Life changing thoughts

Top 4 Tips How do today’s top startups maximize their growth

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LifeChangingThoughts ByReema Srivastava
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  • 1.This new marketing type has become quite popular due to the success that Silicon Valley startups have got due to growth hacking.

  • 2.Solving a problem provides a guarantee of success.

  • 3.Setup any business in the local first and then expand it later.

  • 4.You can reach more audiences by offering free TVs and content.

  • 1. Like startups like Zomato, Facebook, all startups want that they get success and get it quickly. This is the dream of every entrepreneur. So let us tell you that this dream of yours can come true. Silicon Valley startups are role models for everyone. Successful startups in Silicon Valley are successful today because they used clever marketing techniques. So what are these techniques after all? This is what we are going to know in this book. In this summary, we will know that how you can earn money by offering your service and your product for free? How did Zomato take advantage of the situation? And after all, why will no one ever have to pay for ads?

  • So let’s get started!

  • You all must have heard the name of Silicon Valley and if you have not heard then let us tell you that this is the place where many successful companies and startups start. In a very short time, the startups started here start generating billions of dollars in revenue and do not know how many customers they attract.

  • For example, let’s talk about Uber. Started in 2011, this transport service became popular all over the world within 5 years. Today this company is valued at $62 billion. It is quite a matter to think that how the company has grown so fast.

  • All startups that get success quickly have one thing in common and that is that they all avoid traditional marketing techniques. Talking about Uber, they never focused much on old marketing techniques such as sales or advertising, but targeted their clients through their data analytics and then their same clients themselves did the marketing of Uber.

  • This new way of doing business is called growth hacking. With this approach, you can grow very fast. And it is not limited to just one specific sector. Growth hacking can maximize the success of any type of business. There is a simple formula for successful growth hacking. There are many factors like Attraction, Retention and Help of Generating Revenue which provide you good results. To achieve this, growth hackers need a team of experts who are familiar with scientific thinking. Next in the summary, we’ll go over some of the best growth hacks and understand how startups today use them.

  • 2. Although you may have heard what we are going to speak to you now, but still listen to this important thing once again. A successful new business idea is the one in which you identify the problem of your audience and provide its solution to them. And the biggest problem is the one that is affecting a large group. For example, let’s talk about the application that provides online education. In India, if one had to prepare for a good competition, then he had to go to a big city and do coaching. In such a situation, he had to live away from his home, away from his parents. In such a situation, this problem was affecting a lot of people. Then the system of providing online education was brought in India. By using platforms like Unacademy and Byjus, any student can sit in any corner of India and do his/her studies. All he needs is internet and smartphone. And these two services are also available everywhere nowadays. One thing we should understand from this example is that problems are all around us, we should just be able to identify it and then what will be its solution. It should be known. And talking about the exam, that is online shopping websites. Earlier you had to go out of the house to do shopping, go to the market and then if you do not like one shop, then the second shop and then the third shop. But now things have changed. Online shopping websites identified this problem and provided its solution to the people. Today you can checkout different brands of things at one place sitting at home. Apart from this, you also get different deals on different websites.

  • Providing valuable service can transform your idea into an idea that can change people’s lives and their behaviour.

  • Have you ever used a product or service that later became an essential part of your life? Some of the new age startups like Facebook, WhatsApp have done something similar on impact people. Today both of them have become a part of our daily life. So after all, what such technique did they use, due to which they have this position today. First of all, all the innovations like Facebook and WhatsApp were launched after observing and understanding people. Similarly, online education application also started. When applications like Unacademy saw that people were facing problem in going out for coaching and traveling from one place to another, they introduced things like online education to the people.

  • Similarly, find out any general problem around you and then think how you can provide its solution to the people.

  • Online food delivery applications like Zomato and Swiggy also did something similar. He notices that whenever people want something new or eat something from a restaurant, they have to go there. Even if they don’t feel like they have to go. But now you can order food from any restaurant from the comfort of your home. You don’t even need to make some extra effort.

