Getting a startup off the ground is becoming more challenging than ever. In addition to fierce competition and economic uncertainty, entrepreneurs looking to achieve startup success in 2024 should also account for consumers’ growing distrust of brands — especially in tech. Moreover, research shows that people expect more from businesses in 2023 and beyond — especially regarding social issues. That can be a slippery slope if core values grow into politicized messages that could turn audiences away.
For these reasons, business owners looking to achieve their goals in 2024 must arm themselves with bulletproof strategies for startup success.
So, if you’re looking for data-based guidelines on successfully running your organization in the coming months, here are the six best tactics to help you stay on the right path.
Embrace the Power of Generative AI
One of the most effective ways to improve your business results in 2024 (though you should start implementing this tactic as soon as possible) is to embrace the potential of generative AI.
With its many applications, AI genuinely has the potential to transform your operations into highly efficient, affordable practices that will allow you to spend your time where it matters the most.
For starters, begin by leveraging AI for marketing and customer service purposes. Employ AI for content research and (human-supervised) creation. Use it to upgrade your marketing campaigns on search engines, social media, and email. Incorporate it into your content distribution practices to minimize the time you spend scheduling. And use it to organize your insights and expertise into user-oriented resources your customers can use to troubleshoot issues or get more out of their purchases.
Moreover, don’t be afraid to use AI to optimize your landing pages. The easiest way to do this is to employ AI as a research tool that informs you of web visitor behavior on your site. However, if you want to take things further, you can leverage AI to implement personalization or conduct A/B testing.
Lead with Values and Purpose to Connect with Your Audience
Today’s consumers don’t just want to invest in products or solutions that do the job. Instead, research suggests that people want to support value and purpose-driven brands that follow ESG best practices.
According to PWC, 80% of buyers are more likely to purchase from brands prioritizing environmental issues. 76% choose to support businesses whose social values align with their own. And another 80% will buy from brands that stand up for governance. Furthermore, McKinsey found that, in 2022, people spent more on products with ESG claims than those without, showing that leading with values and purpose allows organizations to reach and connect with their audiences.
Balancing sustainability with profitability can be a challenge — especially for startups looking to break into competitive markets. However, if you understand your target audience’s pain points and priorities and have a solid grip on industry trends, you can ensure you opt for the best approach to your business, giving consumers what they want without sacrificing profits. This is where high-quality resources like the Smash.vc newsletter come in.
Reap the Benefits of a Remote, Hybrid, or Distributed Workforce
One of the tremendous advantages of running a startup these days is that you can hire next-level talent regardless of your location (or your budget, for that matter). Thanks to the rapid advancement of collaboration technology, organizations can now find and collaborate with experts from all over the world without worrying about productivity drops or communication obstacles.
Of course, leading a remote, hybrid, or distributed workforce isn’t always a walk in the park. It necessitates a strategic leadership approach based on clarity, trust, and respect. Nonetheless, if you want to lead your brand to success in 2024, don’t hesitate to choose employees based on what they bring to the table instead of just where they’re momentarily located.
Deliver Personalized Experiences
One of the non-negotiable conditions for achieving startup success in 2024 is delivering an outstanding customer experience. And according to research, that may just come down to personalization.
In a 2022 survey involving over 13,000 consumers, Salesforce discovered that 73% of buyers expect companies to understand and meet their unique expectations. Even more, 62% want brands to anticipate their needs. From this data alone, it’s evident that building a successful brand that inspires not just conversions but loyalty as well necessitates a strategic approach to personalization.
In addition to working in a way that demonstrates your understanding of customer needs, play around with tools that will help you personalize interactions with future and existing clients. These can be anything — from email marketing platforms with advanced segmentation and automation capabilities to cross-selling ecommerce add-ons. Nevertheless, try not to go overboard with collecting consumer data, as too much personalization can be just as bad (if not worse) than none at all.
Embrace Multi-Channel Retail
Omnichannel sales was one of the leading business trends in 2023. And it’s only going to get bigger in 2024.
According to Statista, social commerce is expected to reach $2.9 trillion in value by 2026. And if 2026 is too far ahead for you to look, consider the fact that last year, brands that ran campaigns on three or more channels saw a mind-boggling 494% higher order rate than those that only invested in a single one.
So, if you want your startup to have the highest chance of success, align your marketing, sales, and content distribution strategies with consumer behavior data. For instance, a good place to start is to learn about how most people begin their shopping journeys these days. According to Jungle Scout, 56% of US consumers start product searches on Amazon, 42% use search engines, 37% go straight to Walmart’s website, 25% conduct product research on YouTube, and around 20% use social media platforms like Facebook, Instagram, and TikTok.
Practice Frugal Decision-making
Lastly, as you endeavor to take your business further in the upcoming period, ensure you don’t get too ahead of yourself when making any decision impacting your finances.
Yes, earning impressive profits necessitates some degree of risk. However, keep in mind that slow-paced growth always outperforms rapid expansion — especially if you plan on building a business that will stand the test of time.
So, as you explore the best strategies for startup success in 2024, be sure to practice frugal decision-making. You can even go as far as to keep your business decisions on the traditional end of the spectrum. Sure, it may mean that your business won’t get where you want it to be in a matter of months. But if you consider the fact that almost 90% of all startups fail, slowing down your growth rate for the sake of a bit more security is the best decision you can make as an entrepreneur and leader.
In Closing
There you have it: six of the most impactful strategies to adopt for startup success in 2024.
Of course, don’t feel like you have to employ all of these tactics. After all, you know your business (and your target audience) best. And that means that it’s you who’ll have the highest chance of making profitable decisions.
Still, keep in mind that all six of the business approaches outlined above offer mainly benefits (with very few, if any, drawbacks). Thus, they have a super high likelihood of helping your brand progress — especially if you are consistent with how you employ them.
