are unable to easily find out more information about your business, their experience will suffer and won't become loyal customers. In the meantime, they might seek out a competitor and forget about your business altogether.
To ensure you’re ready for any spike in enquiries, invest in scalable solutions.
Embed a Knowledge Management Strategy
As you grow, it's inevitable that you will need to take on new staff as marketing automation alone won't serve you. However, training them to a level that you're happy with can take time that you and your current employees just don't have. On the flip side, if you don't train them adequately, you risk having staff representing your startup who are doing more harm than good, which will likely not let your business succeed as much as it could. Meanwhile, good employees might be more inclined to leave if they don't feel comfortable in their role.
By embedding a knowledge management strategy, however, you can cut the time it takes to adequately train employees; increasing productivity and helping keep valued workers happy.
Over to You
Achieving business growth is directly linked to a variety of different factors. Being able to identify the channels to invest most of your efforts in will elevate you to great heights. Whether it is social media marketing or a different avenue, making your customers the centre of your operation will improve your customer retention, client acquisition and make the most of your marketing efforts.
Has your startup got growth in its sights?
Check out Incisive Edge’s guide to generating leads and driving revenue growth.