One of the most important aspects of making a new business successful is building momentum after the launch. How can you keep people interested and ensure that your company gains popularity rather than fizzles away after a few weeks? The answer to that question will largely depend on the niche you’re operating in, but there are some steps that can be taken to benefit any business universally. Most methods of building momentum involve innovative advertising, third-party funding, and conducting outreach before the launch, as the preliminary and early stages are typically paramount when it comes to picking up steam.
With that said, here are five tips any startup can use to gain more attention, increase sales, and take advantage of its new customers in the days and weeks after the grand opening:
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1. Utilize External Funding
It’s difficult to focus on rapid expansion when a business is struggling to keep adequate cash flow, and such a problem is common for startups that haven’t yet had a chance to amass a significant reserve. In particular, you need to have enough money to fund outreach efforts without sacrificing payroll or other imperative expenses. The best way to reduce the financial burden and facilitate a more equipped launch is to gather funding from investors, crowdfunding, loans, and lines of credit. The more external funding you have access to, the more resources you’ll be able to pour into the initial push, which is huge because time is of the essence when trying to produce a powerful trend quickly.
2. Launch a Social Media Marketing Campaign
We all know that marketing is an essential component to include in any momentum-building strategy, but staying active on social media is especially important, as platforms like Facebook, Twitter, and Instagram carry the highest potential for overnight success. A startup that gains notoriety on social networking sites can quickly find itself having to accommodate more business than it can handle, and many times all it takes is a trending video or meme to make it happen. Compare that to the type of investment it could take to achieve similar popularity via other advertising methods and it’s easy to see why SMM is a go-to specialty for most entrepreneurs and internet marketers.
3. Leverage Existing Customers and Clientele
One of the biggest mistakes made by novice startup management is failing to take advantage of the company’s current client base. Every customer can be used as a source of new referrals and word-of-mouth if the right steps are taken after converting. There are many creative ways you can use the opening surge to fuel additional growth. For example, you can examine existing sales statistics to conduct marketing analysis and learn more about your target audience, or you can convince a percentage of customers to become brand advocates. Keep in mind that each new customer represents a new outreach opportunity.
4. Consider Offering Incentives and Rewards
People love free and exclusive things, so why not offer incentives in the form of prizes, discounts, and special products that other customer can’t get? Holding a sweepstakes or giveaway is a great way to get people talking about your brand and engaging on social media. When people see there is something to be gained by interacting with your campaign, they’re much more likely to take action. Using the scarcity and urgency technique to generate conversions is an extra component that complements this strategy well, as people will often be more eager to make a purchase or sign up if they see that the offer will only be available for a limited time.
5. Choose Creative People for the Job
Finally, creativity is perhaps the most desirable trait your marketing staff should have, as it will allow them to approach your campaign from a unique perspective that will attract attention in spaces where your brand might otherwise be overlooked. Grabbing the eye of passersby and motivating them to investigate an ad is an art form that carries incredible value in today’s hyper-competitive landscape.
Staying Persistent to Keep the Momentum
Unfortunately, if you stop putting in effort after the first wave of success, there’s a good chance that you’ll be limiting the overall potential of the company. Thus, the best way to turn short-term momentum into long-term results is to keep hammering away with the same fervor and commitment you had on day one. Sustaining such an effort for 1-2 years can give a startup the push it needs to become established as a dominant force within its niche.