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If you are running a start-up business, you will be fully aware of just how difficult the initial processes can be. Immense amounts of time and effort need to be spent to simply get the company up and running. There is a need for a solid business plan with accurate financial projections to ensure that loans or finance can be granted to get the business off the ground. In addition, there needs to be a comprehensive understanding of the marketplace you are operating in and who your target market will be. The product or service you offer must meet, or ideally exceed, the expectations of that target market to gain sufficient sales and revenue streams. Once your start-up has reached the point where it is generating regular income streams, the next step is to look to grow your business further. This article explains three key tactics by which this can be achieved.
Multi-Channel Promotions
For start-up businesses looking to expand their market share and grow into larger corporations, promotion is key. It is important to harness a variety of channels to achieve this. Firstly, local markets can be cultivated effectively by producing a variety of print media that can be distributed to potential customers or used as banner promotions at sites of high footfall. If the printing is done in-house, it is important to understand effective print colour management techniques, so that a professional result is achieved every time. In addition to print media, the importance of leveraging the power of social media channels cannot be underestimated. Sites, such as Instagram and Facebook, can be used to produce memorable but short advertisements and promotions that lead back to your website and potentially reach a global audience. In all cases, multi-channel promotions must have similar branding and style to build a consistent brand image.
Hire Quality Talent
A key factor in the successful growth of any start-up business is to hire the best talent as the workforce grows. It is vitally important that in the early stages of business growth new starters can help to shape the organization. They must be self-starters and fully attuned to the values and mission statement of the organization. It is also important not to hire “yes men” in this growing team, especially if they are taking senior positions within the firm. Hiring this type of person may result in an organization not having a clear direction or blindly making poor business decisions due to a lack of challenge from other employees.
Use Data to Gain Insights
A growing start-up company should be collecting data on a routine basis and using this data to drive future business decisions. By gathering data on customer behavior on the company website, to assessing the reach of advertising promotions, the intelligent use of data can be integral to shaping the future. It can also serve as a way of further understanding the target market and can help to indicate when tastes or preferences change. Using data to gain insights into customer behavior should be seen as a vital strategy for continued growth and long-term business success.