Why are Growth Strategies Important for Tech Companies?
Tech start-ups are dependent on sustainable growth strategies that allow them to expand their business by acquisition or natural growth. By judging the progress of the business, an expert will give start-ups advice. This advice may include increasing business needs by proper planning and implementation of growth strategies, specifically for tech startups.
Growth Hacking in Start-Ups
The increase in tech start-ups striving for quick expansion has led to the term “Growth Hacking.” The term is a popular word that many entrepreneurs are familiar with in the start-up universe. The buzz term “Growth Hacking” defines rapid research and trails across various marketing channels. The majority of the start-ups in the industry today are ready to try “out of the box” concepts and ideas to make their mark in the industry that is worth millions of dollars.
One of the most influential growth strategies employed by startups is by PayPal. There was a time when PayPal was not as big a company as it is today. The company used substantial growth hacking as it’s primary growth strategy. PayPal paid $20 to those who signed up and another $20 was paid when the user brought in a referral. Initially, it cost the company millions, but the strategy paid off and established PayPal as the primary company for handling online payments.
Deciding What the Start-up Needs
Apart from PayPal, another company has taken the startup universe by storm by tapping into the niche market. MonDevices was successful in establishing itself as a leading company within a few years by effective growth strategies. The company was initially launched in 2015 through Kickstarter. Today, Mon Device is a start-up that produces one of the best and cost-effective sleep monitors. The monitor features a roll over the monitor and smart breathing monitor that gives new parents peace of mind along with much needed sound sleep. The rollover monitor is useful and could save a baby from injury by alerting parents. A monitor like this was much needed, but MonDevices was the only company who was able to succeed with effective growth strategies for tech companies trying to gain market share.
Get a Team that Carries Your Vision
For any tech company trying to expand, one of the most essential foundations of growth strategies is needed which is to have a team that shares your vision and passion for the company. Align your teams and the organizational goals of your start-up to have a potent combination for guaranteed success. Every team member will strive to achieve their professional goals by being more productive.
Transparent Working Environment as an Essential Part of Growth Strategies
For a tech company trying to succeed in a competitive environment, it needs to rely on imposing a seamless working environment where all employees feel comfortable with each other. Their goals and objectives for professional development must be aligned with the mission and the strategy of the tech start-up. The start-up world is not for everyone! The employees who need to be told what and how to do things usually do not last long in a modern tech start-up. For this reason, having a transparent working environment empowers employees, motivating them to give their own ideas. Initiatives and innovative ideas from all teams will help the tech start-up trying to achieve a high market share.
Bootstrapping with Slow and Steady Growth for Start-ups
Growth strategies for a start-up indicate having sufficient funds through bootstrapping that will help the company gain a better market share. Slow and steady growth is significant for a tech company trying to launch a prototype. Bootstrapping allows startups like MonDevice to have enough capital to help introduce a prototype into the market. Once the prototype is successful, it will create a steady stream of revenue.
Perfecting the Product at Every Stage
An essential aspect of the growth strategies implemented by MonDevices is to concentrate on how to improve the product. According to the philosophy of MonDevices, there will be news about how the rival product is superior and better than your product.
For tech companies trying to be as successful as MonDevice, it is essential to consider information about competing products. Grzhonko, Founder, and CEO of MonDevices, explains that instead of concentrating on the white noise, focus on the product and the process used to manufacture your product. It is essential to focus on future needs and technological advancements. It will help your product become future proof.
The growth strategies by MonDevices have helped a struggling tech company trying to increase its sales and market share achieve its goals. Today, the tech start-up is gaining momentum in the market and the company is providing high-quality sleep monitors that help parents and children alike.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.