DON’T BREAK THE BANK, BREAK THE MARKET WITH YOUR STARTUP
Yashasvi Khushu || The CEO Magazine
It is not a child’s play to make it big in the world of startups for all. It definitely is altogether a different ball game for startups to go on loggerheads with big giants of the market. In an industry that is constantly looking to eat up space, what you need the most is something extraordinary, an X factor.
If you are a startup in the stage of infancy, this is the time for you to make the next move with the following guidelines:
1) Stick to your purpose: prioritize your fundamentals the most before you try your hand at any other aspect. Regardless of how many products you have on offer, develop a good understanding of each one. Chanel, you focus on what gives you an edge over your competition. Unbelievably, the competition is fierce out there, in all fields, so identify your USP and polish it. In addition, once you have identified it, it will be easier for you to strategize your marketing and branding.
2) A strong team: there will be an entrepreneur inside you, that will at the very first chance, try to do everything on its own. However, to bring out the best results, it is unavoidable to have a team that takes care of things that requires the expertise of a certain nature. Build a team that is equally or more passionate and share the vision that you do. To elevate the progress of your plan, its best to bring in people on board who are experienced and enthusiastic in life.
3) Use the social platform: social media can act as a game changer for your business plan, regardless of the fact that you are a lone entrepreneur or a massive business house. This is the most cost-effective and powerful way of conveying your brand message to a large number of people. You can tap on potential clients appropriately without having to struggle for promotions physically. Therefore, if there is a budget split, give a decent chunk to social media, this will not just ensure higher returns but also add value.
4) Partner with influential brands: a company that has already made a mark in the market would be of great use to collaborate with to grow. Someone who may not be a direct competition or is serving the same target audience directly but in a different way. Say for example if you open up a travel website, look for hotel or ticket websites to collaborate with, this will amplify your brand presence in the market with valuable customer retention.
5) Customers above all: Each customer matters, always keep that in mind. Regardless of the fact that you are a startup or an established business, every customer is important, treat him or her well or they are not coming back to you, but if one stays, chances are they bring more with them. This may push you a little extra sometimes, but it will be all worth it. There are a few sites giving reviews for companies and if you end up with one bad review, it could damage your brand presence greatly. You can do a number of things to keep your customer base elated like coupons, small gifts, discounts, reference points, or publish their names or pictures on your social media pages.
6) Keep a check on the competition: as much as it is important to keep a track on what you do next in line for your growth, it also is important to keep an eye on what your competitors are doing. It will help you in understanding the difference in what are they giving different that you are not and making the right changes. You can set prices in the right way and accordingly make campaigns that are more relevant to your product. Analyze the trends, lit down the competitors, whom all have entered the market new, what nature of threats are there, and apprehend how you can use this information to make your brand better.
Since now we have listed down a few points on how you can build a brand on how to success a startup without having to break your bank, comprehend what all needs to be done before you start to approach your dream. No individual thinks alike, different minds will follow a different approach, but at the core, what should be in mind is that the rise or fall of your business will be a result of your decisions. So make the right decisions, use the right tools and achieve as much success as you want, soar high, without having to invest a large capital.