As a tech startup, you know that growth is essential to your success. Here are some strategies to grow your tech startup and survive in this tough market.
The ultimate goal of many startup businesses is to move beyond being a startup. At some point, you want your startup to be a full-fledged enterprise. To achieve that stage, a startup must be consistent in its efforts and growth strategies.
What are the best ways to achieve startup growth? There are many different methods, but not all of them will work for every business. So, we’ve put together this list of 7 strategies that will give you ideas for growing your startup.
Whether you’re just getting started or looking for new ways to expand, these tips will help you achieve the startup growth you need.
7 Fundamental Strategies to Grow Your Tech Startup
We live in a progressive world, and countless solutions exist to address different market demands. These solutions come in the form of tangible tech products and innovative business processes to adapt to market changes.
Here’s a 7-step survival guide that will help you grow your tech startup.
#1 Focus on customer acquisition and retention
Perhaps the most critical step for growing your tech startup business is to focus on customer acquisition. Acquiring new customers is essential for any business, but it can be especially challenging for startups.
For this reason, it’s crucial to create a customer acquisition plan or customer funnel that outlines how you’ll attract and convert new customers. By focusing on customer acquisition, you can ensure that your business is constantly growing.
Once you’ve attracted customers, capturing their loyalty is key to your startup growth. To capture customer loyalty, you need to create a great customer experience that keeps your customers happy.
There are many different ways to improve customer retention. For example:
- Providing customer feedback and support systems
- Offering discounts and incentives
- Loyalty programs
Happy customers stick around, spend more money, and refer their friends. There is no better vehicle for growth than providing an outstanding customer experience!
#2 Seek out funding and partnerships
Securing funding and forming partnerships can provide your startup with the resources and support it needs to grow. Look for opportunities to pitch your business to investors and consider collaborating with other companies or organizations.
How do you start building partnerships? Look for non-competing businesses that sell to exactly the same demographic you’re trying to reach. Businesses that provide closely-related services without overlap can build referral partnerships or cross-marketing campaigns that are mutually beneficial.
#3 Explore growth hacking and guerilla marketing
Growth hacking is all about finding creative ways to grow your business. This marketing strategy experiments with innovative ideas to achieve startup growth while spending as little as possible.
Here are some ideas for growth hacking and guerilla marketing.
- Building an incentive program that rewards customers for sharing and recruiting friends
- Offering a freemium model, attracting users with a free offering in order to upsell them to a premium tier
- Recruiting influencers who are popular with your audience to review or promote your product
- Using humor or unexpected elements in your marketing campaigns to stand out from the competition
- Hosting events or pop-up shops in unconventional locations to surprise and delight customers
- Partnering with existing events or organizations to reach a targeted audience in a relevant setting
By focusing on growth hacking, you can find innovative ways to grow your tech startup.
#4 Invest in digital marketing efforts
Investing in digital marketing is fourth on our list of innovative strategies to grow your tech startup. Digital marketing is essential for any business, but it’s crucial for today’s startups.
Currently, 58.4% of the global population uses social media. In the United States, that number is closer to 90%. As such, it’s a critical avenue for businesses to market their products. Additionally, digital marketing can help you reach new audiences and grow your brand awareness.
If you’re unsure where to start with marketing, consider hiring a digital marketing agency or using social media platforms such as LinkedIn, Facebook, Instagram, and Twitter.
#5 Use productivity tools
Productivity tools help you manage your time and resources more effectively. Essentially, with the right tools, you can do more in less time.
For tech businesses, there is a tool for almost any process. Some of the most popular productivity tools include:
- Project management tools
- Task management software
- Software development tools
- Communication software
- Time tracking software
#6 Build a strong team
A strong team is vital for any business, but it’s indispensable for tech startups. To grow, startups need to move quickly and efficiently. As a newcomer, starting with a well-equipped team will help catapult your business further.
To create a strong team, you need to hire the right people and provide them with the training and resources they need to succeed. You don’t necessarily need a large team when you first start your business. In software development, for example, you need just the right number of people with the right skills to ensure that you will have a successful launch while minimizing costs.
#7 Offshore your software development
Offshore software development is a great way to grow your tech startup. You can save time and money by outsourcing your software development to a team of experts abroad. Plus, you will still be getting the high-quality results you need.
When you offshore your software development, it can help you scale your business more quickly and efficiently, leaving more money to invest in sales and marketing. Offshore software development is a smart way to grow your tech startup.
Grow Your Tech Startup With Full Scale!
We have outlined some of the best possible ways to grow your tech startup. While there are numerous strategies for growing your startup, not all of them work for every company. It’s crucial to find the right strategy that fits your business needs. The seven smart strategies listed above are all great options that can help you achieve your desired growth.
You can also tune in to Startup Hustle for more insights on building and growing your business. Hosts Matt DeCoursey and Matt Watson’s podcast is “for entrepreneurs by entrepreneurs.” The podcast discusses the A-to-Z of startups and various topics in different markets and industries.
One of the recurring podcast topics is offshore development since our hosts are experts in that arena. How? They’ve each built several tech startups themselves and are also the dynamic duo behind Full Scale.
Offshore Your Software Development With Full Scale
Full Scale is an Inc. 5000-recognized business in Inc’s list of the fastest-growing private companies in the United States. We provide software development and digital services through our offshore unit in the Philippines.
Our vast tech talent pool includes software developers, QA testers, technical writers, content marketers, and graphic designers.
At Full Scale, we take care of the entire assessment and recruitment process. Moreover, we only hire well-rounded and globally competitive tech professionals. Because of this, our clients don’t have to worry about doing the recruitment themselves. This saves you time and money.
If you’re thinking of offshoring your software development, you’ve come to the right place.