“Been There; Done That”. Words you will never hear from successful business leaders or even venture capitalists. Nurturing a business to its profitable bloom is a constant learning experience which requires grit of an Atlas, and smart-work strategies akin to a genius mind.
A bit of advice for the novice: All overnight commercial successes spring only from the years of hard work, brain-storming, multiple failures and not to mention those moments of despair where most people almost quit but the go-getters stand up and startup; yet again.
How to make your brand viral?
What are the smart business owners doing that you are not?
Keep reading to find out the gaps in your business strategies
that you can avoid at your own risk. Pandemic or not.
Why is it that almost half of the business shut down in their first two years and even less than 20% make it to more than ten years?
Simply answer these questions, and we can guarantee that most of your business maladies will magically disappear even the funding part. Heck! You may not need it any more.
Here’s How you can ‘Grow Your Business Venture’ to significant success.
Are you solving a consumer problem?
A right product or service must make a consumer feel good. In my significant presence at debt conferences, every investor I have met is a sucker for scalability. There is something about the scalability of a business that capitalists can almost sniff out.
Ask yourself. What is my customer satisfaction rate?
What is the churn rate amongst your monthly shoppers?
Will you, yourself buy your product?
Optimising a product; whether essential or luxury, takes time. Agreed. But it will only happen if you are an effective collector and reader of your data. Keep a track on daily run rates, Google Analytics, Goal Achievements and keep your problems modular so that they can be solved, one by one.
Is your team as passionate as you?
Driving employees with a sense of ownership is not an easy job. It is only when you empower your team with authority, they will feel oneness with your idea, but what if they misuse this authority?
Profitable businesses work on trust. In my recommendation, when a business is growing, you cant work under one universal HR Policy. It needs to be flexible. You can attract exemplary talent if you communicate through flexible working atmos.
Incentivise your sales and marketing team’s performance.
Nothing lures the young mind better than Good old CASH.
It is strongly recommended to give ESOP, preferential stake to the crucial workforce, and it works almost like magic in terms of output. An ownership stake, when put on paper, delivers a sense of pride that is second to none.
Is your product easily accessible?
Networking or Not Working? Rightly said, as you are entirely reliant on your front end and backend Vendor chain to make your products available. Your product team becomes your key vendor if you are selling an ITes Service, for everything else, you need a good network of friends.
Giving a personal touch goes a long way when you are creating business relations.
Are you a likeable person?
Do people feel happy doing business with you?
Let’s call this the ‘Happy to work Factor.’
and this alone will decide on the eagerness of multiple
entities that you depend on for your smooth workflow.
If it is not on the shelf, It ain’t selling.
A smooth network ensures that your product is well circulated, recommended and always available to your end-users.
How tech-friendly is your Consumer-Connect?
A vital lesson for today’s businesses is not to avoid Millenials or technology. While the penetration of mobile phone is highest among Millenials and Alphas, even boomers are not far behind.
You can use cookie tracking strategies if you are an online business and for retail success, integrate your PoS devices with marketing tracking for better customer stickiness.
How many emails should you send to your customers per week?
What should be the best channel of communication with your users? Are you using WhatsApp and social media wisely?
Please consult a professional here if your not digital savvy, it will help you in evading many common mistakes and lot of money. A digital marketing professional will aid you in learning the ropes of the trade, in a much shorter time too.
Is your Digital Communication Clear?
Often we have seen a confused product communication being propagated to customers. Business owners must consider the fact that their average users have a short attention span, and it’s only going lower as you reach across a newer generation of the target audience. If you are not able to explain your business in 20 sec flat, no one is interested.
How do you explain your product;
the way you see it?
The element of “How it works” is often underestimated.
- Get a good content writer even better a copywriter to effectively describe your products and services.
- Keep your communication strategy content-based and not platform-based.
- Communicate with clutter-free emails and click-worthy subject-lines
- Create explainer videos and flood your social media with it. In today’s day and age, video content is proven to be consumed most easily and widely, across all age groups.
A dear client of mine selling dissertation writing services in UK and Australia witnessed a 30% increase in leads; once clear explainer videos were published on the company’s social media channels.
Are you using Effective Marketing Mediums?
The Covid Pandemic has changed the marketing eco-system forever. Even the big pharma now admits that TVCs are not the best avenue for generating positive MROI ( Marketing Return on Investment). Social Media Influencers are the new ‘Gods’ of marketing and Man! Are they worthy!
Here’s another example, Lamborghini in an official statement announced that they do not believe in TV commercials because the customers who can afford their cars don’t watch TV.
So what works in today’s world of marketing?
Research with due diligence and understand the most important ‘P’ of your sales and marketing plan. It is the ‘People’ who will buy and pay for your business.
Collect Data; Analyse and Repeat.
- What are the age and socio-economic profile of your target audience?
- Where does your potential customer go for entertainment or news?
- How often do they buy products or services similar to what you are selling?
- What are their pain-points and how can you communicate with them with a better product?
Being able to throttle profit in your business is like no other feeling in this world; maybe just second to Spiritual Nirvana. But while we struggle to achieve monetary success, don’t ignore the cosmic bliss and a fact that nothing works better than real hard work.
Ask Yourself, Why you started in the first place? And it will solve most of your problems.