If you’re running a startup, chances are you want to grow as fast as you can. In the early days of your company, this may mean rapid customer acquisition, but eventually, there comes the point when it’s time to focus on retention. In this article, I’ll share five tips to help your startup achieve double-digit growth.
Keep Your Customers Coming Back for More
You can’t expect to see double-digit growth in your business if you consistently lose customers. If you find yourself struggling to retain your consumer base, pinpoint the issue and resolve it ASAP. Develop a relationship between your company and your customers to keep them coming back for more instead of taking their business somewhere else. There are plenty of ways to build customer loyalty—listening to customer feedback, creating a loyalty program, and engaging with customers on social media are just a few examples.
Stand Out From Your Competitors
Research who your business’ competitors are and figure out how you can make your business stand out from the crowd. Do you have an idea that nobody else in your niche is doing? Are your competitors all doing something that you know your business could do better? Capitalize on that and use it as a sticking point for your business. You’ll see your business start to grow in no time.
Prioritize Customer Engagement
Research has shown that CEOs from high-growth companies prioritize customer referrals as their main marketing strategy. They develop rewarding customer referral programs that actively encourage their customers to tell their friends about their company. Authentic audience engagement and an awesome referral program will have you well on your way towards seeing double-digit growth in your startup.
Treat Your Employees Well
Your employees are the backbone of your business, and without their support, it will be nearly impossible to achieve double-digit growth in your startup. Customers may come and go, but finding great employees that do their jobs well is pretty tricky.
Ask your people about their favorite working experiences, what type of environment they work best in and what work culture they’re looking to dive into, and tailor your business to their expectations. This information can easily be gathered through a survey or other employee feedback tools. Your employees need to feel valued and heard if you want them to stick around and do their best work. The growth you’re looking for will come as a result.
Shift Gears When Needed
If your current business model isn’t giving you the growth you’re after, don’t be afraid to go back to the drawing board and try something new. Don’t let yourself or your business get stuck in a rut because you’re afraid to push ahead with a new idea. If your growth is stagnating and you notice your customers searching for something new, that’s a good sign that it’s time for you to shift gears. Sometimes, a change of pace is exactly the type of jumpstart a business needs to skyrocket.
Seeing double-digit growth in your startup is all about listening to your customers, valuing your employees, and finding ways to make your business stand out in a vast sea of competitors. If you keep these things in mind, you’re likely to see plenty of growth in your business!
Check out Aspire360 for coaching and collaboration that will take your business to new levels.