As a CEO, I’ve seen many startups rise and fall. I saw companies expanding their time-to-market until losing a competitive advantage. I heard the stories of the founders who fine-tuned their software development to grow exponentially in the market, meeting every demand their systems faced. And I paid attention.
My team and I gathered all the right and wrong decisions you can make at your SaaS startup’s growth stage. Part of them we packed in this article. Find the fastest way to get in the market, grow, and increase revenue and valuation
The silver bullet of growth
If you’re looking for a magic trick to make your startup shoot up at the speed of light, you won’t find it here. The ultimate advice that gets the strategies below to work is putting each in your business context and testing. Hard work and a clever approach are your silver bullets.
Success strategies for your startup![[SIG] Image-1](https://4632854.fs1.hubspotusercontent-na1.net/hub/4632854/hubfs/%5BSIG%5D%20Image-1.png?width=4800&height=2010&name=%5BSIG%5D%20Image-1.png)
Make your solution simple to use
What makes customers stay is the ease and security of the solution. If they get a unique but hard-to-use solution, they will stop using it after a while, and your client base will shrink, making your investors reconsider their choice. Why would they look for other options if they can achieve their financial goals with you in a few clicks?
It may be surprising once you’re on it, but creating a simple and captivating UI/UX is a challenging task. Here are some tips for offloading some complexity:
- Your UI/UX designers must be experienced in Fintech. Only then can they create a seamless digital journey your customers will enjoy excluding any pitfalls or confusion.
- Focus on the functionality that solves your customer’s main problem. You’ll have more time, resources, and solid ground for adding extra features in the future.
- Make your app so simple that even a kid can use it (or someone with limited to no technology exposure). If these users can do it, others will too.
Measure and track your growth (and losses)
Even if you mapped out your journey, you still need to check your route and ask for directions. Setting a system of growth metrics and key performance indicators (KPIs) will help you measure your internal and external growth and pinpoint a problem quickly if numbers change in an unfavorable direction. Metrics will show you what you’re doing right and what approach is the most fruitful, helping you to calibrate and focus your efforts for stronger growth and bigger working capital.
Focus on your ideal customers
Many investors will tell you that you should target a bigger market. That is sound advice only if that whole market equals your ideal customers. Rather than trying to convince others that they need your product or thinking of new features to attract more customers, focus on those ready to pay for your product’s or service’s core functionality. If the solution solves their problem and is easy to use, they will join your loyal, long-term client base. This way, you secure stable growth for your business fast and increase your company's value.
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Get into the intricacies of running a business
It’s easy to get carried away with building a perfect product for your customers. But the business won’t run itself or get to the market top. Once your startup gains traction, the real work begins. To accelerate your progress and secure future success, get the hang of the crucial SaaS metrics such as MRR, ARR, ARPA, Churn, LTV, NPS, CAC, and CSAT. Use tools like ChartMogul to track them regularly.
Narrow down on the acquisition channel that works best
If you get most of your customers from word of mouth, there’s little sense in growing your marketing department to drill other channels. I’m not saying that you shouldn’t try new things. But if you need to secure robust growth fast, improving communication on the channel that brings the best result is the winning strategy. Otherwise, you may end up stuck in experiments that bring no conversion and endanger your hard-won market position.
Discover 18 more ideas to help your startup skyrocket
As I said, the strategies above are part of a bigger scheme you can use to achieve stable progress for your business. There’s a comprehensive guide our team has prepared for the growing startups. Use it to prepare your solution for the market faster, attract more investment, and increase your revenue flow. Download while it’s available for free.