A 5-Step Formula for Startup Success That Works in All Industries
So, you have a decent idea for a startup, but you have no idea how you’re going to attract your first customers and get the momentum going. Luckily, the internet is a big place with plenty of prospective leads, so somebody is going to be interested in what you have to offer. The challenge is finding a way to make contact with those leads in a way that creates a positive impression and convinces them to take the desired action. To help you do that, we’ve summarised a proven 5-step process that countless businesses have used to achieve startup success:
1. Solve a Problem or Fulfil a Need
First, you need to make sure your primary product or service is providing a legitimate solution to a problem or fulfilling a common need within the niche. People don’t always buy things that they want, but they will almost always consider buying something if it’s genuinely needed. Establishing your product as a necessity is the first step in making it irresistible in the eyes of potential customers.
2. Determine Your Receptive Audience
Once you’re confident you’ve effectively solved a problem or fulfilled a need with your new product/service, it’s time to figure out which group of people will be most receptive to your advertising. You can use PPC and Facebook advertising to determine which demographics are responding to your ads the most and then fine-tune your promotional content to further cater to those groups.
3. Generate Awareness and Engagement
Now that you have a useful product/service and you know who your audience is, it’s time to continue your campaign with engagement and brand awareness being the key focuses. It can take weeks or months for your brand to start reaching its potential, so patience and diligence are the two attributes that will reward you the most at this stage.
4. Be Unique and Go the Extra Mile
Once the ball is rolling, you’ll naturally start looking for more ways to differentiate yourself from the competition. You need to be offering something that nobody else has and doing it in a way that provides more value than any other similar solution. Short sighted greed can stand in the way of your brand’s appeal if you fail to give your customers a sweet deal with the concern that you’ll be losing out. For example, setting your price lower than the competition might seem like it’ll result in a relative loss, but when you consider how much more business you’ll get because of it, it almost always works out in the end. Deliver more than expected in a way that no one else is doing it and admirable results are almost guaranteed.
5. Develop and Improve Further
Finally, now that you’ve built a strong brand and have refined your offerings to be as unique and useful as possible, your ongoing focus should be to further improve and develop products/services that will compliment or enhance your existing business model. Many startups make the mistake of stagnating after the initial wave of success. Stay persistent and strive to be the best continually and your startup’s success will be sustained rather that short-lived.
Start from Scratch, But Have a Vision in Mind
Almost all great businesses started from a great idea that was acted upon by an ambitious and resourceful leader. Ultimately, that’s all it takes for a startup to stand out from the crowd and excel, regardless of the niche you plan to dominate. Starting from scratch doesn’t mean you have to operate from a blank template. Envision the results you desire and then strategically work towards bringing those goals into fruition.