Business Growth Strategy in the New Normal: Boosting and Growing Your Startup
It’s no secret how the COVID-19 crisis has caused massive disruptions in the world of business. While some big companies and small and mid-size enterprises (SMEs) have already reopened, others had no choice but to close for good. Even up until now, some businesses have been trying to keep themselves afloat amidst the ongoing crisis.
But surprisingly, plenty of aspiring entrepreneurs have taken the plunge into business. In fact, business applications have surged in the US during the pandemic. These are individuals who lost their jobs at the onset of the pandemic. As such, they have launched their startup amid the COVID-19 crisis. However, they took advantage of the thriving industries identified by the US Chambers of Commerce.
If you’re one of those who have recently launched a small business, think about how you can grow your startup in the new normal. Sure, your goal is to ensure it gets by amid the ongoing pandemic. However, it makes a world of difference if you start thinking about growing it for the long term.
That said, here’s how to grow your startup during this pandemic:
1. Continue to study your industry
Before launching a startup, you must have studied the thriving industries first during this pandemic. As an entrepreneur, you’ve learned tons of small businesses that are in demand amid the crisis. These include the cleaning, delivery service, home improvement, and outdoor landscaping sectors, among many others. If you’ve ventured into one of these flourishing industries, you shouldn’t stop studying your market. Check if your chosen sector remains relevant and make the necessary adjustments.
2. Keep up with your consumer needs
In line with studying your industry, you must pay particular attention to your consumer needs. Understand that your business exists because of these consumers. They are the ones who buy your products or hire your services. Therefore, you must cater to their needs. However, take note of the ever-changing consumer behavior. It’s especially true during a crisis such as the COVID-19 pandemic. Ultimately, it all boils down to how your business can serve the changing needs of people.
3. Offer relevant products or services
Once done studying your market, you must evaluate your products or services. You will most likely continue to offer these if they continue to resonate with your target customers. However, implement business growth strategies to stay as relevant as possible. For instance, employ market development by selling your current products to a new market. You can also resort to product development by adding new features to your existing items. Lastly, consider market segmentation based on geographic, demographic, firmographic, and psychographic. From there, you can target particular products to each group.
4. Start to create business value
If you’re looking to grow your startup, it all boils down to creating business value. If people see the worth of your business, they will patronize and support it. For the most part, this idea entails catering to the needs of your target consumers. Understand, however, that it goes beyond your customers. Also, consider all the stakeholders involved in your business, from your employees to your suppliers. Think of how you can provide jobs to people, support local suppliers, and help your community.
5. Hire the right people and grow your team
Every business should understand that its workforce is its most valuable asset. Without its employees, it will cease to exist. As your employees can be instrumental to your overall business success, you must hire the right people. As such, be stringent in your screening process. Don’t just factor in their knowledge, skills, expertise, and experience. Also, consider their utmost commitment and dedication to work. Ultimately, take care of them so that they can take care of your business.
6. Implement digital marketing campaigns
Marketing is a crucial part of the overall business equation. This business endeavor entails reaching out to prospective customers and promoting your products or services. As such, digital marketing can be your best bet. Start by updating your business website for your so-called website marketing. Two, implement search engine optimization (SEO) for marketing to boost your online visibility. Also, employ a pay-per-click (PPC) campaign to increase your website traffic. Plus, don’t forget to be aggressive on your email, content, and social media marketing.
At this point, you now know what it takes to grow your startup during this pandemic. Consider the business growth strategies recommended above, from studying your industry to creating business value to implementing digital marketing campaigns. As an entrepreneur, you have to be aggressive, passionate, and hardworking in boosting and growing your business. With all these in mind, you’ll be amazed at how all your business efforts will pay off in the long run. Ultimately, you’ll see your startup grow, flourish, and succeed in time.