Startups Get Easiest Growth Plan With Market Research

Being a startup, you should always have a plan on how to onboard new users and grow your audience. It’s simply because your growth depends on the audience. The more audience you have, the more your growth rate goes up.

But, all startups are not wise enough. They come with an incredible plan to sell and make money, but without thinking about the growth aspect. A report by SunTrust uncovered that only 49 percent of SMEs had growth plan in 2019.

Fortunately, we have many affordable tools and techniques that most of the market research services providers use in the market. You can pick up the best one suiting to your budget. Even, there are many big industries and dominating corporations that come with some strategic thinking to attract growth over time.

Let’s get started with the easiest growth plan that you can figure out through a deep market research.

1. Product-Oriented Growth Plan

Also called the product-led growth strategy, this plan strategically assists you on how to position your product as a primary source of lead generation for your company. Initially, it was one of the favourite plans for B2C and SaaS companies because saving money and promoting viral growth became easy to do.

Other industries also found it effective for the same reasons. In addition, they are now using their products as a main marketing resource. What all they are doing is strategic thinking on how to maximize the way people use their product. Simply put, you get a beneficial idea for using your product as a marketing tool.

Adding this strategy to your marketing efforts can get more value and results. Optimising landing pages, throwing ads and email marketing-these all campaigns make your customers’ journey full on with opportunities. You can make a marketing funnel to onboard more & more customers.

2. Making Product Viral By Incentivising Customers

Viral-loop marketing is what pushes your customers to engage on their own, building a chain for sharing your product with their community, friends and relatives. What all they need is connectivity with massive number of people. You can leverage on this viral-looping, providing introductory price points. For earning plenty of points, they grow to millions of active users.

You can boost their temptation to expand users through in-app awards to user-generated content for sharing on social media. Referral incentives also prove a great promoter when you provide discounts or access to premium features for referring products to friends. You can add a bit of fun with the growth tactic, which ranges from gamification to building community.

3. Design Product To Be Valuable &Useful

Value always weighs over style. The look is essential, but the value is needed. What you sell should have a capacity to address customers’ problems in true sense. Otherwise, it’s like a story that seems good to listen to, but teaches no value.

A report by In Vision claims that the top 5% of companies are getting benefits of product design. The rest are unable to make it up all. It clearly indicates that they need to get deep about the niche-based market and the product’s cross-platform compatibility. If it happens, the company would have more savings, happy customers and leads than that of competitors.

If you are going to bet on your product as a primary marketing tool, make sure that it looks its best and the onboarding experience should be seamless. Make sure that you’re providing value to the time being spent on your product usage. For this, your design team has to get the entire set of data about competitors’ design, trends and what customers want (from their feedback). These sources can help you to come across the ultimate design strategy that would really work well.

4. Using Feedbacks for Building Loyalty

Listening to customers’ voice always pays off with loyalty. They feel that you have interest in attending their grievances. Then, there begins the real play, which means that you make improvement upon listening to their plights. This listening and administering requests keep customers happy and you get paid with their loyalty. They do not jump out of your brand’s ship.

For keeping on with the dialogues, you don’t need fancy tools. Simply respond to messages being received on social media and chat bot on your website. This initiates a dialogue with users, which does not require you to invest massively. Just get the insights of all dialogues, analyse insights and figure out what changes are needed. That’s all! You just execute the changes that later improve customer engagement.

Don’t forget thanking to your customers on their feedbacks. It should be a daily routine.

5. Freemium Is Apprehensive

Free + premium is the product or services that users get in combination. For a certain period of time, they get free utilization of your tools or applications. Upon completing that period, they have to pay the premium amount for continuing usage.

This is awesome, but only when you have a huge capital to invest into. Your users love using and sharing it without being paid. But, this strategy does not work for SMEs. They cannot afford to give away their tools for free. So, you should always integrate it with FOMO, which means missing out on something. If you’re availing a free product, combine it with a training programme or other resources that are truly valuable. This is how the vital relationship will start booming and you would get a sustainable growth.