It’s common knowledge that building a successful start-up is extremely challenging. As the UK business revolution shows no sign of ending, the number of start-ups struggling continues to skyrocket, with nine out of ten failing. Tom Fairey, Chief Revenue Officer at Quantexa, provides CEO Today with 5 huge tips on growing your company into a successful operation.
Every start-up is unique and will have different measures of success. However, for a business to thrive, generating revenue becomes king. From hiring outside the box to putting your customers first, here, I discuss my five top tips on how to successfully grow your start-up, from zero to one hundred.
1. Customers come first
In a world where competition is rife, building a loyal customer base is absolutely crucial. When customers feel valued, they are not only more likely to choose your start-up over future competition, but they are also more inclined to share their experience with others too. This can be particularly powerful in today’s digitally-savvy world, where social media is used as a marketing platform. It’s important to think about the language your customers use to describe your start-up and put this at the forefront of your messaging. Find out what problems your customers face and offer innovative solutions to these. It’s crucial to realise that being a successful business is not all about selling your product or service but about offering real solutions to real problems.
2. Influence the media
To establish your reputation as a creditable start-up, it’s important to devise a well thought out and structured marketing plan. As part of this process, you need to carefully consider your audience and how you can help them. The media is a fantastic medium which allows you to target customers, potential investors and stakeholders; all while controlling your narrative. Bill Gates once famously said that if he was down to his last dollar, he’d spend it on public relations, reflecting how influential the modern media landscape is.
3. Focus on what makes you different
One of the most important lessons I’ve learned is that the reason your start-up exists is because the competition is failing. A lot of businesses get caught up analysing the performance of their competitors and comparing themselves to this. Instead, find your niche and focus on what makes your start-up unique. Otherwise, there’s a risk you’ll end up imitating your competitors and ultimately, ending up in the same boat.
4. Share your mission
Cliché as it is, never forget that your start-up has reached this point because of your team. Make sure they’ve bought in to your story as much as you have. The internal dynamic of a business is usually reflected on the outside and the public can see straight through a façade. Make sure your team understands how your service or product is making a difference then find the right people to sell this.
5. Hire outside the box
Don’t make the mistake of hiring people just because they’ve worked for a big corporation, or they have experience in the right sector. These employees can be great assets but it’s more important to hire people who share your vision, work hard and are determined to build an empire with you. These are the employees who will make a true difference to the growth of your start-up. Strive to improve and constantly seek feedback wherever possible.
As a business leader, it’s vital to be aware of how your marketing strategies not only impact your revenue stream, but your brand reputation and overall company growth too. Every business is unique so it’s important to find your niche and own it. Do so with confidence and always set ambitious goals for yourself and your start-up.