22nd July, 2024
For many startups, the first few years in business are tough.
After just 2 years of operating, 20% of companies fail, and that figure jumps to almost half in the next 3 years.
Rather than focusing on those who don’t make it, though, entrepreneurs should instead be paying attention to those who do.
In particular, what are they doing to thrive in the face of failure?
A sign of a solid business is consistent sales from the get-go.
If you can increase your revenue year-on-year and see a constant flow of customers, your business is far likelier to stay afloat.
We’ve put together the top startup growth strategies to skyrocket your sales. Let’s dive in!
In a competitive market, research helps you stay a step ahead of the competition and ensure your products and services remain customer-focused. Some key areas to focus your research on include:
Market research gives you valuable insights into your industry, including trends, disruptors, and consumer behaviour.
This ensures you meet shifting consumer demands and appeal to your market, which is crucial for that first burst of sales.
Who are you selling to?
A clear customer profile has plenty of perks, including creating a better understanding of where you can reach your audience (such as on social media or through direct mail), how much they’re willing to spend, and even the product or service features that will make them convert.
To increase sales, get to know your customers.
Competitor analysis creates vital insights into competing businesses.
You can then differentiate your startup and give your audience a reason to choose you over similar business models.
Your website is likely to be your central digital touchpoint.
It’s where you send social media leads, direct existing customers on your email list to encourage repeat purchases, and drive organic traffic, making it pivotal for your sales strategy.
That’s why we recommend working with a professional web development team to ensure your site is up to scratch.
If you’re in the eCommerce world, a Shopify expert — like Quickfire Digital — will create sturdy foundations for your online presence.
There are also plenty of ways you can drive conversions online, whether you’re focused on eCommerce or not. Top tips include:
Your marketing funnel describes the entire journey from when a potential customer first interacts with your startup to the moment they convert.
Some new businesses think that to boost sales they have to convert leads instantly, but with around 8 interactions needed on average to turn a prospect into a paying customer, the marketing funnel is a smarter approach.
Your funnel should be based on building strong relationships over time, focusing on moving leads through from the first interaction to the final conversion — and beyond!
The general outline for the marketing funnel is:
Another long-term growth strategy that’s often key to business success is search engine optimisation (SEO).
Sales skyrocket as your startup gains more attention, and SEO is crucial if you want to stand out online.
Managing SEO internally can be complex, especially as your business grows.
Using MYOB’s job management software, you can keep track of your team’s performance, monitor effectiveness, and ensure your strategies are aligned with your overall business goals.
SEO and marketing funnels are long-term strategies that are a must if you want to drive stable growth.
But what about when you want a quick, snappy uptick in sales?
Paid ads immediately bring attention to your startup, helping improve brand awareness and push for conversions.
Some key paid advertising streams to look into include:
Though these might not be sustainable in the long term on a startup budget, they are great for boosting brand recognition and kickstarting your sales success.
As one of the most modern growth strategies for startups, influencer marketing is a smart method for tapping into large, existing audiences.
It involves your business partnering with influencers (people online with a large following) to promote your products or services through their platform. It brings tons of business benefits when done well, including:
As a startup, you can play on the exclusivity of your partnership, too.
Give followers of your chosen influencer a special discount code, encouraging a sale and creating a sense of insider discounts among your audience.
Startup growth relies on a constant stream of income coming into your business to keep your advertising up and running.
It’s a snowball effect; the more you advertise, the more sales you make, and the more you can reinvest to increase your advertising.
Take advantage of MYOB’s financial management software to help streamline this process, allowing you to allocate resources efficiently and strategically for long-term business growth.
As you increase sales and your profits climb, don’t forget to keep an eye on your finances with our real-time reports so that you know exactly when (and where) to reinvest.
Securing those first few sales as a startup isn’t easy.
With these strategies, though, you’re setting yourself up for consistent growth and long-term conversions, helping skyrocket your success and thrive.
For more business tips and financial advice, be sure to join the MYOB community.