Every startup founder is fanatical about growing the number of their customers. Finding new customers is a hurdle every company regularly faces. At the same time, relying on too few customers can leave a company vulnerable leading to a cashflow crisis. Advertising and marketing have time and again proved that through intrinsic and careful strategies to grow the consumer base. Apart from advertising and marketing, there are multiple strategies and factors that affect the way a company can find new customers.
Referrals are the latest way to spread the word about a company and get more customers onboard. Referral customers tend to purchase more over time and in turn, become a source of additional referrals. Referrals also help in getting the ‘perfect’ or ‘ideal’ customers who are genuinely interested in your product and services. Referrals are a great means to increase new customer base as people generally know the person referring the service thereby increasing the credibility of the company.
2. Strategic Alliances:
Another way to leverage new consumers is by strategically teaming up with other businesses targeting a similar target customer. Team ups help increase the database, share audience and stream referrals to ultimately develop a business. Strategic Alliances are also known as host-beneficiary arrangements in which two business work together to promote both the companies. For example, an alliance between an attorney and an accountant or a web designer and an advertising agency.
3. Specialized packages:
Creating specialized packages for different target groups is another smart method to increase the consumer base. Different offers for customers belonging to different demographics will help companies cover a diverse target audience. Consider making targeted offers for consumers based on their age and gender. Extended discount offers to students, special sales for businessmen, targeted services to women are examples of such specialized packages.
4. Back to basics:
Return to basics of advertising. It is important to remember not all potential consumers have access to digital or broadcast media. Put up posters in vital places, publish advertisements in local papers, speak at trade events and involved in local businesses. While digital media may be the quickest method to spread the word about the company, traditional media still has a lot to offer.
5. Customer Care:
Many new companies and businesses tend to forget about customer care. A dedicated team of professionals working to answer questions, clear doubts and help in whatever way possible is an important element of growing the consumer base. Customer care for both digital media and telephone calls help establish a connection with new consumers thereby, creating credibility for the company.
What are strategies do you think work best for you? Let us know in the comments section below!
Five Ways To Build An Effective Startup Team
No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.
1. Identify The Positions
Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.
2. Envision The Bigger Picture
When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.
3. Adopt A Game Management Approach
Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!
4. Get A Consultant
Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.
5. Post Hire
Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.
Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!
Relationship Between Manager And Employee
The relationship between a manager and employee is extremely vital to the entire mood of the office. A poor relationship brings down the entire moral and effects the productivity of not one but every employee. On the other hand, a good relationship breeds positivity and fosters a functional work environment.
According to multiple studies, more than half the employees were unhappy with their direct supervisors. This friction between management and staff not only manifests itself in poor attitudes and work culture, but it can also have a deleterious effect on a company’s productivity and revenue. What employees lack in the workplace is one simple thing, cooperation.
Managers are successful only if they keep reinforcing the fact that performance at work is not always about competition. While healthy competition is always encouraged, it goes against the overall work atmosphere of the company if the competition becomes too negative too soon. Performance is about coming together to serve a common purpose: that of delivering a brilliant product at the end of the day. As a manager/employee, once you convey this message to your team and tell them you actually mean it, the work flow makes more sense.
As a manager/superior, you can create a positive work life by simply charting out certain details. Delegate specific responsibilities to certain employees and make sure each responsibility is linked with the next in a ceaseless effort to provide exceptional products. Find ways to bring your team together. Hold workshops, have constant feedback meetings and create goals for each team with a reward incentive at the end of a successful task.
Workers without a career advancement or a near goal in mind are usually demotivated. Develop and guide talent to ensure you have a loyal and stable workforce that can fill the needs of the present and future. In short, do not, at any point, make your employees dread coming to work. Get the pay cheques rolled out on time, ensure you have enough number of holidays planned for the year and make sure you and your employees always have a strong connection.
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