13 Innovative Growth Strategies Implemented by Successful Entrepreneurs
In search of innovative growth strategies for startups, we reached out to thirteen seasoned entrepreneurs, including co-founders, CEOs, and founders. From integrating with many complementary platforms to building a strong referral network, these leaders share the unique strategies they’ve implemented in their startups. Dive in to discover the wealth of insights they’ve shared.
- Integrate with Many Complementary Platforms
- Take an MVP Approach with Customer Feedback
- Go Multi-Channel for Community Growth
- Amplify Reviews with Reputation Management
- Find Growth Through Unconventional Partnerships
- Collaborate with Influences for Reach
- Practice Experiential Networking for Deeper Connections
- Host Your Industry’s First Virtual Summit
- Create a Gamified Affiliate Referral Program
- Implement Augmented Reality
- Try the Pre-Launch Acquisition Strategy
- Be Consistent with Social Media Engagement
- Build a Strong Referral Network
Integrate with Many Complementary Platforms
We crafted an exhaustive list of integrations, partnering with many cryptocurrency exchanges, wallets, and blockchains. This enabled our users to effortlessly pull all their tax-reportable activities into one platform.
For instance, a user buying on Coinbase could send assets to BlockFi and later to their personal wallet, and we’d track it all seamlessly. This worked really well: first, it resolved a big pain point of crypto owners; and second, it helped expand our potential reach. We support your platform; others don’t. Let’s cooperate.
Take an MVP Approach with Customer Feedback
One innovative growth strategy that I have used and implemented in my startup is creating a Minimum Viable Product (MVP) focusing strongly on customer feedback and iterative development.
The MVP approach involves building a basic version of the product or service that has just enough features to address the core problem or need of the target audience. This allows the startup to quickly bring a product to market and gather real-world feedback from early adopters.
You need to figure out the essential features that provide the most value to your target audience. Focus on solving a specific problem or meeting a critical need. Make sure you develop the MVP quickly and efficiently, avoiding unnecessary complexity.
The goal is to get a functional version of the product into the hands of users as soon as possible. Encourage customers to provide feedback on their experience with the MVP. This feedback can help you identify what’s working, what needs improvement, and potential new features.
Go Multi-Channel for Community Growth
Our growth is fundamentally driven by our community of freelancers, who advocate for us through word of mouth in their day-to-day life. We’ve found that an effective growth strategy for us was to facilitate that community throughout all channels—especially LinkedIn and email.
By enabling our community to network and connect with each other, we increase the pie for everyone and create sustainable growth for us.
Amplify Reviews with Reputation Management
Using reputation management tools has been one of our innovative growth strategies. Reviews from customers, particularly those on Google, are very valuable to us as they often form the first impression potential customers have about us. A positive review not only builds trust but also helps differentiate us in a crowded marketplace.
These days, a rating below four stars can indeed raise a red flag for potential customers. It signifies a lack of trust and quality and can deter prospects from considering doing business with us. Reputation management tools are so useful for us because these tools enable us to amplify positive reviews and testimonials across different platforms, showcasing the quality of our service or product.
Find Growth Through Unconventional Partnerships
In my early days with the chakra-healing venture, many assumed traditional methods were the only route to growth. However, I chose a different path. I collaborated with a local yoga studio, an association few anticipated. They brought the physical discipline, and we added the emotional-healing touch.
Our clientele doubled within months. Many came for yoga but stayed for chakra healing, realizing the intertwined benefits. This partnership, deemed unconventional by many, not only expanded our reach but also deepened our impact. Embracing the unexpected can sometimes lead to the most profound growth.
Collaborate with Influencers for Reach
One impactful approach we’ve implemented at Honeymoons.com is collaborative partnerships with influencers and travel bloggers. In the competitive world of online travel services, building authentic relationships with individuals who have a strong online presence and a dedicated following has proven to be a game-changer.
By collaborating with influencers whose values align with our brand, we’ve been able to tap into their engaged audience and create compelling content that resonates with potential customers. This strategy not only expands our reach but also lends credibility to our offerings, as customers are more likely to trust recommendations from individuals they admire and trust.
