Startups have growth opportunities that should be maximized, especially when it comes to finding new ways to expand their reach. In this episode of SaaS-Story in the Making with host Matt Wolach, Sven Radavics talks about newer and more effective processes that startups should take note of.
Podcast: SaaS-Story in the Making
Episode: Episode No 198, “How to Optimize Growth for a Startup”
Host: Matt Wolach, a B2B SaaS sales coach, Founder, and Investor
Guest: Sven Radavics, Founder at Intribe
TOP TIPS FROM THIS EPISODE
Optimize Being a Startup
Being a startup founder is challenging. You’re trying to apply what you’ve learned while still acquiring knowledge. There are pressures and expectations that can come with it. But, it can also put you in a great position for growth.
The startup world provides you a great extent of flexibility—especially when you’re one of the firsts in your chosen niche. It puts you in a place where you can learn from the situation and solve problems with your current knowledge. Just as Radavics said, “[It] taught me about just how to make things happen when you’re under-resource.” The experience of having little resources enhances creativity in problem-solving and allows you to move forward.
Optimize your current position of being at the bottom. You can learn from different business areas and cultivate your experiences to acquire knowledge and build credibility. Everybody starts from the first step. It will always be challenging, but opportunities come in between.
Improve Internal & External Collaboration
Learning about the different roles in the business also means being in their shoes. Not only can this give you a better understanding of their purpose, but it also allows you to see them as a team.
Radavics mentioned that before, sales and marketing in businesses were greatly divided. But having the opportunity to explore both areas gave him the understanding that they should work together. This can be applied to the entire company. Departments should learn about each other’s metrics, struggles, purposes. And eventually, remember to share them. They should be able to work as a team towards a single goal.
When it comes to outside the business, founders are advised to collaborate with other brands. A partnership can give both of you more opportunities to grow and expand your horizons. Startups should learn what to look for in potential blocks and execute them.
Find businesses aligned to you. You may have the same target demographic but not competitors. The process can start small. As Radavics suggested, “you could tweet and then post on LinkedIn, and post on Facebook.“ Check them out and see if they have quality products or services. Soon, you can find yourself doing an email swap and engaging with each other’s clients.
Being in a Startup Allows You to Make Impact
Learning about different areas in the business allows you to have a 360° view of everything. Eventually, you can develop to be in an advisory role and impact others.
As a member of a startup, you have the chance to shape the processes of the business. Whether it’s your own, as a team member, or a consultant in one—the value you provide to that business can make a lasting impact. And that makes a difference on both sides. You can share your knowledge and experiences and build your credibility. At the same time, the other brand acquires a solid process that they can hold on to for a long time.
Move Past Paid Ads
The industry continues to grow. And there are old habits that become inefficient along the way. One of these is the use of paid ads for lead generation. Radavics mentioned how inexpensive and effective it was way back then, but as time passed and technology developed, paid ads were greatly affected.
Over time, paid ads became more expensive, some countries have tighter security measures on tracking cookies, and some operating systems limit them. Radavics suggests that instead of paid ads, startups can focus on content creation and SEO. Mid-stage businesses, on the other hand, can do referral marketing.
Not only does it have an immediacy to it, meaning your work can pay after six to 12 months, but it also builds up. Content doesn’t go away. It only stacks and can still be helpful in the future. On the other hand, referral marketing requires a built community that is more preferred for mid-stage businesses, consumer brands, and B2B. It is where peer influences can be optimized and reach a wider audience from your community.
Also, engaging in partnerships long ago is something not everybody did. Today, it has become a powerful tool that benefits both businesses in growing their reach. Customers trust brands they buy from. Therefore, partners can have a higher chance of getting acknowledged and trusted later. This strategy is now being recognized by many because of its advantages.
[06:40] “[What] I like about startups is that I could still see processes in place that I had created from halfway across the other side of the world as a young sales engineer.”
[06:40] “ [It’] taught me how to make things happen when you’re under-resourced, just being in that position of being early on the ground first… [I] learned to think on my feet and, you know, make decisions. So, you know, from that role, there was just a ton that I learned, that was probably the biggest acceleration in my career, and personal development all in one. But every other role that I had, really gave me a different perspective.”
[08:47] “If I had a great day, or if I had a bad day, it didn’t really impact the company one way or another. And, you know, I learned a lot in that experience, for sure. But I came to realize, I want to have an impact, and so from that, I’ve been in startups.”
[10:37] “It’s so cool to go back and see that they’re still following some of the same things that you incorporated that you did. And above that, not just those processes. But if you have a great day in a startup, it can make a difference in the trajectory of that company.”
[10:37] “I love the idea of partnerships. I think they’re super powerful, and they have a higher close rate than other methods.”
To learn more about Sven Radavics and intribe, visit https://www.intribe.co/.
You can also find Sven Radavics on LinkedIn at: https://www.linkedin.com/in/sradavics/.
For more about how host Matt Wolach helps software companies achieve maximum growth, visit https://mattwolach.com/.