Startup Growth Strategy that Actually Works from Christopher Salis

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Startup Growth Strategy
that Actually Works from Christopher Salis
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Did you know that only half of all startups
survive for more than five years? Many startups,
unfortunately, fail to achieve product-market
fit, and startups lack a clear path to long-term
success without an intelligent growth
strategy. "It's a cause for celebration when an
entrepreneur takes an idea and turns it into a
profitable business," says Ed Sappin, CEO of
Sappin Global Strategies. "However, simply
doing the same thing will not suffice long-term
success will require new and evolving
strategies." To scale and grow significantly,
business owners must prioritize a growth to-do
list."
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Follow these simple steps from Christopher Salis
to position your startup for long-term success
and create a growth strategy that worksRules
from Christopher Salis for a Successful Growth
Strategy
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• Know your Value Proposition
• Figuring out your startup's value proposition is
  the first step in developing an intelligent
  growth strategy. The value proposition must
  explain how your startup is ideally suited to
  meet or exceed your customers' expectations.
• "Many entrepreneurs failed because they never
  articulated a compelling value proposition," says
  Michael Skok, a venture capitalist and Forbes
  contributor. "Building a substantive value
  proposition is pivotal to embarking on the
  journey from just an 'idea' to a successful
  company."

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Startups that fail to establish a distinct value
proposition struggle to attract potential
investors, generate a positive cash flow, and
become market leaders. The best startup value
propositions necessitate a thorough examination
of audience behaviors, preferences, and other
factors. Aim for a headline, sub-headline, and
three bullet points for your value proposition.
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• Identify your Target Audience
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• Determining your target audience is the second
  step in developing a realistic growth strategy.
  You are more likely to iterate on the wrong
  product enhancements, create the wrong marketing
  messages, and so on if you do not clearly
  understand your audience. These errors can empty
  your pockets.

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• Fortunately, there are several methods for
  determining your target market
• ? Collect Survey Data Begin by sending out
  surveys via email blasts or newsletters. In many
  cases, startups will collaborate with
  well-established market research firms.
• ? Examine Market Data Look to your competitors
  for target market information and insights. Who
  are your competitors' target markets? Why do they
  prefer to shop there? What are the most popular
  products?
• ? Examine Personal Networks Request that your
  network (friends, family, colleagues, funders,
  and mentors) evaluate your product or service.
  Make some assumptions about your target users
  based on their feedback.
• Create buyer personas to organize your findings.
  A buyer persona is ideally a fictional
  representation of your ideal customers, their
  characteristics, and so on.

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• Monitor your Competition
• Keeping track of the competition is beneficial
  for several reasons. For starters, your
  competitors may have already solved the problems
  you are currently facing. In essence, you may
  discover a shortcut to success by keeping an eye
  on your competition.
• "One of the reasons people don't analyze the
  competition, in my opinion, is the fear of
  discovering that their product isn't as good as
  their competitors' product," says Gilles
  Bertrand, Shire's global commercial lead. "But
  you can't escape reality it's better to face it
  and quickly improve or pivot your plan, if
  necessary. Another reason is that they are unable
  to analyze the competitive landscape."

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Are you looking for assistance in planning your
startup's next growth stage? Use these insights
from Christopher Salis and ensure business
success.
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• Christopher Salis working as a start-up and
  business advisor and always stays ready to help
  individuals and companies in their business
  development.
• Follow Christopher Salis on Twitter, LinkedIn and
  Crunchbase to get more tips for your start-up.