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3 strategies for scaling your startup

3 strategies for scaling your startup

While the world talks about the opportunity to invest in startups, one of the biggest questions startups want answered is what you should invest in

Entrepreneurship in Singapore is on the rise.

In January 2016, former president of the National University of Singapore, Shih Choon Fong, said that Singapore will need more entrepreneurs to stay competitive in the next 50 years. Later that year in October, a GoDaddy survey revealed that 41% of Singaporeans plan to either start their own business or be self-employed in the next 10 years. This percentage was higher than the global average of 36%.

Fast forward to March 2017 and Singapore was reported to have overtaken tech mecca Silicon Valley as world’s No. 1 for start-up talent. If these accounts are any indication, the nation’s startup ecosystem is on an upward trajectory indeed.

However, despite the promising outlook for the entrepreneurial landscape as boosted by the increase in government funding for self-starters, the unassailable truth is that startups in Singapore will always face higher marketing expenses with lower yields in a small competitive domestic market. How then can small businesses work to level the playing field and poise themselves for success?

1. Invest in the right channels

While the world talks about the opportunity to invest in startups, one of the biggest questions startups want answered is what you should invest in. Granted the limited pool of funding and resources, the ability to identify the channel that speaks to your audience most effectively is vital.

The way consumers interact with brands have changed over time and it’s important for small businesses to use consumption habits to their advantage. For example, the Connected Consumer Survey 2017 found that 90% of respondents look to the Internet first when they need information, and 59% prefer to do a task digitally if possible. To this end, having an online presence is perhaps the most important investment that a small business can make. Be it a website or a social media page, the right platform serves as a touchpoint between the brand and the customer, and can be used to bridge the information gap and drive conversions.

Also read: 12 mistakes founders make when trying to scale quickly

Further to this, focusing on content trends is also a way to stay ahead of the pack. For instance, no less than 13% of web traffic comes directly from live videos today, and reasons for its popularity has been attributed to economical cost, greater authenticity, and simplicity in sharing. This thus forms a trend that is here to stay, and is a method of communication that is worth venturing into for the right target audience.

2. Capitalise on collaboration

Startups are exciting for the very reason that they can create new markets that did not exist before. Key to developing innovations that speak to positive change is collaboration with like-minded individuals. Successful startups are made up of an ecosystem of entrepreneurs, who bring to the table a balance of integral skill sets, from strategy, to marketing, to operations. To that end, a wider pool of compatible players not only offers cross-functional expertise, but also provides room for the facilitation of creative exchanges, which is often where the best and brightest ideas occur.

Apart from an intimate and reliable community, small businesses should also look to collaborate with larger institutions like corporations as there is still a wealth of value to be gained through the resources, customer base, experience and expertise of established corporate predecessors in similar fields. Collaboration between startups and corporations therefore amalgamates adaptability with stability, and innovation with tradition.

In terms of funding, small businesses should look to tap into regulatory and funding support implemented by government bodies to simplify the process of starting and growing a business on local shores. In Singapore, for example, programmes such as the University Innovation Fund (UIF), Proof-of-concept (POC) grants, Early Stage Venture Capital (ESVF) and Technology Incubation Scheme (TIS) have helped to create a virtuous cycle of entrepreneurial activity over the years.

3. Start narrow, grow wide

While a key priority for small businesses is often to grow their audience, there are advantages to having a niche customer base. The leaner the pool, the more targeted the interaction can be.

Niche customers who trust that you have their best interests at heart and see that you understand them better than the competition, can ultimately make up the backbone of your business. With a narrow group to engage with to start, you can focus on the quality of those engagements, and build your business based on effective, two-way relationships. Make it a point to understand the pain points of your customers and respond with customized solutions. Personalise your emails, follow up diligently, and get to know them on an individual level.

Conclusion

In an economy built around convenience and enduring relationships, each of these practices can help enable you to not just cater to your customers, but also solidify their loyalty to the brand and keep you top-of-mind even amidst the saturation of services.

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