Creating a new startup comes with risks. However, there are ways to ensure your business has a better chance of succeeding.
Invest Targeted Marketing
As a startup, it’s perfectly normal to spend time weighing up a variety of marketing campaigns and feeling anxious about parting with your capital. But, when it comes to growth, opportunities to hit the ground running should be snapped up at the earliest opportunity.
By investing in premium marketing techniques such as audience targeting from the get-go, you can avoid wasting time on marketing guesswork and throwing away precious resources on campaigns that have very little or no return. While these marketing approaches may feel budget-heavy, they equate to a higher level of accuracy and better business decisions.
This method lets you tailor your campaign so your target audience feels like you’re talking specifically to them. If it feels like you understand them; their lifestyle, shopping needs, etc, and have a solution for something they need, they will be more likely to respond by choosing your business to spend money with.
Create a startup doing something you’re passionate about
All business owners need to earn money to stay in business, and this involves a lot of work, sacrificing social events and leisure time, and the risk of failing keeping you up at night. However, by doing something you feel passionate about, your enthusiasm will win over people who may need to purchase from you but haven’t decided yet.
If you think about your own consumer habits and talking to sales staff or business owners, imagine two identical products at the same price, but two different salespeople. The first tries to sell you something you know you need, but he is emotionless and it seems like he’s just going through the motions. The second is clearly passionate about the subject related to this product, and the product itself. He tells you about a time he used it, and the benefits he experienced. He smiles and is enthusiastic. It’s likely you will choose the second salesperson to purchase from. This is why doing something you enjoy will benefit your business.
Be open to criticism
Nobody likes to hear negative comments, but the best way to improve is to take it on board and look at ways of improving. If you choose to ignore this and continue to make the same mistakes, your business will get a bad reputation. This might not be enough to make your start-up fail, but it will certainly mean fewer customers, which means less money to invest back into your business.
If you sell something which has a long lifespan, you might not get returning customers for a few years or longer. This makes marketing more difficult, as you have to constantly find new customers. However, by upselling, you can get repeat purchases from the same people.
Not everyone likes to feel pressured this way, but you can be discreet by inserting a leaflet with their order if it’s a physical product. Or send an email a few days afterwards, if they have purchased a service. This would include a brief list of possible products or services they might also be interested in, which either work with the current purchase or could further improve their personal or business life.
By reaching the right audience, addressing their purchase needs and listening to feedback, you can significantly boost the chances of your startup being a success.