The landscape of business development has massively shifted in the past year, with new challenges facing hybrid teams. How can new startups use our current climate and the growing reliance on social media to their advantage? Here are 5 quick tips 👇
1. Define what makes your business unique
Let’s be real - it’s highly unlikely that you’re going to be the sole entity operating in your chosen market. Hence, differentiation is key. Define what makes your company and services unique. It’s going to help you stand out in the market and help you grow in the years to come. What all high growth companies share in common is that they have a core philosophy they abide by. It’s a set of values that you should use to weigh all your major business decisions next to. It’s how you ensure you stay on brand and differentiate yourself from your competitors.
2. Establish a strong digital presence
It doesn’t matter how good your product or service is if no one talks about it. If you want your startup to succeed in 2022, you need to leverage the power of social media. Social media help you bridge the gap between your product and your audience. It allows you a real-time sneak peek into what consumers what and how they interact with your product. Create a content strategy for your business and put yourself and your brand out there with consistency. Your organic growth is often tied with building a strong foundation of loyal followers. What better way to do that than going social?
3. Create customer loyalty
Let’s get straight down to business - it’s actually cheaper to retain existing customers than it is to acquire new ones. That’s why creating a loyal customer base is important for the longevity of your business. Whatever the end goal of your company might be, ensuring a positive experience for your customers should be at the top of your priority list. In fact, it will facilitate your growth strategy as well. A few good ways to create customer loyalty is to provide additional perks for your most loyal customers, incentives for existing customers, and when things don’t quite work out as planned - be honest and upfront about it.
4. Reduce the scope of work
Reducing the scope of work does not necessarily mean to eliminate the actual bulk of work that needs to be done. It actually helps you stay focused on the key-features of your product without wasting resources on add-ons nobody is going to use. You could further break your process down into various small stages to make things easier to manage. Once you have your product launched, use the customer insights you’ve gained as a result to define what the next stages of your startup journey will look like.
5. Hire remotely
Like it or not, working remotely is here to stay. Apart from having access to a bigger pool of talent, there are more advantages to hiring remotely, like speed of execution. With a workforce that’s spread all over the world, your startup can in theory be working 24/7. It also allows your employees more flexibility which can positively impact their job satisfaction and in turn - performance.