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Today we will be discussing the five best ways to grow your new business.
Starting a business can be tough, but believe me, the toughest part is to grow that business.
Many of the new business fail to survive because they are not able to grow themselves.
Many entrepreneurs struggle to grow their business. What makes the growth phase is even harder is the baffling amount of tactics and hacks that dictate how we should begin our growth and marketing efforts.
Below are the three best ways to grow your seed funding into Series round.
1) Know the difference between traction and growth!
The most common mistake that many of the new startup founders make is to confuse tractions with growth.
But, in reality, they both are way different from each other.
Both of them occur in the scene at different stages in the lifecycle of the new business. Besides, different timings they also play very different roles.
Thus, understanding which phase you are in your journey will help you track and manage your time and resources effectively.
Your goal in the traction phase of your new business must be to,
- get the product or market fit
- attract more users
- focus on retention
2) Find the Common threads
There are several different stages in your new startup journey.
One of them is to attract the eyes of more and more people.
Besides, catching the people’s attention, you must also be able to convert them into your customers.
Thus, as you can presume, these phases are crucial as they are the deciding factor in your growth.
In these phases, you must focus on the strategies.
There will be many strategies that will be working in your favor, and others won’t.
So, get yourself rid of those less effective strategies.
For instance, you were using influencer marketing to market your product, but that is not working. Therefore, eliminate it from your plan and then record the growth.
3) Know what pulls you down
Not everything will happen according to your choice. Thus, there will be factors that will slow down your growth, like poor marketing, improper advertising, and ineffective strategies.
Thus, you have to keep track of these factors and correct them from time to time to get the desired results.
If you don’t do this, you will keep halting your growth.
These were the three best ways to grow your busines.
Things will not happen overnight, have patience. Things will turn out to be good.
All the best!