Moreover, this influencer-driven growth strategy has allowed us to harness the power of storytelling. Influencers and bloggers possess the ability to craft captivating narratives around travel experiences, helping us evoke emotions and inspire wanderlust in our target audience.
Practice Experiential Networking for Deeper Connections
One innovative growth strategy I’ve successfully used is “Experiential Networking.” Instead of just attending traditional networking events, I started organizing unique and memorable experiences for potential partners, clients, and investors. These experiences allowed me to forge deeper connections and showcase our startup’s value in a more engaging way.
For instance, I once organized a hiking and brainstorming session that brought together key stakeholders in a relaxed setting, leading to more meaningful conversations and collaborations. Thinking beyond the usual meet-and-greet can set your startup apart and foster stronger relationships that drive growth.
Host Your Industry’s First Virtual Summit
One growth strategy that stands out for us is the launch of the Maid Summit. It wasn’t just another conference; it was the first of its kind in our industry.
Starting in 2018, this summit became an annual gathering point for 40-60 experts, all eager to help maid services thrive. It’s not merely a platform for ZenMaid. No, it’s about elevating the entire community. We’ve always believed, “A rising tide raises all ships.” So, we shared knowledge with everyone, whether or not they were ZenMaid users.
What did this mean for us? The Maid Summit became more than just an event; it was a beacon, drawing in leads like a magnet. It amplified our reputation, building trust and goodwill. Beyond that, it’s fueled our content marketing, letting us consistently offer fresh insights throughout the year.
Adopting unique strategies, like deciding to host our industry’s first virtual summit, isn’t just about immediate gains. It’s about positioning yourself distinctively, standing tall in a crowd.
Create a Gamified Affiliate Referral Program
One common, yet very effective, growth strategy I implemented in our startup was an affiliate referral program. We created a referral program that turned our customers into brand ambassadors through a gamified experience.
Customers earned points for referring friends and engaging with our content, giving feedback, and even participating in product-design polls. These points unlocked exclusive rewards, personalized product recommendations, and early access to features.
Implement Augmented Reality for Engagement
Augmented Reality is an innovative growth strategy that has been implemented in our publication. By using augmented reality (AR) to increase reader engagement, an interactive experience has been created that bridges the gap between traditional print media and digital interactivity.
This incorporation of AR technology into our print content attracts a new audience while retaining our existing readers. This novel approach has not only increased the visibility of our magazine, but it has also created opportunities for partnerships and sponsorships with tech companies looking to showcase their AR capabilities.
Try the Pre-Launch Acquisition Strategy
It’s always challenging to get your first 1,000 users when launching a new product from scratch. When I was getting ready to launch Baxter, my Chrome extension, I purchased an existing Chrome extension. It was listed on MicroAcquire.com.
Instead of spending money on advertising to bring new users to try Baxter, I used this method. While it was not making any money, that extension already had an established user base and enjoyed solid SEO ranking on Google for a few high-traffic keywords.
I rebranded the purchased extension and added prompts that directed users to switch to Baxter, and voila: instant organic traffic from a one-time payment. Although acquisitions are usually made after your product has some traction and success, this pre-launch acquisition paid for itself in six months.
Be Consistent with Social Media Engagement
One of the most innovative growth strategies I’ve implemented in my startup is using social media. It’s not just about posting a new video or article every once in a while—it’s about making sure you’re consistently engaging with your audience and community.
I don’t just post content on social media to build up an audience and then stop. Instead, I use it as an opportunity to continue the conversation with my customers, who aren’t just people who want to buy something from me; they’re also people who want to learn more about what I do and how they can get involved in my business.
When you’re trying to grow your business, it’s important not to lose sight of why people are following you in the first place—and if they’re following you because they want help with a problem they have or maybe even just want information about something that interests them, then it makes sense that they might also want to know more about you and why you’re doing this thing that you’re doing.
Build a Strong Referral Network
We believe in the power of being “referable” ourselves, ensuring that each client has a five-star experience with our services.
By focusing on delivering exceptional value, building trust, and maintaining a stellar reputation, we’ve created a network of satisfied clients who are eager to refer us to others. We are making sure our startup builds and maintains a strong referral network.
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