Only 10% of startups succeed, but with the right strategy, your business can thrive and grow. Founders who achieve success are rewarded with independence, financial security, and the satisfaction of having built something lasting. But the road to success can be challenging.

This blog will show you practical ways to avoid business failure and how to grow your startup faster in 2024 and beyond. From mastering digital marketing to enhancing customer experience, these strategies will help you scale your business and increase your chances of success.

How to Grow Your Startup Faster

1. Master Digital Marketing

Technology has transformed the way businesses market their products, with the global digital marketing industry projected to be worth almost £650 billion by 2026. Embracing digital marketing is crucial for startups that want to stay competitive and keep pace with evolving technology.

Benefits of Digital Marketing

• Cost-effective: It’s generally cheaper than traditional marketing methods.

• Wide reach: Digital marketing allows you to reach a global audience.

• Personalised campaigns: Create targeted campaigns that resonate with specific audience segments.

While traditional marketing still has its place, startups need to embrace digital channels to maximise their growth potential. A combination of SEO, social media, and content marketing can take your brand to the next level.

Digital Marketing Ideas for Startups

• Build a website: This establishes your online presence and helps you stand out in your industry.

• Leverage social media: Platforms like LinkedIn and Instagram allow you to connect with your audience and boost brand awareness.

• Start a blog: Regular blog posts can drive traffic to your website and establish your brand as an authority in your niche.

• Optimise for SEO: Check out SEO for Startups to ensure your content ranks well on search engines.

• Invest in paid advertising: Google Ads and Facebook Ads can help drive conversions and sales.

• Develop an email marketing strategy: This builds relationships with your customers and improves brand visibility.

Suggested reading: Digital Marketing Strategies for Startups

2. Increase Sales Revenue

Every business owner knows that more sales equal more revenue, but achieving consistent sales growth can be challenging. If you hit a sales plateau, it’s time to assess what might be holding you back from scaling your startup effectively.

Top Sales Tips for Startups

• Reward loyal customers: Studies show that repeat customers spend an average of 33% more per transaction. Implement a loyalty programme or offer exclusive discounts to retain them.

• Create memorable marketing campaigns: Consumers are exposed to hundreds of ads daily. Focus on unique messaging that stands out from your competitors.

• Highlight your USPs: Clearly communicate what makes your product or service different and why customers should choose you.

• Utilise social media: Social channels are not only for brand awareness but can also drive sales through targeted campaigns.

3. Prioritise Customer Experience

Did you know that 86% of buyers are willing to pay more for a great customer experience? In fact, investing in CX can have a significant impact on your startup valuation and growth.

A positive customer experience leads to greater customer retention, higher spending, and increased recommendations. On the flip side, poor customer experiences can drive customers away and negatively impact your brand reputation. Surveys reveal that a single negative review can deter 22% of customers, while three negative reviews can drive away nearly 60%.

Ways to Improve Customer Experience:

• Personalise interactions: Tailor your communications to make customers feel valued.

• Streamline customer support: Ensure that your support channels are efficient and easy to access.

• Encourage feedback: Regularly ask for feedback to identify areas where you can improve.

• Respond to reviews: Address both positive and negative reviews to show you care about your customers' experiences.

4. Increase Your Startup Valuation

Whether you're looking to attract investors or sell your business, increasing your business valuation is critical. Here are five ways to boost your valuation:

5 Ways to Increase Startup Valuation

• Scarcity: Offer a product or service that others don’t. Being unique and innovative significantly boosts your startup valuation.

• Market Demand: Businesses in fast-growing markets typically attract higher valuations.

• Perceived Value: Build buzz around your business. The more compelling your company looks to acquirers, the higher its perceived value.

• Scalability: Ensure your business can grow quickly without major operational bottlenecks. Can you handle a sudden spike in demand?

• Reputation: A solid reputation not only drives customer retention but also reduces churn and increases stock prices.

By focusing on these areas, you'll make your startup more attractive to potential buyers or investors. Foundy’s M&A advisory services can help ensure your business is ready for sale by offering step-by-step expert support, drawing on our database of over 1.1 million transactions to provide data-driven insights.

Suggested reading: 5 Ways to Negotiate the Highest Startup Valuation

Bottom Line: Be the Exception to the Rule

Building a business is tough, and it’s no secret that many founders struggle to push their startups beyond the early stages of growth. But with the right approach, you can buck the trend and join the ranks of the successful 10% of startups that thrive. By mastering digital marketing, focusing on customer experience, and increasing your startup’s value, you set yourself up for long-term success.

Looking to sell your startup?

Selling your business is a major decision, and Foundy ensures you're fully prepared to maximise its value. Our transaction planning service evaluates your business’s true worth and crafts a tailored growth roadmap. When you're ready, our deal execution service prepares everything for the sale, including presentation materials, acquirer outreach, negotiations, and guiding you through to completion.

Foundy’s Triangular Model integrates AI, trained on historical acquisitions, with expert advisors from your industry and a collaborative platform. This approach enables our AI-powered advisors to consistently secure higher valuations and close deals faster than traditional M&A brokers or business brokers. On average, Foundy completes deals in just over four months—compared to the industry median of nine months.

Whether you're aiming for a funding round or preparing for an acquisition, start with a free business valuation to understand your current position. Our M&A advisors and AI-driven insights—backed by access to over 1.1 million transactions—will help you achieve a successful sale.

Have you tried our free business valuation calculator? In just four minutes, you'll receive a 6-page report analysing 29 key factors that impact your business valuation. It's fast, free, and insightful.

Similarly, if you're a buyer, Foundy offers M&A advisory services across a wide variety of industries. We can help you streamline your end to end acquisition process via an all in one portal.

No matter where you are on your business journey, connect with Foundy to access the resources needed for a smoother acquisition or sale process.