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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