‘Growth’ is one word very synonymous with tech startups and other innovative companies! It’s expected right! Every founder and startup team is looking to kick-off, grow and drive good traction, (if they want to) raise funding and then scale big!
Here are major things we think startups are getting wrong about growth
- Not Approaching Marketing (which you think growth is all about) By Touchpoints Objectives
Flying the next ad campaign, or getting the top influencers to hype your product or getting on the next big show is not all there is to growth. Oh definitely, they could include those things, but doing those things doesn’t guarantee growth. In the same vein, you can drive growth without doing any of those fancy marketing stunts.Other than ‘marketing’, to drive growth, you need to think
- Awareness – how do I get my product to the front of decision-makers
- Aiding decision – How do I make sure they decide to go with me faster
- Easy purchase – How do I make it easy for them to buy, quickly with no itch.
- Getting It Wrong From The Start
No matter how great your marketing and your team is in fact, your team is, no growth is happening without sorting the base.What do I mean by the base,
- The problem you are solving
- The market opportunity for that problem
- The uniqueness of your solution
- Taking Product & Service Experience Outside of Your Growth Effort
Product and service experience is crucially important to your growth. The real truth is, what you are offering to your customer is your product experience or service experience. If you are a food delivery app startup, does your app truly makes getting food easy?
In fact, this is more than just your app actually e.g If you are a home cleaning startup, your app might have the best user experience, but are you cleaners nice and warm to customers? How is your onboarding, does the users understand your offering.
- Not Planning for Retention
Oh, you thought having good service is enough to retain your users? Nope. Because i had a good experience on an e-commerce app doesn’t mean I will actually come back. I mean, another e-commerce app could offer me a super good discount to try theirs.
Carefully planning your retention ensures that your customers actually get retained. It also means you are not leaving things to chance.
- Not Doing Analysis Across All The Channels That Affect The Startup Growth
If you have worked on your startup for a while, you can confirm that the speed at which things change is intriguing. What worked this month, might just not next month. Everything changes, customer behaviors, the customer wants, market landscape, new competitions coming.You can’t just afford to be too comfortable.Doing a key analysis across all the growth channels ensures that you:
- Perpetually drives growth
- Be alert on likely customer or marketing challenges
- Prepare for any surprises that might hinder growth (within your judgment, we know some things are beyond you, like the government policies or natural disasters).