Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
75% of start up businesses fail, while 90% products with new business ideas meet a death the moment they launch it!”- as per a mashable.com survey.
It’s already 2015. It’s great if you are thinking to launch your start-up company and you are planning for a long business journey ahead. You may have read many motivational business stories that inspired you. You may have just innovated the potential factor of your product and sourced your supplier, and now you are all set to launch your first business…
But, are you aware of the good and the bad side of it?
Good news: Your business idea is supported by a lot of tools and online resources. It’s thrilling, indeed!
Bad news: You don’t have a back-up plan; you ran out of time and money to survive with your business financial dealings during critical market conditions!
It is a fact that the start-up mortality rates are ever-increasing. Marketing your start-up might turn out to be expensive with no profitable gains at the end. Every start-up experiment starts with a vision and a sustainable plan to materialize it. The success of great ideas depends on skilful execution of start-up tasks rather than launching unviable methods with short business lifecycle. A strategy that involves a victory can only offer chances of survival during this teething period of time! As the saying goes, “ a stich in time saves the nine”, your business stitch fix can rightly save your business if you know how to plan your cards right.
But how would you go about it?
It’s simple. Just by trialling your business ideas, before launching your venture for real.
Your goal: The goal should be to identify the problem statement associated with the product that can offer an insight of building a sustainable business around.
Incase you are looking to test your business idea, these five top scientific experiments of start-up business might prove to be a helpful guide while dealing with the downs of business start-up and shorten product development cycle. Check out how it works!
Test a variety of ideas:
Most marketing strategies fall out soon once they make an appearance in the market. Even after spending months of research and planning, there is hardly any guarantee that your business plan will succeed. This spells a total waste of your marketing dollars on researching out business strategy that might or might not work in a competitive market environment. Instead of spending high on marketing strategies, invest smartly on a variety of ideas. To cite an example, rather than running a six-month campaign on marketing channel say Facebook or twitter, run a two-week experiment campaign to check how the audience reacts to it. Check out how well your marketing campaign is performing? Check for the number of visitors and the visiting source. This way you can gain insight on how to deliver your marketing message successfully via which medium without wasting much of your business budget.
Publicize on what you do:
The best way to ensure your start-up online presence is to beat your own drum sets. Convert your one-way marketing into two-way communication. You can do this by blogging publicly and frequently about your services and products. Accumulate personal feedbacks out of which frame out measurable quantitative feedback that offers insightful metrics. Ask open-ended questions that elicit feedbacks from customers via forums, Q&A sites. Offer solutions to their inquiries and improvise your products based on customer feedback. This will help you to uncover product potentials even before it’s initial launch.
Explore marketing medium:
Test your start-up website. Launch a simple landing page and check which keywords bags the maximum hits. Let Google Analytics package code measure the time spent, the number of visits, conversion data and other metrics via goal tracking. Check out your website’s functionality by optimizing your A/B testing campaigns. A beta test of your website just before releasing your new product is an excellent way to check if it attracts the right people. In order to scale your start-up online and optimize page viewing, choose a strong CMS platform for blogging your blog content. These experiments, if done correctly beforehand can offer deep insights to turn your start-up into marketing machine, saving your time, budget and energy significantly.