May 06, 2017
In the era of startups, everyday myriad entrepreneurs take birth to solve the world class problems. From toasters to street lights, everything is being experimented and is being given new shape with the flavour of technology. Though these all are noble intentions, why not all startups make it big? Ever gave a thought on what are the essential ingredients for the startups to make it big in this noisy space? How to build business which can create a difference?
Here, I have compiled 5Cs which can necessarily boost up the growth of the newbie company exponentially. Come, let us explore the world of ‘C’
It is said that goals can be achieved faster if the purposes are aligned and I completely agree with that. A misfit executive in the organisation can create a havoc for not just you ,but your company as whole. He should believe in your vision and should also have a firm conviction to transform the idea into a physical structure. If he/she is not able to fill the gaps of your vulnerabilities, then think twice to pick that person. He should be not only challenging in terms of the expertise of matter but also should have strong hold of ethics and moreover, a heart which can complement the team’s efforts. Your rapport with the team and relationships among the executives can build an iconic image to the company and can visualize the flamboyance just as below:
Entrepreneur and author, Danielle Newnham says and I quote,” Choose co-founders the you would choose your spouse”
2. Customer Research
You have got an awesome idea? Well, nobody cares. Does that sound mean(read it: rude)? It actually is the reality. Though you might be able to foresee the wonders that your idea can create, we(audience) give least concern.
The mistake that every entrepreneur possibly does is turning himself into an affectionate mother. Where is the child then? It is the idea. Startups give so much into the making of product and are so engrossed in the nitty gritties of the product’s physical realizability that they tend to deviate and often forget the fact of figuring out ” Who are our potential customers?”
So, a proper and extensive research needs to be undertaken. It should be tested at different levels, forecasted, surveyed,recorded and then decided.
“ Narrowing the customer segment” is as important as the idea itself.
3. Content Marketing
Now that you have clearly defined your market segment, it is time that you need to let people know about your products. This ‘C’ can not only build a bulky customer base for your company but also gift you with the zillion fanboys.
So, Let us see What is Content Marketing?
According to Wikipedia, a type of marketing that involves the creation and sharing of online material (such as videos, blogs, and social media posts) that does not explicitly promote a brand but is intended to stimulate interest in its products or services.
Let me translate this into English,
A marketing technique which not just promotes the brand but evokes the interest in the customers with respect to their products and services.
Remember the Apple’s “Think Different “ ad? It is simply dedicating product to the loyal community of consumers that Apple possesses and targets to enhance the brand image to the tip of an iceberg.
If you carefully observe the Nike ad (which salutes the spirit of sportsmanship), it never says that it has got strong sole than its competitor Reebok or something of that sort. Nike surely knows that it is the emotion that is going to prevail in the hearts and they leave no stone unturned to kindle these emotions time and again.
You might be wondering that these brands have got limitless resources and best talent in the universe, don’t worry! Technology has become definitely a boom for the startups and budding entrepreneurs. With little or no cost , you can fuel your marketing strategy.
4. Competitor Analysis
With the Buzz everywhere regarding the newly introduced options on facebook and its subsidiaries(insta,whatsapp& messenger), it is quite clear that Mark wants to completely monopolize the social media market. Though, major sections of the society are not comfortable with facebook’s move to copy the stories concept from SnapChat, it is quite evident that his move comes after the fiasco with its rival SnapChat. While formulating the company’s strategy, it is quite important to take into consideration , the strengths and weaknesses of your company and also keep a track on your competitor’s progress. How? Through Press releases and announcements.
While considering this is important, it should be seen that business ethics are followed because every move of yours will be scrutinized and judged by the community.
5. Cross Promotions
Promotion is one of the key aspects of the marketing mix. It is nothing but collaborations which have mutual benefits. You promote other company’s product and in return promote yourself. We might have countless times came across those lucrative offers in the market where we buy one and the other is complimentarily given to us. It is all to intrigue and drive the customers. This will drive not just your customers but also the other party’s with whom you have collaborated. This is an old school practice, yet effective. It can be of a great deal for the startups.
From Cleopatra to Charles Darwin, it is quite evident that the letter ‘C’ had quite an impact on our history and shaped the modern world , which we boast about today. Similar is the case with the startups, these 5Cs also have a great relevance to the growth of an infant company. Let me know your thoughts in the comments!!!