One thousand, eight hundred and twenty-five- that’s almost the number of days in a span of five years. But unfortunately, only a few startups could survive to celebrate a 5-year anniversary. 20% of the businesses fail in their first year, next 30% in second and rest 50% after five years. This huge number makes one thing very clear that there are so many risks involved in making a company succeed. But on the bright side, there are also some successful businesses who were once a startup. That’s right- the Starbucks and Walmarts of the world were also once mom and pop joints struggling hard to get success. Quite inspiring though!For many entrepreneurs, the situation is always win-win. The odds are always stacked against you and it’s one tough lesson after another to make you better. But why to repeat all those mistakes while others have already blazed the trail for you. The best thing about mistakes is to learn from them and that’s what this post is all about. We have summarised a few tips here that can take your brand from startup to growth. So let’s sit together and have a look:
Make market research your everyday task:
You can’t grow unless you know what is latest in your niche. Always be eager and find for the ways to interact with your customers. Keep an eye on your competitor’s activities. This will allow you to make better informed and confident business decisions. Follow these practices and create your nonstop feedback loop:
- Listen to your customers when making face to face sales.
- Stay up to date with your sales figure.
- Participate in conversations on social media.
- Identify who your customers are and keep a tab on their activities.
Don’t ignore the micro details in your business plan:
Your business plan is your blueprint that sets out what you want to achieve and what actions you are going to take to get there. But don’t get deluged by the details and start with a short plan containing enough information to help you get started. Make sure there is a future scope of what you intend to do. Carry out your initial research through pop up stores or online e-commerce sites. Also, set up some goals and keep monitoring your progress.
Once done with the market research, make sure your products perform at its best:
After a rigorous research of the market, it’s your responsibility to ensure your products and services are of best quality for both retailers and customers. You can use various methods to ensure your brand is performing at its best:
- Promote your brand using PR, social media marketing and events
- Share valuable content online
- Expose your brand to a wider audience by merging up with other big brands as their official partners.
Put yourself in your customer’s shoes when building your website:
A website is the first point of contact for customers to get familiar with your business. And most of the time people want speed not an overloaded loaf of information. So put yourself at your customer’s place and then design your website.
Hire a web design company and bring out the best user experience out of your website.
Hire the right people on board who can help you to grow your business:
Invest as much time as you can in your recruitment process and hire only the best people to work for you. When you have the right people having the right strategy, your business takes momentum on its own. Hire a team who have specifications in a particular area and see what beneficial difference they can make in your company. Also, maintain a great working experience so that people want to work for you longer.
The above points are the core reasons behind the continuous growth and traction, a company witness in future.
“There is never a single way to get the success but one can take multiple paths to get the same goal”.