Gone are the days when people used to think of becoming a pilot, a teacher, or even an artist. Nowadays if you ask school going kids they will tell you something else. Someone will want to give a coffee shop; someone would want to have car house and what not. Clearly, in today’s world, job satisfaction has changed and it is leading us to be more interested in startups. But, running a business successfully is not easy. For that, you have to be tactful and strategic before even executing your plan.
Can you even count how many startups are swept under the rug every year? There are many. Statistics say, three out of four businesses fail every year. It is due to lack of proper planning, a hard-working dedicated team and also for the lack of digital marketing knowledge. Before you think of selling your product, think how better can you sell and how easily that can be achieved.
Effective Market Research :
Whether the product is for everyone or for a specific community, whether it is gender dependent – understanding these very factors are absolutely crucial. Custom, tradition, place, per head income, choice of people, rapid growth in the lifestyle of change, all these elements highly influence a business. For settling down in a highly competitive market, proper market research will boost your product and do nothing wrong. Research work never goes wrong practically for having a plan for a business.
Collaborative Team Work :
Starting a business all alone is a real hard task to perform. Today’s competitive world will force you to work collaboratively. A cooperative and dedicated team is a must. Team management is one of the basic pillars of a business. The foundation has to be very strong. Research says every successful business has quickly managed a team full of enthusiastic people (men and women working together) who are ready to take risks and will be faithful to the company. The right team working for an idea is mandatory for making the business stand.
Digital Marketing :
None of us can really ignore the mass explosion of social media in today’s world. It only takes a minute to tweet about something on Twitter or to like and comment on Facebook. YouTube, TV media and other forms of digitalization of ads can help to get a better reach for a particular product. Making a picture or a video viral is nothing less than easy. Whether it is a good product or not – it needs publicity through the social media. The bigger the reach is, the better the result will be.
Correct Price Point:
Setting a price is one of the most important decisions a company can make. But often it is treated as an afterthought. Startups, in particular, have a habit of setting their price low to attract customers and never raising it or keeping a feature free long after it is clear people will pay. The ultimate startup success also depends on frequently soliciting input from your customers and employees, assessing the pricing from your competition, and routinely revisiting your existing pricing schemas.
For something new, people always expect to get something extra – the age old nature of customers. So, in this case, the less is more theory can be applied. Giving something for free, keeping the price range low etc will certainly help if it is a new business. Also, what is beneficial is premium packaging. Added facilities always grab consumer’s attention. Also, adding extra features to the product which did not exist before captures attention and encourages people to buy it.
Making a proper budget, free sales, communicating with the buyers etc can also have an impact on making your startup successful.
Thus, only a handful number of rules are not enough. Rather a wholesome plan will make your business run smoothly, but these five steps are fundamental for a basic foundation of the business.