In the last few years, the startup ecosystem has evolved so dramatically that almost all markets have been poorly intensified, and all startups in those markets are struggling to cope with losing sales. However, in some markets, the situation could be better so that there is more room left for a new startup and space for old startups to increase sales.
However, some of the most groundbreaking technologies are available in the market, and many new startups are employing these technologies to increase sales. Though some of these technologies are costly, they are less expensive than what a startup loses without these technologies.
Table of Contents
So, in this blog, I will list those technologies and five ways startups are increasing their sales.
They customize services/products according to the market
Every market has its characteristics, and startups should know about them before even launching their product/service in that market. A startup needs to identify the unique features of a call to impress the users of that market, which eventually affects the sales of that startup in that particular market. But if a startup identifies the characteristics of the market, it can customize its service/product according to the requirements of users of that market.
For instance, when Uber launched its services in Bangladesh, it identified the users’ requirements and customized its significant benefits. As a result, Uber added a new motorbike taxi service, helping Uber to witness the highest-ever sales numbers in Bangladesh.
They introduce premium services
When more people prefer a product/service, sales increase automatically, and people like a product/service when they hear good things about it; big tech startups introduce premium services for a particular group of people. Since it is a premium service, it should impress people who later spread knowledge about such a premium service and the company offering it. And when many users hear good things about the company’s premium service, they get attracted to the company offering premium service, which eventually increases sales.
The airline industry works purely on this business model. They promote their business class seats more often than the economy class seats as passengers traveling in business class promote the services offered in business class. As a result, other people get attracted to the airline, thinking about how good this airline is!
They offer dedicated features for each user group
Except for a few startups, almost all startups serve their products/services to many user groups, and unfortunately, the characteristics and requirements of all user groups are different. Therefore, with the same feature set, a startup can only satisfy the needs of some user groups. In other words, by offering the same features to all user groups, a startup only meets the requirements of a single user group and gives the cold shoulder to different user groups.
Successful startups identify each user group, list their requirements, and integrate dedicated features in their mobile apps or web applications. For instance, Lime, the unicorn e-scooter sharing company, has recently rolled out a group booking feature for university students who generally travel with their friends in the group!
They employ AI to run marketing campaigns effectively
Every startup spends a lot of money from initial funding on marketing. Though they run a marketing campaign aggressively, they generally convert only a few people into users. An ineffective marketing campaign makes a startup run out of money and leads it to a dead end.
Successful startups also run marketing campaigns, but they are very effective. They employ AI to identify the behavior of users & interests of users, create custom content, and run a personalized marketing campaign. Since it is a customized marketing campaign and an ad of the startup only reaches interested users, a startup is more likely to get more users while spending significantly less.
Many free AI-based marketing tools are available in the market that you can use to increase sales.
They study the heat map and redistribute their resources according to demand
Resource management is the major challenge all startups face. But unfortunately, many startups allocate their significant resources to unnecessary things, affecting customer experience. For instance, if a startup has a staff of 100 people, and it gives 80 of them to monitoring and only 20 for customer service, which of course, needs more people than monitoring, many people who raise queries do not get an answer on time.
The situation gets worse when a startup is running its business in Uber-style. For instance, for a startup with many costly resources like taxis, e-scooters, and food delivery executives, proper distribution of the resources is the fundamental requirement to satisfy the demand. Big tech startups that are tasting success manage their resources very effectively. Talking about Uber, it’s a perfect algorithm that calculates the order and asks Uber drivers to serve in that location to satisfy the demand. Many big e-scooter-sharing companies have also integrated an AI-based heat map with the help of top e-scooter app development companies. This heat map shows startups needing e-scooters in a particular area, and then startups redistribute their e-scooters according to the market.
With some help from your hired mobile app development company, you can add a heat map in your admin panel and manage resources effectively. This step will increase the number of user requests you can satisfy, eventually increasing sales.
In a nutshell
The startup is a tricky ‘business.’ Every startup entrepreneur needs help to earn enough to be profitable. However, a few startups have developed strategies to lock horns with the overly intensified market to increase sales. Their plans are very, very unique. Of course, many newbie entrepreneurs must know big startup strategies to increase sales. But we have listed some of them in this blog. All these ways startups are growing their sales are legal and genius, and you can also apply the same things to your startups to experience the same.