So, you have launched your startup and want to accelerate its growth. Well, as an entrepreneur, you already know the challenges, demands, or pressures startup marketers experience as they start their journey. Though hard work and patience are necessary, your focus should be on how to give your business a much-needed jolt for its long-term success.
Unlike other well-established businesses, tech startup companies have limited resources and budget available. Therefore, working smartly and strategically is of utmost importance.
According to Forbes, staying on the top of security, grabbing every growth opportunity, or staying personally invested are a few specifics to keep in mind when you are growing your business. Apart from this, below is a five-step blueprint for scaling your startup faster-
Start Monetizing Early
One of the biggest reasons why most SaaS startups fail is that they didn’t monetize their product profitably. They think that their product or service isn’t ready and focus on expanding the customer base rather than generating revenue.
In other words, they confuse the idea of building an audience and monetizing first. They aren’t sure whether someone will buy their product or not. Therefore, in an attempt to find a few loyal customers, they prefer keeping hundreds of free users.
However, building a product should indicate an increase in revenue. You might get a large number of audiences if you don’t charge early. But, your products end up being an unverified idea until you monetize it.
So, don’t hesitate. Put your revenue model to the test by charging early and see if the idea works in real market conditions. Even if you fail, you won’t lose all your effort. When people pay for your product, they recognize its value. Moreover, it will drive away all the freebie users and help generate more leads.
Optimize Your Website For Better User Experience
Your website is one of the most important assets for your tech startup. It is your virtual storefront that displays your products and services, tells people about your brand, your vision, and what your business is all about.
While it plays a crucial role in brand positioning, there is a word of caution. Your website should serve your customers or prospects for great user experience. So, design your website keeping the user experience in mind. Or keep a balance between your brand’s positioning and user experience.
It will enable the prospects and customers to meet their objectives while allowing you to meet yours. Further, it also helps you capture the attention of the prospects, generates B2B sales leads, and drive growth.
Focus On A Specific Audience
Money, time, and efforts won’t bring you the desired results if you target the wrong audience or market your product to everyone. You need to understand that not everyone needs your product. Thus, trying to market to ‘anyone’ or ‘everyone’ is just a waste of time and effort.
You need to focus on a specific audience that is genuinely interested in your products and services. Identify your target market, research your competitors, see who they are targeting, and use the Google Analytics tool to know what the audience is interested in.
Experiment With The Pricing
As a general thumb rule, pricing evolves as the company evolves. It is only by charging money and testing the pricing strategies that you can understand how much the audience values your products. Or how much are they ready to spend on it.
Below are the key indicators that you have found an optimal price for your products and services-
- When only a handful of people complain that your product is too expensive.
- When most people don’t hesitate before paying.
- When people think that your product is expensive, but they are ready to pay because they recognize its value.
Listen To The Paying Customers More
Many people will say good things about your products, for example, they love the product, they are going to buy it again, etc. But, don’t base your business based on the feedback of the freebies.
Though it is necessary to provide support to all the users, improve your products for those who pay you. The reason? They provide you with an insight that matters. Stay in touch with your customers via chat, answer their questions, resolve their queries, and add new features to your product based on their valuable feedback.
These are some of the steps to boost your startup and establish yourself as a thriving business.