Growing a startup is hard. But sustaining growth is even harder, especially in today’s times.
With the global business community hit hard by the ravaging pandemic, 92% of small businesses felt the need to reinvent themselves to float during the tide.
The problem is finding leverage to growth hack your systems that can be flexible enough to cope with changing times is tricky.
But fret not.
If you are looking for ways to keep your business momentum going, you are in the right place.
In this post, we reveal to you the most effective ways in which you can put your business in a strong position this year. Let’s look at how?
6 tips to skyrocket your business performance in 2021
A successful business transformation starts with setting SMART (specific, measurable, achievable, relevant, and time-bound) goals.
This means before you start deploying any tactics or strategy, finding your North Star metric is essential. It will help you to prioritize tactics based on your real-time needs.
After you finalize your Northstar metric, now it is game time.
The following are the best ways you can grow your business in 2021.
1. Grow an Instagram following
In a time where the whole world is becoming an Instagram buff, including your pet goldfish, if your business still doesn’t have an Instagram profile, you need to rethink it now.
But then, creating an Instagram account is just the first step. That won’t do much for your business. With the competition growing each day, your audience’s attention is becoming scarcer than ever.
You need to be strategic about your Instagram account.
So the real question here is how to grow an Instagram account for your business?
Many factors together create a successful Instagram presence. From relevant hashtags, engaging and consistent content publishing to IGTV (Instagram TV) videos, there is a lot of work to be done. But the most important of all, you need to be open to strategic brand collaboration and partnerships.
This is the best way to create traction in your brand awareness and grow your following in a short period.
2. Start with target market analysis
Your customers are the life-pumping machine of your business.
Without understanding your ideal customer’s core needs, wants, and lives creating a viral product is almost impossible. As they say, “make something people want.”
This makes target market analysis your primary research element for developing a business with a strong customer base. A great tool in this stage is an audience persona template that gives you the closest sneak peek in your ideal audience’s life. But empathizing with your customers is just the first step in this indispensable business activity. You need to dive deeper.
No matter how deeply you understand your target audience, capturing the interest of the complete market you are targeting is almost impossible. Even the greatest companies on the globe, like Amazon, fail to achieve so.
However, what you can do is optimize your market capture by understanding product-market fit. This can be obtained by a simple NPS (net promoter score) form that you can use with your existing customer base.
It not only gives you feedback on your product’s performance but helps you find creative solutions to find leverage and momentum in your business growth.
Having a lean worksheet for market analysis at this stage can be very helpful to keep your business agile. Here’s a free target market analysis template for your ready use.
3. Integrate newsletters
Let’s face it. Marketing is expensive. No matter what platform you use to reach an audience, be it Facebook ads, Google ads, or Spotify ads, the ad spend prices increase every day.
This means there are just two ways for you to gain new eyeballs, either increase your budget or optimize your ad spend ROI (return on investment).
While the former looks more direct more than often, that is not what most businesses would go for. This takes you to the second option, optimize your marketing spend. Improving your ROI on every dollar that you spend on marketing is the best way to do so.
But the big question here is how?
Enter cost-effective customer retention strategies, the best of which is email marketing.
While email marketing is nothing new in marketing communications, how you approach it today has been re-innovated.
Integrating newsletters about product launches, informational blog posts, videos, and sought-after networking sessions are great ways to keep your audience engaged and improve your customers’ LTV (lifetime value).
But embracing this new approach in your marketing communications might look a bit overwhelming. To make it easier, here are a few newsletter introduction examples that we have curated for your easy navigation.
4. Be heavy on automation
One of the secret elements of a successful growth startup lies in its timing.
They deliver the right product to the right audience at the right time. This means if you can’t keep up the momentum of your business, creating sustainable growth is almost impossible.
This makes automation indispensable for modern startups looking to scale their business. It helps you achieve more in less time.
Automating redundant activities in your business process not only declutters your workspace but creates more creative room for productive work.
The best part? It not only improves efficiency in your activities but helps you give the same quality of service to each of your customers at scale. You do not need to worry about human loopholes like focus, productivity, and efficiency levels.
5. Uplevel your customer experience
Irrespective of the vertical that your business operates in, if your business has to sustain over time, only creating a powerful product is not enough. Your brand needs to resonate with your target audience. This way, not only do you stand to create an opportunity for brand equity but create a loyal fanbase for your products. Does the story sound like Apple already? But as a matter of fact, branding is no overnight work. It needs a lot of work, consistently. But what exactly?
Enter customer experience.
Creating a unique customer-brand experience is the best way your brand can stand out in front of your audience. The best part? You can even create upselling opportunities while doing so. The question is, how do you approach your customer experience?
The answer lies in personalization and customization.
Creating a personalized end-to-end experience for your audience based on audience data like geographical location, time, language, and interest is a great way to optimize the experience. You can even invest in creating loyalty programs and customer acquisition programs to keep your funnel strong. Programs like referrals, premium membership, special event discounts are great ways to push sales that optimize creating a well-crafted brand experience.
6. Prioritize optimization
No matter how efficient your business process is or how many resources you have, there is always room for improvement—no wonder why successful businesses have a mindset of optimization.
Irrespective of the process your business ventures into, be it marketing, product development, operations, or human resource management, prioritizing optimization lets you innovate the wheel and develop creative solutions to existing problems.
But the real question is, where do you start this process?
Your journey of optimization starts with period audits of each process. As they say, “if you cannot measure it, you cannot improve it.”
Auditing your process helps develop objective weak points and vulnerabilities of your existing approach to strengthen and optimize. But optimization does not only help you to create a more efficient process. Its benefits go deeper. Improving the existing business operations ensures you get a better ROI (return on investment) from every penny you spend to develop and sustain your business.
Auditing also helps to create room for distributing your resources to the most essential parts of your business operations, freeing them from other areas. This means you can achieve more productive work without investing a single penny more.
Updating your existing business knowledge is a huge asset when it comes to a strong, sustainable startup. Yet, the hard reality is that no amount of expert advice can benefit your business the way you can.
Sure, expert knowledge can give you a roadmap for your business transformation. But which piece of advice is beneficial to your unique set of business challenges can only be decided by you.
The above set of tips will keep you ahead of your competitors, but chances are you would not require to implement them all at once.
Let your real-time business needs guide the path on when to leverage the above powerful strategies. Your customers can be the most valuable asset in finding the answer to this question.
Understanding your customer’s needs, your business resources, and product development requirements will give you a personalized solution to which tactics you should embrace right now.
So now, when you know what to do to growth hack your business in and out, there is just one question left to answer.
Which strategies did you integrate into your business transformation today?