With evolving technology, higher literacy rates, better funding and free market system, India today has the fastest growing startup ecosystem. These new business startups are exploring new segments of market, filling the gaps in the existing market and coming up with more innovative business ideas. The speed with which the world is witnessing growth and development, it really becomes important for these new startups to adopt rigorous growth strategies. Not all the startups survive in the burgeoning domestic market, to ensure that your business idea doesn’t get lost in the crowd, it is really important to create a sustainable growth strategy.
Growth strategy is not merely about envisioning the long-term success of your business but it’s about understanding your environment and practising strategies to ensure growth, improvement and sustenance. It’s really important to have a tangible plan and adopting tactics which would differentiate your startup from the crowd.
Ideal growth strategies for any startups are:
- It really becomes important for an entrepreneur to know the value proposition of his/her product. To establish a value proposition, an entrepreneur needs to know what makes his product different from others. What sets his product standout in the market? Why should customer buy his product? What is the relevance of the product being offered? If you understand and establish the value proposition, you will protect your product from any devaluation.
- Business involves buying/selling of a product. To sell any idea or product, you need to know who your audience is. Knowing your audience will give you right direction while formulating marketing strategies, which in turn will increase sales and ultimately higher profits. Various growth hacking strategies allows you not only to know your audience but also recognize the needs of your audience.
- Recognize the key growth indicators of your business. Know the factors which contributed to growth and then spend your time and money on areas where you are logging.
- Keep an eye on your competitors. Never underestimate the power of your competitor. Your competitor might be excelling in areas where you might be struggling. And knowing the strengths of your competition helps you in realizing your own weaknesses. It is important to know the alternate choices your rival made and knowing what difference it lead to his business.
- Be innovative and be open to change. With the advancement of technology, an entrepreneur needs to be creative. To survive in this dynamic world, opposing change or using obsolete technology will only let your business down.
- Recognize the talent of your employees and motivate them. Hire people with an understanding of the product you are offering.
Growth strategies are not a one-size fit for all process. It differs in different environments. So sticking to a static market strategy or developing a strategy based on someone else success parameter won’t be a wise decision. Plan, organize, direct, supervise and control to ensure your startup grows and expands.