Startup: The market is characterized by immense competition where buyers and sellers interact, thereby obtaining the current price level, quantity demanded, and supply concerning goods and services irrespective of any form of a location. Furthermore, the market mechanism design also includes conditions and relationships between the buyers and sellers, which in return facilitates the transaction process.
Such levels of requirements and the presence of immense competition will eventually kick out firms and start-ups that don’t have the potential to grow.
Hence it is very much essential for the star-ups to evolve to stay in the competition. But the question is how? Well, worry not as here we have jotted a total of 5 fundamentals of Growing Your Startup that will help you grow your business.
1. Good Sales Funnel System Of A Startup
Sales funnel is a term used in the market which describes different stages that potential customers go through before purchasing a product. So it is this series of steps that you should aim for if you are planning to grow your start-up. Until and unless you have a well-structured sales funnel, then proceeding in your start-up journey to expand your business is a big mistake.
2. Usage of the customer management system
The customer management system helps to gather all the data collected. These data’s are precious to the business as it contains valuable information and trust of the employees. The system manages all the data, which in return helps the employees obtain clean and precise data that are present in the correct format whenever required, which saves time, money, and effort.
The very reason why such a system is in use is that it helps store the data itself with no such extra step compared to when done manually. It is very troublesome to obtain data from places that contain a lot of such data. Furthermore, if not handled carefully, these data can be misplaced or erased in the worst scenario. It helps to keep the rate of management of such data on par with the growth of the business.
3. Having a good idea about the market
It is essential to research the level and type of competition that prevails in the market. This research should consist of information like the current market price, availability of any cartel, any superior firm that has the capability of modulating the current price level, and so on.
Such immense emphasis is given to this step as it helps you design a strategy that enables you to grow your start-up, avoid mistakes, and calculate measures that will eventually scale up your start-up business. Also, getting what your competitors adopted as a strategy to survive in the competition will be applicable for you too, so research properly.
4. Creating a customer loyalty program
A customer loyalty program is a market strategy that helps develop the existing business by aiming at the current customer. These customers are rewarded because of the purchase made from a particular brand or a company regularly.
- There are a series of benefits from the customer loyalty program, which includes-Customers will be making purchases based on the price and how they are rewarded and included in the entire process.
- If the customers happen to like the facility provided by the program, they will talk about your company with their friends and family members.
- It is believed that the cost incurred in acquiring more customers is higher than the cost incurred in satisfying your existing customers. Hence the program is cost-effective, which is beneficial for the business as a whole.
After feeling happy with the services from the program, the customers will help to share about your start-up business on social media and provide you with good ratings.
5. Always look for new opportunities.
Markets are constantly changing, and it is these changes that contain a possibility or a gap. This gap, when exploited carefully, will result in the growth of the start-up, linearly or even exponentially. Such availability of opportunities can be seen only by analyzing the home markets and the foreign markets carefully. But all the mentioned steps require monetary support.
Thank goodness there is always the availability of MSME loans and business loans, especially when planning to expand your start-up. One such MSME is the Credit Guarantee Fund Trust or Micro and Small Enterprises (CGTMSE), whose primary function is providing such loans and lendings.
