Considering the number of startups that were launched just in the past few years, the percentage of businesses that didn't succeed is staggering. Most startups fail simply because they don't take the time to create what people really want. Others fail because they don't implement the right growth and marketing strategies.
Learning how to grow your startup is one of the major keys to success, and this article is going to outline three of the most effective tips you can use to do so.
1. Don't try to make it overnight
A lot of business owners fail when they try to implement these 'one size fits all' hacks in their businesses without regard to the context of their product or customers. The next time you come across one of these growth marketing hacks, try to understand the context first. For example, what was the business model, audience, and customer decision process being discussed? Answering these questions will help you determine if that particular hack will work for your business as well.
2. Focus on one acquisition channel first
The majority of successful companies get most of their scale from one channel, but because of the sheer number of channels that are available, most new business owners find themselves falling into the trap of doing a little bit of everything, rather than doing a lot of one thing. This ultimately leads to failure as it takes time to learn from each of your experiments, which means that you need more time to make the decision whether to kill the channel or double down on it.
3. Define growth metrics and measure them constantly
It's very hard to manage something that you can't measure, and for any startup to find a sustainable business model, you have to occasionally stop to examine the metrics. Although this may sound like a lot of work at first, it's actually very helpful because measuring performance makes people accountable. Defining growth metrics and measuring them constantly is of the utmost importance in a startup.
Use these simple but highly effective tips to help you grow your startup and ensure long-term success. What other tips have you found useful in growing your startup? Let me know in the comments below!