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I was in 12th then, I can relate to one particular lesson from Biology even today, which is the “Survival of the Fittest” from Darwin’s theory of evolution. I am sure you all have read it and remember very well. Still I would love to recall- the theory entailed that nature selects the one who is sustainable and competes in surroundings. In fact today just owning a start-up is not remarkable enough but the most important is how one faces fierce competition, unpredictable market condition and volatile economy. In order to sustain in this business growth, here are 9 strategies that can be utilized:
Use new capabilities of marketing and branding (of course i.e. low budget)
If one goes to see traditional marketing, we had a range of things in the promotional mix whether it’s advertising, direct mail or packaging but today marketers believe that there is a prominence of sponsorship, public relations, and digital and live brand experiences. This is something even I learnt during my time of Internship and the term is Experiential Marketing.
This kind of marketing is purely based on the focus that is to form a memorable and emotional connection between customer and brand so that it may generate customer loyalty and influence their purchase decision.The activities are usually designed to add value to target audiences in their own environments, during their natural existence. After the worldwide launch of Samsung S5 in Barcelona it was launched in India in order to create the buzz. A campaign was planned to run customized demo locations, mall activations and corporate activations. Even recently Airtel had set up 40 brand activation stalls at multiple locations to bring the essence of 4G.
Read more on : 5 things you must do to build a successful start-up
Other kinds of marketing available at hand are Internet and mobile marketing
With the growth in the smartphone, development of 4G segments, Reliance Jio and programs like digital India, marketers have lucrative advantage of connecting digitally with the target audience and there is a plethora of options, whether it is video content, interactive polls, blogs, and enhanced versions of whitepapers. The most important of all is Social media which is an astounding innovation of this century allowing building virtual relationship and allows a great amount of visibility and penetration in comparison to other forms of marketing.
Turn customer inputs into innovation
As I already mentioned keeping customer involved with the brand, A firm can actually has a feedback approach in order to improve the company image like having a complain portal , interactive polls, campaigns. It is very important to solder that gap between customer and market. Many of the service oriented companies like technology providers, packaging, event management firms have taken up this thought and worked upon.
Using social responsibilities such as attaching to National objective
Today start-up social responsibility is an emerging concept which stresses on what we take from environment we need to pay back to it since it is an important stakeholder. It’s all about sustainable development. Many entrepreneurs have diverted their attention towards national goal or approaches like, Make in India, Swaach Bharat Abhiyan or Digital India.
Having a sound research and market update
In order to sustain in this market one needs to scan and screen the triggers and barriers. One needs to have a good research about the current affairs and activities, industry or sector trends, growth potential in the segment targeted. There are many start-ups that fail to realize the market game and miserably are cleared off from the picture. Yet many realized and have changed the strategies, I remember reading about Talent Pad, a hiring platform which was not able to use its analytic abilities to track the best tech talent for recruiters and understanding its shortfall it is now more of a training platform rather. It is very important to have the right kind of knack to understand the market game. If one is able to fill those gaps, he is a winner of this game.
Investing in right talent
To get the best people, a start-up needs to identify them and compete with other start-ups to hire them. It’s not only one looks for technical qualification but also what the person’s orientation towards the start-up. In fact in one of the recent studies conclude that many start-ups fail due to lack of cohesive work force or differences with co-founders. To my knowledge there are numerous early stage start-ups that miserably failed in 2014, to name a few: Pirate’s kitchen, SASLAB Technologies, blogtard.com and Academic ventures. All of the above have one thing common improper team and inefficient to deliver results to customer segments.
Respond to environmental changes
In order to survive in increasingly competitive market, one needs to monitor and track the market. Today all businesses operate in an environment continuously changing. It is very important to respond or proactively think about such changes since they create opportunities, threats and uncertainties for an Entrepreneur. If one can understand the situation of recent floods in Chennai or Hurricane Katrina hitting the Middle East or the recent switch to smartphones present a bunch of opportunities and threats associated. In a competitive economic system, the success, survival and growth of enterprise warrants market assessment. This includes market condition, competitive situation and trade practices.
Focus not only on employees but also external stakeholders
A start-up is not limited to internal employees but also external stakeholders like suppliers, dealers or sponsors who are an integral part of the business model. It is very important to stay connected with all external stakeholders because they also have some equity so they need to be managed well. They equally can participate in the start-up activities and build relationships with them to make them important partners.
Understand your customer well
The value offered by the start-up to its customer is the fulcrum of any business. To give good customer care you must deliver what you promise. In order to understand this- put yourself in the shoes of customers to know what they want and what they expect.
And above all, you need to have immense leadership qualities to sustain your start up in both low and high tides.
Author – SuccessYeti