7 Proven Strategies to Scale Up Your Startup
Starting a business is challenging but growing it is even more difficult. Likewise, for many scaling up a startup can be quite pressuring too. There always seems to be too many things that need to be done. You have to technically grow your company while acquiring customers and establishing a brand name all at the same time.
Here are some simple customer-centric strategies you can implement to scale up your business.
Outsource When Necessary
To scale up a business, you need time to concentrate on increasing the value you provide or look for new customers. One of the best ways of freeing your time is by outsourcing tasks that do not directly tie to your bottom line. For example, if you find you usually spend the last few days of the month working on payroll, hire a freelance bookkeeper to do the work for you.
Retain Existing Customers
You can only acquire new customers for so long. At some point, you will hit a customer acquisition plateau, and the business will struggle to grow. Therefore, you need to retain the customers you acquire. Having customers that are consistently doing business with you is critical to achieving your financial goals.
Retaining customers is all about providing value. This can be done through simple things such as maintaining the quality of your product or service or communicating with the customers regularly through email.
Start Online Marketing
Make online marketing a core part of your customer acquisition and retention strategy. If you already have a website, carry out keyword research to identify subjects that your potential audience would like to learn about.
You’ll also want to learn how to do search engine optimization (SEO) to ensure your blog ranks well on Google to get organic visitors. If you think learning SEO will take too much time, consider hiring an SEO company to help you.
Build Your Brand
Differentiating your product is an excellent strategy for scaling up your business. Building a solid brand will not only help to cement customer loyalty but also improve your influence. When you want to scale up your startup, come up with a solid plan for building your brand.
Prove Your Expertise
Did you know that a majority of customers rely on online reviews before purchasing a product? Trust and credibility become huge factors in convincing a new customer to make their first purchase online, and more often than not, it is other online strangers who bring in that new customer for you.
To gain initial trust, you need to establish yourself as an industry expert. This is achievable by engaging on social media and other online platforms. Always up-to-date on the latest industry trends, participate in relevant conversations, and regularly write blogs that give your perspective about any industry news.
Be Proactive, Never Reactive
In any service, to retain the loyalty and trust of the customers, reliability is essential. Therefore, it’s a must to be proactive in running your business, not reactive. A great idea would be staying on top of the trending research for planning your services or products in accordance with the changing trends, and by making sure that your SEO and SEM are well-optimized for handling anything coming your way.
Invest in Optimization
To grow your business, you need to understand what’s working for you and what’s not. You can invest in ROI-driven marketing tools such as BuzzSumo, Phonexa, and Hubspot that provide insights on your marketing campaigns. These tools will help you better analyze which campaigns are bringing in more quality leads.
You may need to hire people to fix the bugs in your website, or for inconsistencies. You can even find someone to enhance the images and graphics on your site, so it looks updated and professional. Investing in your product, be it something physical, or if it is a service, is one of the most important moves that you will make for your business.
In a nutshell, once you have firmly set up your business, you can harness the gig economy to stay lean while you’re scaling up, and you can work towards taking the next step in your business. After acquiring more customers, gaining more expertise, and winning their loyalty, you are ready to go big.
Beth Worthy is the CFO and Director of Operations for GMR Transcription Services, Inc. She has enjoyed success at GMR for almost ten years now and has helped both companies grow. Within two years of Beth managing GMR Transcription, it had doubled in sales and was...