Take Your Startup to the Next Level in 2023

January 2023

Take Your Startup to the Next Level in 2023

10% of startups succeed. Let’s make sure you’re part of that 10%. Founders who do succeed are rewarded with independence, financial benefits, and the personal satisfaction of building a successful startup.

You can do plenty of things to avoid business failure and save a struggling business. This blog will tell you how to grow your startup faster and take your business to the next level in 2023 and beyond.

How to grow your startup faster

Master digital marketing

Technology has revolutionised marketing and the global digital marketing industry is estimated to be worth almost £650 billion by 2026.

So what are the benefits of digital marketing? It’s cheaper, reaches a wider audience, and creates more personalised and immersive advertising campaigns, to name a few.

Traditional marketing still has a place today, but startups must embrace digital channels if they want to remain competitive and keep up with the ever-evolving tech landscape.

Digital marketing ideas for startups

  • Build a good website to establish your online presence and stand out from the crowd.
  • Use social media platforms to connect with your audience and boost brand awareness.
  • Start a business blog to drive traffic to your website and build authority in your niche.
  • Optimise your content for search engines - Check out SEO for Startups.
  • Invest in Google Ads or Facebook Ads to drive conversions and sales.
  • Build an effective email marketing strategy to strengthen customer relationships and improve brand visibility.

Suggested reading: Digital Marketing Strategies for Startups

Increase sales revenue

Every business owner knows that more sales equal more revenue and growth. But boosting sales is easier said than done and many founders hit a sales plateau.

If your sales begin to slow, you must act quickly and identify what is holding you back.

Top sales tips for startups

  • Reward loyal customers. Stats reveal that repeat customers spend an average of 33% more per transaction. Incentivise repeat customers and boost retention by offering rewards such as a loyalty scheme or exclusive discounts.
  • Create memorable marketing campaigns. Consumers are bombarded with hundreds of advertisements every day. Focus on creating marketing messages that are unique and stand out from the crowd.
  • Highly your USPs. Identify what makes your product or service different from your competitors and highlight the things that make you special.
  • Leverage social channels. Social media is a powerful marketing tool that you can use to connect with your target audience, build brand awareness, and maximise sales revenue.

Prioritise the customer experience

Did you know that investing in customer experience (CX) has the potential to double your revenue? In fact, 86% of buyers are willing to pay more for a great customer experience.

A positive customer experience is key to the success of every startup because a happy customer is more likely to spend money with your business in the future. They may also recommend your products to other people which will boost brand awareness.

On the other hand, an unhappy customer is unlikely to return to your company. Surveys show that a single negative review can drive away 22% of customers and three negative reviews can drive away 59%. The impact of negative reviews cannot be ignored!

5 ways to increase startup valuation

  1. Scarcity: Create a product or service that others don’t or can’t offer. Producing something that is innovative and scarce will increase your startup valuation considerably.
  2. Market demand: Your startup will be worth more if you are operating in a fast-growing market.
  3. Perceived value: Create buzz around your startup and make acquirers believe that it’s an opportunity they don’t want to miss out on.
  4. Scalability: Make sure that your startup can support fast growth efficiently. Could you cope with an unexpected increase in customers or sales?
  5. Business reputation: A good company reputation will boost customer retention, reduce churn rates, and increase revenue and stock prices. Your reputation defines the value of your startup and its importance should not be overlooked!

Suggested reading: 5 ways to negotiate the highest startup valuation

Bottom line

Building a startup is hard and many founders struggle to take their businesses to the next level of growth. The startup success rate might be low but you can be the exception to this trend if you have the drive and determination to succeed!

Looking to sell your startup?

If you have built a startup and want to sell, join Foundy today and connect with hundreds of credible buyers who are actively searching for new acquisition opportunities. We’re helping founders sell their startups in as little as 30 days and maximise their returns by making the process as quick and efficient as possible.

If you have any questions, reach out to our friendly team.

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