Launching a startup is one thing; accelerating growth and expanding is an entirely different challenge.

While patience is certainly a virtue, it’s not necessarily the best skill for entrepreneurs to adopt. Instead, the focus should be on rapid growth and long-term success.

Here are some of the essentials that you might need to accelerate your start-up during the initial days and build it into a brand that people trust.

UNDERSTAND THE MARKET

Market research should never be underestimated by anyone. Especially if you are an entrepreneur, before you come out with an idea or a business plan to your colleagues, you need to understand the market revolving around your idea.

Keep up with all the market trends and maintain a competitive edge by sizing up your business opportunity.

FINE-TUNE YOUR VALUE PROPOSITION

For an early-stage business, the importance of establishing a clear value proposition is of paramount importance. Whatever your value proposition is, it’s got to match what people need the most—not just what they’d like.

Continuous research and customer feedback allow you to understand their needs and improve your value proposition.

STAY FOCUSED ON WHAT SELLS BEST

Many startups fail because they spread themselves too thin at the growth stage. They try to do everything for any client or they try to expand into multiple new markets simultaneously.

And many times these strategies just do not work. Instead, you should concentrate on core business areas. Expansion is a must but thoughtful, targeted growth is what wins the day.

Being too opportunistic can waste precious resources, as well as take focus away from what made them successful in the first place.

CUSTOMERS BEFORE PRODUCT

Many entrepreneurs make the mistake of believing that “if we build it then they will come.” Some of the smartest techies and innovative minds believe that if they create something valuable then people will recognize its value and adopt the product.

Unfortunately, this is far from true. Even if you create something so unique and valuable that it has the potential to provide value to virtually any user, this doesn’t mean that your customers will understand, believe in, or even recognize its value.

Rarely do people adopt a new product without some sort of encouragement from a friend. Rather than relying solely on the merit and functionality of your product to attract users, your goal should be to go out and get those users yourself.

Promoting your product and selling to customers should be a key focus if your goal is to have your product be absorbed. Don’t wait for your product to be perfect, get it out there quickly.

BUILD YOUR BRAND TODAY

As the saying goes, “fake it till you make it.” Even though your startup might not currently have the success you hope it one day achieves, success begins on day one with the image of your company that you create.

The way that the world sees your company, the way that your customers and investors perceive and understand your brand – that is the basis of your success.

If you can grow a strong, unique, enticing brand early on it will parlay into long-term success. Branding is about understanding your customers and investors, understanding what they want, and catering to that perspective.

All else being equal, a strong brand will be the deciding factor for many prospective customers and investors when deciding which company to support. Get press and focus on marketing.  

Don’t wait for people to know your name – tell it to them.

TRACK THE COMPETITION

No business or service is one and only in the market. The market decides whether you’re better or not. As a startup or an entrepreneur, you have to track your competition and stay ahead of them in every way possible.

Once you’re done with your analysis, you can predict what will be your competitor’s reaction when you enter the market. You’ll be aware of their weaknesses & strengths, which will help you to stay ahead in the game.

Try to share their strengths & weaknesses with your team; so that they are aware of what direction they have to work.

KNOW YOUR CUSTOMERS

Customers are who makes a product or service successful. It goes without saying that you can’t have much of a business if customers won’t pay you.

As an entrepreneur, you should spend some time in meeting those customer needs that your competitors aren’t meeting.

Consider your target audience’s gender, age, geographic location, pain points, interests, budget, etc. Conduct online surveys to narrow marketing focus and use web analytics tools to keep a track on your customers.

The sooner you learn about your customers, the faster you’ll be able to pivot and serve them better.

WORK ON LOYALTY

Today, loyalty is a mixture of emotional engagement, trust & ability for a brand to engage, meet or exceed expectations of the consumers who hold onto their products & services.

To accelerate your startups, you have to give the customers some royalty treatment like loyalty programs. When customers sign up for your product or services, they will lookout for some special treatment, which is very helpful in bringing them back at your doorstep.

Customers like the brands that connect with their needs or requirements. So make sure you give them leverage so they keep coming back for your service.

FOCUS ON THE EXPERIENCE

Any business that wants to build a loyal following must be able to provide positive experiences that will result in positive perceptions and brand awareness.

This requires superior product development, a strong focus on client-centric sales funnel and excellent customer service. These should be the core tenets of every business plan.

UP-SELL AND CROSS-SELL

For companies with an existing customer base, up-selling and cross-selling are good strategies to pursue in order to maximize the value of each customer.

The biggest benefit here is that there’s no additional investment in advertising, marketing, or lead generation. You’ve already acquired the customer – you’re just getting them to increase their average purchase size.

Honestly, the best way to upsell and cross-sell is to clearly explain the added benefits of doing so and utilize the trust you’ve already built to instil confidence.

GET FEEDBACK

It’s very helpful for entrepreneurs to conduct a survey to get feedback from employees as well as the customers. Feedbacks are one of the important steps in developing a relationship, which is definitely necessary for your brand.

If feedback is negative, try to take feedback in a positive way to improve your service or product requirements.

When you take feedback from your customers & employees, they feel like you care about them and this brings encouragement in them to work harder.

It’s also necessary for them to speak up or write or submit because when they do, you’ll understand where you can improve.

So feedbacks are necessary to evaluate your own performance that eventually helps you to grow in the right direction.

THINKING INTO THE FUTURE

With continued success comes brand recognition. And a positive brand image is as good as a brand new storefront is at bringing in qualified leads and loyal customers.

By staying laser-focused on what works, pivoting away from what does not, continually innovating, and professionalizing processes, an early-stage venture company should be able to grow and become an established business, creating more customers, more revenue and more positive impact.

So get ready to ride up the escalator and get your brand moving.