  • 3. If you have got the idea that you are going to provide the solution to the problems of the people, then you will be tempted to launch that business globally. For your information, let us tell you that your idea of โ€‹โ€‹launching this business globally may backfire. If you start with a high level in the beginning, then the risk is very high. So to maintain your visibility and momentum, it is better to start in the local market first. Many Silicon Valley startups also started from the local market to gain momentum in starting. Transportation company Uber first started from a single city. He started with San Francisco first. Uber knew that San Francisco was a tech hub and the tech companies available there would definitely keep an eye on their startup. Uber took advantage of this by sponsoring tech and venture events.

  • You try to satisfy the expectation of a specific audience because then later that same audience will advertise you in front of other people. If people like your service of your product, then they themselves praise it in front of others and ask to use it.

  • The freemium business model is a great way to get your customers to try your service. But it also has risk. Do you ever scroll through a mobile application and think that why not try the free version of that application. If so then you are not alone. Many companies use this technique to first provide free service to their customers. This is called the freemium model. In the freemium model, the customer has a chance to use the free service and if he likes the service, then he can upgrade to the paid model.

  • Note taking application Evernote used this business model to generate revenue of millions. Evernote users can get access to the application for free, but they have to pay the company for additional services like storage, offline access.

  • Evernote’s strategy was successful because they knew that the more time a customer spent on their application, the more engaged they would become with the application. The idea behind offering a freemium model is that you are motivating your customers to upgrade. However, it may also happen that your model may not make such an impression on the customer that they should consider upgrading.

  • Github faced a similar challenge when they launched the free service and that too with unlimited storage. This led to the fact that the entire user content was accessible by everyone and secondly that their service bills were increasing continuously. However, later he also found a solution to get out of this thing. They started offering private storage which was meant for protective companies.

  • 4. There are many such companies which have got success with the help of freemium model. Apart from this, there is another way with the help of which you can reach your service or your product to more people. One way to generate business is to provide free content and services to people. Free does not mean that you just provide the demo version for free, but it means that you attract potential customers by providing a free stand alone offer. Like the freemium model, the main goal of this model is to attract the attention of the paying customer. HubSpot got off to a great start in 2006 using the same strategy. This company has improved the commercial visibility of the customers with the help of its tools and service. HubSpot has smartly marketed itself and assured the customers how important the service they provide is to the customers. He created a unique tool called Marketing Grader. With the help of this tool, people could analyze the performance of their website. And if someone’s website was not performing properly, then how can they improve it, Hubspot used to tell them this thing.

  • These types of free tools can prove to be very good for your business and your customers. With the help of this method, you can provide free service to your potential customers. And at the same time you can also gather important information. That’s what HubSpot did. First, with the help of free service, he told the customers why his website was performing poorly and after that he charged for the solution of that problem.

  • You can attenuate improved exposure by going social and viral.

  • By now you have learned how startups can maximize their growth. Now what is needed is to know how to maximize the exposure of the company in the marketplace. First of all, Viral Marketing is done for this thing. However, sometimes it becomes difficult to control it. Managing virality means that you are creating such a condition for your product or your service so that the information of your product can be transferred from person to person and then globally in a single night. One good thing about going viral is that its cost is zero. And the bad thing is that it happens without any attention and there is no clear region for it.

  • There is a company that has cracked the code to go viral. The name of the company is Upworthy. This is a media website that creates viral content, emotional surprising videos, which people share very easily. Monthly 88 million users used to visit this website within 20 months of its launch.

  • All the articles uploaded on this website have that thing that they can go viral. Apart from this, there is another way through which the exposure of the website can be improved and that is social media platform.

  • In this time being dominated by Facebook, you can easily increase your customer base. Yelp had similar earnings earnings. He created a good network of subscribed customers with the help of photos and full profiles. All the users who came here had some identity, so that this platform became trustworthy.

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