Some
entrepreneurs fall and learn while others preempt the market dynamics and stay
safe. While it is not folly to commit mistakes as they give pure experience and
market wisdom, there are some errors that could cost you and your venture big.
Here are some quick wisdom bites for you to mull on and keep in mind when you
go out there with your product or idea:
1. Don’t undermine
adaptability, it is a big positive
Be
confident in your product but don’t be rigid when you can see that the market
is moving with a different current. All entrepreneurs want their products to
work and stick with that thought with immense faith, but unfortunately, most
products don’t work and that is the reason why most startups fail to take off.
It is not a compromise to adjust or even scrap your product when you realize
you are moving against the market current. Being idealistic and sticking to
your core idea can help you in the short run when you are defying the market
current, but you will eventually end up downstream with due exhaustion.
Therefore, chug away from the pride and rigidity and listen to what your consumers want, and accordingly guide your product building and decision making. Be intelligent, be adaptable. This will ensure that both, your resources and time are not wasted. Keep listening to the marketplace at all times.
2. Don’t fall in love with your
current form of product or design
Invest
that love in your customers instead. It is natural to get attached with the
aesthetics of your product at the initial stage, yes that is the form/design
you are bringing to fruition but getting too attached to it to the point where
you are inflexible towards market’s demands is going to drive you downhill.
Avoid falling into the trap of getting entangled in your own perception of
things.
You
will be able to meet the needs of your target audience if you keep your focus
on them, instead of a specific product or design. Most of the times it has been
noticed that the customers want something slightly different than what you are
offering them currently.
3. Pay heed to your audience,
keenly
As per analysis from a leading digital marketing agency, it has come to light that –
·
Only 13% of marketers are confident of
their companies knowing and understanding what their customers want
·
Around 43% of customers either fail or hesitate to share feedback
because they feel it is a futile exercise as the companies don’t care
As much as these figures might be true, it is also a fact that people do talk about products and services on social media. So even if you are paying a huge sum for market research, do monitor social media, it is free and observing it is not challenging or time-consuming.
·
50% of social media users spend time on
networks sharing or broadcasting product feedback, both negative and positive.
·
Twitter has 39% of users who
have tweeted on a brand.
·
Facebook has 42% who has shared or mentioned a brand their status
Social
listening tools help us in listening to what the buyers are and aren’t talking
about.
4. Engage, collaborate with
your customers on ground
While listening to your customer base is essential, collaborating can give a fillip to you about to be launched or existing products or services. Their input cans turnaround your product completely helping you stays afloat in the market. An entrepreneur can either ask his target audience directly for product ideas or conduct surveys.
Collaboration
of this kind will drive innovation which will keep you, your brand or product
relevant for times to come. This 2-way communication is fundamental to product
development.
5. Value your front-line, don’t
undermine them
As
opposed to companies or corporations, start-ups’ front-line employees like the
sales and customer service hold immense importance. They are the ones who
interact with your customers the most and are a literal face of your venture.
Their inputs are vital to your growth because they see, hear and observe things
that are often missed or not gauged from surveys, focus groups, etc.
Invest
a great deal of time and capital in hiring extremely talented front-line
employees with pleasing personality. If you want to keep a grip on the market’s
pulse, give enough responsibility and good compensation to entry-level
employees.
6. Don’t waste time forecasting
the far future
As
a startup focuses on the here and now, the ten and five-year plans are not
feasible for you because, to begin with, you are unsure of what might happen in
the coming months. Don’t get too caught up in what could happen down the road
or around the bend. Keep pacing ahead on a day to day basis.
So,
if your startup has been struggling, zoom out and reevaluate the situation on
the basis of factors. For sustainability in business keep your ears and eyes
open, literally and figuratively, it is sure to be a smooth take-off
then! If you are seeking for any kind of consultation, solution, service
based on mobile app
development, emerging technology like Blockchain,
Augmented Reality, Big Data, Internet of Things, Microsoft Dynamics 365 and Artificial Intelligence. You can drop your inquiry at projects@consagous.com or Free Quote at – https://www.consagous.com/contact/
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