Startups Get Easiest Growth Plan With Market Research
Being a startup, you should always have a plan on how toonboard new users and grow your audience. It’s simply because your growthdepends on the audience. The more audience you have, the more your growth rategoes up.
But, all startups are not wise enough. They come with anincredible plan to sell and make money, but without thinking about the growthaspect. A report by SunTrust uncovered that only 49 percent of SMEs had growthplan in 2019.
Fortunately, we have many affordable tools and techniquesthat most of the market research services providers use in the market. You can pick up the best one suitingto your budget. Even, there are many big industries and dominating corporationsthat come with some strategic thinking to attract growth over time.
Let’s get started with the easiest growth plan that you canfigure out through a deep market research.
1. Product-Oriented Growth Plan
Also called the product-led growth strategy, this planstrategically assists you on how to position your product as a primary sourceof lead generation for your company. Initially, it was one of the favourite plansfor B2C and SaaS companies because saving money and promoting viral growthbecame easy to do.
Other industries also found it effective for the samereasons. In addition, they are now using their products as a main marketingresource. What all they are doing is strategic thinking on how to maximize theway people use their product. Simplyput, you get a beneficial idea for using your product as a marketing tool.
Adding this strategy to your marketing efforts can get morevalue and results. Optimising landing pages, throwing ads and emailmarketing-these all campaigns make your customers’ journey full on withopportunities. You can make a marketing funnel to onboard more & morecustomers.
2. Making Product Viral By IncentivisingCustomers
Viral-loop marketing is what pushes your customers to engageon their own, building a chain for sharing your product with their community,friends and relatives. What all they need is connectivity with massive numberof people. You can leverage on this viral-looping, providing introductory pricepoints. For earning plenty of points, they grow to millions of active users.
You can boost their temptation to expand users throughin-app awards to user-generated content for sharing on social media. Referralincentives also prove a great promoter when you provide discounts or access topremium features for referring products to friends. You can add a bit of funwith the growth tactic, which ranges from gamification to building community.
3. Design Product To Be Valuable &Useful
Value always weighs over style. The look is essential, butthe value is needed. What you sell should have a capacity to address customers’problems in true sense. Otherwise, it’s like a story that seems good to listento, but teaches no value.
A report by InVision claims that the top 5% of companies aregetting benefits of product design. The rest are unable to make it up all. Itclearly indicates that they need to get deep about the niche-based marketand the product’s cross-platform compatibility. If it happens, the companywould have more savings, happy customers and leads than that of competitors.
If you are going to bet on your product as a primarymarketing tool, make sure that it looks its best and the onboarding experienceshould be seamless. Make sure that you’re providing value to the time beingspent on your product usage. For this, your design team has to get the entireset of data about competitors’ design, trends and what customers want (fromtheir feedback). These sources can help you to come across the ultimate designstrategy that would really work well.
4. Using Feedbacks for Building Loyalty
Listening to customers’ voice always pays off with loyalty.They feel that you have interest in attending their grievances. Then, therebegins the real play, which means that you make improvement upon listening totheir plights. This listening and administering requests keep customers happyand you get paid with their loyalty. They do not jump out of your brand’s ship.
For keeping on with the dialogues, you don’t need fancytools. Simply respond to messages being received on social media and chat boton your website. This initiates a dialogue with users, which does not requireyou to invest massively. Just get the insights of all dialogues, analyseinsights and figure out what changes are needed. That’s all! You just executethe changes that later improve customer engagement.
Don’t forget thanking to your customers on their feedbacks.It should be a daily routine.
5. Freemium Is Apprehensive
Free + premium is the product or services that users get incombination. For a certain period of time, they get free utilization of yourtools or applications. Upon completing that period, they have to pay thepremium amount for continuing usage.
This is awesome, but only when you have a huge capital toinvest into. Your users love using and sharing it without being paid. But, thisstrategy does not work for SMEs. They cannot afford to give away their toolsfor free. So, you should always integrate it with FOMO, which means missing outon something. If you’re availing a free product, combine it with a trainingprogramme or other resources that are truly valuable. This is how the vital relationship will startbooming and you would get a sustainable growth.
