Startups are appearing on the tech scene almost every day. This is good news because it shows that quite a number of people have embraced the internet as a means of transacting business. But at the same time, many of these startups with great potentials have disappeared due to the wrong execution of their growth and marketing strategy.
Growth is key, yet growing a startup is really hard and most founders struggle with it. In line with this, Jumia Travel, the leading online travel agency shares tips to help groom and grow your startup so that it will outlive you.
1. Do things you do not require in the long run
When your startup is taking its first step, make sure you get your friends and family to work with you and use your product. Don’t just stop there, you can also share what you do on blogs and engage with potential users over social media. You will get useful comments that will make your product more attractive and acceptable.
2. Focus on a small niche
Since you are just starting, it is better to focus on a small niche or market because it will be much more manageable. So, don’t go too broad quickly. You are more likely to grow by narrowing your target audience, better understanding customer needs, building more focused products, and tailoring your marketing message to a specific audience.
3. Don’t chase money
Having a startup should never be about getting rich quick. Successful startups that achieve growth early on are the ones that focus on innovation and providing unique, valuable solutions for consumers.
4. Regularly review strategic areas of your startup
In the beginning, you probably laid out clear plans the strategic areas of your startup, including operations, sales/marketing, and finance. But if you want your startup to achieve growth, you need to regularly analyse and review these areas.
5. Delegate and trust, but verify
One of the key problems many entrepreneurs have is trying to do too many things at the same time. If you manage everything yourself, you can ensure it works out in the smoothest way possible. But know that doing this will make you experience entrepreneurial burnout and this can hinder your startup’s growth. So, trust the members of your team and know when to delegate. The important thing is for you to follow up and verify whatever they are doing.