let’s examine four factors that can help you influence growth in your own startup:
Understand the Difference Between Traction and Growth:
Traction and Growth comes at a different stages in the life-cycle of the startup and play very different roles. The major difference between the two is that the goal of a startup in the traction phase should be to get product/market fit, get users coming in through the door, and only then, focus on retention. If your product does not retain users, there is no point in growing the top of the funnel.
Look for common threads
At the time when you’re pulling in the crowds for your product, you need to focus on common threads. This will enable you to identify the particular growth channel or channels to allocate your energies on.
A good strategy is to look for threads or themes that are common to both your top customers and the top industries they represent. For instance, if your top customers are those with 10 to 15 employees or are from a particular industry segment, go deeper within that segment, rather than going wide at this stage.
Identify What Slows You Down
While scaling up, there may be many tasks on a daily or weekly basis that hold you back or slow you down. While scaling up, you want to channel all your focus on just one thing -- growth. The idea is to identify and rid yourself of all things that slow you down on your path.
Don’t Shy Away From Partnerships
A strategic partnership can be a powerful weapon to fast-track distribution. When you sell to other companies, integrate your product into their product, in order to reach consumers who are generating the revenue. Most of these relationships involve a revenue share between the two companies.
Don’t spend on anything that doesn’t drive growth in revenues or efficiency. You should also start bringing in revenues early on in your startup journey. These will help you stay invested so you can go all out on whatever growth channel works for you.
Mobilmindz is an app development company providing Startup solutions in United States and India.
Understand the Difference Between Traction and Growth:
Traction and Growth comes at a different stages in the life-cycle of the startup and play very different roles. The major difference between the two is that the goal of a startup in the traction phase should be to get product/market fit, get users coming in through the door, and only then, focus on retention. If your product does not retain users, there is no point in growing the top of the funnel.
Look for common threads
At the time when you’re pulling in the crowds for your product, you need to focus on common threads. This will enable you to identify the particular growth channel or channels to allocate your energies on.
A good strategy is to look for threads or themes that are common to both your top customers and the top industries they represent. For instance, if your top customers are those with 10 to 15 employees or are from a particular industry segment, go deeper within that segment, rather than going wide at this stage.
Identify What Slows You Down
While scaling up, there may be many tasks on a daily or weekly basis that hold you back or slow you down. While scaling up, you want to channel all your focus on just one thing -- growth. The idea is to identify and rid yourself of all things that slow you down on your path.
Don’t Shy Away From Partnerships
A strategic partnership can be a powerful weapon to fast-track distribution. When you sell to other companies, integrate your product into their product, in order to reach consumers who are generating the revenue. Most of these relationships involve a revenue share between the two companies.
Don’t spend on anything that doesn’t drive growth in revenues or efficiency. You should also start bringing in revenues early on in your startup journey. These will help you stay invested so you can go all out on whatever growth channel works for you.
Mobilmindz is an app development company providing Startup solutions in United States and India.
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