Has your start-up been growing? Congratulations!
But what are you doing to maintain that growth?
The sad fact is that U.S. Bureau of Labor Statistics data shows that about 20 percent of new businesses fail during their first two years. And since 2000, 52 percent of all Fortune 500 companies have been acquired, gone bankrupt, or have simply vanished.
As exciting as initial growth is as a start-up, the key to long-term success is sustained growth. And sustained growth doesn’t just happen — it needs to be nurtured. These growth hacks for start-ups can help you nurture that growth for high revenue growth and long-term company success.
Hack #1 — Optimize your website
When searching for a product, over 25 percent of people click the first result. Beyond that, the click rates drop dramatically. And if the product you’re selling is on the second page of search results, forget it.
You want people who need your product to find it, and that means you need to rank high in organic search results. Ranking high isn’t an accident. There’s a trick to it, and that trick is called search engine optimization (SEO).
Tip: SEO can be complex. Keyword rankings are important, but SEO comprises so much more. SEO experts stay on top of the latest best practices to ensure that search engines reward your website, so it’s best to hire an expert or work with a service.
Hack #2 — Build relationships with the media
When creating a comprehensive marketing strategy, it’s easy to think that public relations (or media relations) is something that can come “later.” As a start-up, without public relations, there could be no later! Public relations helps you establish your share of voice and become part of the conversation in your industry.
PR doesn’t just work with marketing — it can amplify your marketing efforts, giving you much more bang for your buck than other types of campaigns. In fact, an estimated 93 percent of sales representatives report that media coverage gives them an edge that they can leverage with prospects. With a strong public relations effort, you can get to let others tell your story and “borrow” from the public’s trust in respected media sources.
Tip: Connect on social media with media professionals who are reporting in your field. Comment on their stories and reach out to them to develop relationships. Pitch stories that are relevant to their readers.
Hack #3 — Invest in smart advertising
In the interest of saving money, many start-ups avoid paid advertising. Unfortunately, this can cause you to miss out on sales. Advertising means more than buying time on television or YouTube (although, depending on your product, those could be the best channels). Paid search is also advertising and can help you gain that coveted top spot on the search engine results page (SERP). Consider where your buyers go, and make sure you’re there. Brand awareness is invaluable, and a well-designed ad campaign helps build it for your company.
Tip: If an ad isn’t converting, you may have made one of these common errors. Review your target buyer personas (you have those, right?), check that your copy is simple and error-free, and check that your ads are being properly targeted. A good marketing or PR agency can help make sure your ads perform well.
Hack #4 — Create effective lead gen campaigns
Consider the funnel model of marketing and lead generation. At the top of the funnel is brand awareness. As prospects move down the funnel and the lead becomes warmer, it’s essential to make sure that the information they get from you matches their stage in the buying process. Social media, advertising, and public relations all help to generate top-of-funnel leads — but what are you doing with those leads to keep them warm and interested until they are ready to buy?
Tip: Targeted campaigns that follow leads help to develop the lead and turn them into a paying customer, but creating an effective lead gen campaign requires time and a deep understanding of your buyers. Hire a lead gen expert to help you create smart campaigns that move customers through the funnel quickly and efficiently.
Hack #5 — Remember the 80/20 email marketing rule
Email marketing is critical for growth, but it has to be done well. If you aren’t providing your prospects with information they want and need, they’ll simply delete your emails — or worse, unsubscribe. Email marketing should be more than just sending sale offers and promo codes. There’s a place for these, but a generally accepted rule is to provide prospects with 80 percent informational content and 20 percent promotional content. Develop smart thought leadership content to accompany your email campaigns to keep your subscribers engaged.
Tip: Your content should match the buyer’s stage of the funnel as described above. Provide top-of-funnel leads with educational information about their industry to position yourself as a knowledgeable leader. As prospects move through the funnel, get more specific about brand positioning and how to use your products to solve their problems.
Implementing these hacks strategically and working with experts will help you keep your product in buyers’ minds, position your company for long-term higher revenue growth, and provide you with a steady stream of customers eager to do business with your start-up.