According to Get2Growth.com there are 305 Million total startups annually. Of these startups, only 10% will survive.
What can you do to ensure you’re the fortunate 10%?
You can start by implementing these 5 Must Haves To Grow Your Business.
1 – Unique Value Proposition
It’s important to develop a Unique Value Proposition (UVP).
A UVP is a clearly defined statement that encompasses the benefits of your product or service. It differentiates you from your competition. It answers a specific problem that your prospective customers are experiencing.
Failing to find your unique value proposition may lead to the main reason startups fail.
2 – Brand Ambassador
Find brand ambassadors to help promote your product or service. A brand ambassador is a customer who loves your brand so much they are willing to help promote your company in a positive light, which will help increase brand awareness and sales.
A brand ambassador may already be talking up your product/service to their friends, family, really anyone who will listen. They are your biggest fan.
This person or group of people can help promote new products, services, promotions, events. You name it!
You can pay a brand ambassador but often times providing them discounts, exclusives offers, or occasionally a free item is all they need.
3 – Utilize Social Media
This is a must for any company, especially an unknown startup. Social media platforms help you connect with your customer, it increases brand awareness and loyalty, and can boost your sales.
For social media to work, you need to do more than just create an account. You need to be active – posting daily, reading customer reviews, and answering any customer questions within a reasonable time frame.
4 – Ask For Referrals
It’s so simple, a customer just purchased your product or service, they had a great experience, ask them for a referral. As obvious as this sounds, you’d be surprised how many companies don’t ask for a referral.
A referral is free, there are no costs. And the conversion rate for referral’s are higher than any other marketing channel.
This is a must strategy for any business owner.
5 – Must Know Your Competition
Step 1 – Identify Your Competition
Step 2 – Know Your Competition.
Know their strengths and weaknesses, their products, pricing, marketing messages. Follow them on social media, sign up for their products and services, get on their email list.
You are basically stalking your competition.
Another great resource to stay on top of what your competition is doing is Google Alerts. Google Alerts will monitor the web and send you updates when a new result appears – such as a new web page, articles, or blogs.
With research you can determine what your competition is doing well, what they are doing similar to your business. It will provide you insight on how to make your product, service, pricing, quality, location better!
Be on top of who your competition is today and who it may be tomorrow. With over 300 Million startups annually, your new competition may just be getting started.