Despite it being a challenging year for marketeers, the emphasis on a digital first approach has levelled the playing field for many. Undoubtedly, the competition in the digital landscape is more than ever and growing a startup can feel rather challenging. The steady foray of new entrants has only made the marketing landscape all the more turbulent: It seems like a start-up is born every few minutes.
This is no hyperbole as a survey depicts that 80 new companies are born every hour further intensifying the competition. The stakes here are clearly high as 9 out of 10 startups fail because of their inability to grow rapidly during the initial phase.
Which is why, based on insights from Forbes, we have highlighted some strategies that will help your grow quickly.
A strong vision and an ambitious roadmap
Sans a clear vision and a tenable roadmap, there is a good chance that things may not workout the way you want them to. Having clearly defined goals is an imperative as an entrepreneur. Thinking big and having the confidence and ability to execute is also critical. In today’s market, the impact of ‘Digital Darwinism’ is very real. An article by ‘The Economic Times’ highlights that if you wait too long to take advantage of opportunities or make changes then there is a good chance that you will be out of business soon.
As T.S. Eliot said, “Only those who will risk going too far can possibly find out how far it is possible to go.” In today’s dynamic climate, taking calculated risks can pay rich dividedness. Focussing on innovation, using new ideas and methods to challenge the status quo can help leave an indelible impression on the digital landscape. Remember, it just takes one homerun to make it big.
Sales focussed approach
Sales are often overlooked by startups in the initial stages. However, to achieve business growth, you must know how to market successfully. Two big developments in startup practise are the “lean startup product” and the so-called minimum viable product (MVP). They include creating a product or service that is very close to the market or target buyers.
Startups should avoid prolonged development cycles as it can exacerbate the possibility of failure. Instead, a more sensible approach would be to place the product at an early stage, garner visibility and then improve the product methodically. The emphasis should be on sales instead of experimentation.
An article by The Economic Times asserts that bringing in new customers today is critical for business continuity, even if the ticket size is small. Start-ups can offer a deferred payment plans to customers or even sell on a piecemeal basis in certain instances.
Identify customer need-gaps
The old adage, ‘the customer is king’ is more relevant today. The Covid-19 crisis, according to the recent McKinsey Global Survey of executives, has increased the digitization of consumer experiences by many years. Customers today expect seamless omni-channel experiences and their needs too have changed. Customers must feel in control of their interactions, get quick resolutions, and companies focus on building trust and transparency.
Technologies like automation, AI, and analytics can help start-ups discover niches and customize their products to add more value. Take a look at the ‘flagship killer’ strategy that OnePlus used to achieve success and position its brand. Start-ups are uniquely position today to challenge the status quo.
Entrepreneurs must pay a great deal of attention to the growth phase of the start-up. They ought to strike a fine balance between finding new ways to resolve problems, setting clear goals, and making consistent decisions. While the crisis maybe an obstacle for most enterprises, start-ups can perceive it as an opportunity to discover a niche that works for them.