Are start-ups a trend-setter or just a mere fad? This is perhaps the most common dilemma that most marketing officials seem to come across. Not only does it sound fascinating, but the word start-up is also apparently the most talked about word in the current business landscape. Wonder why? With the advent of technology and booming digitalization, more and more youngsters are fueled with the passion to do something on their own and set the path for others to follow. And, not surprisingly many have indeed broken the glass ceiling.
What defines a start-up?
In the words of business, a start-up is a newly established company or a partnership between entrepreneurs who are driven by innovation, prospects, technology oriented services, and products. The key ingredient behind a set-up is the business heads where the founders aim for success but with no guarantee involved.
According to the latest reports, the top five star-up ideas prevailing are:
- Fraud Detection
- Wearable Technology
- Health
- Online Retail
- Education
Let’s imagine the market as a vast ocean and a successful start-up is a destination present in the outlook of an island. Consider thousands of young entrepreneurs and company’s trying to sail across the vast pool to reach that desirable island. But is it so? The answer is not every start-up reaches its final destination. It takes some serious guts and a well laid out formula to sail across all hurdles.
Five full proof ideologies that all successful start-ups swear by:
1) Product-Market Match
One of the biggest reasons for failure is the lack of proper product ideas. In simpler terms, if you are unable to offer something that the customer wants, all your effort goes to the vane. Sounds harsh but numerous start-ups struggle with the product-market match. A start-up needs to be flexible with its approach and change its course as needed. Once a product is launched it takes time for consumers to gel-in. Therefore survey your targeted market base before launching.
2) Start it Small
As young leaders, it’s easy to get tempted and splurge on the global market. This is one of the biggest mistakes. Before you head out to launch it big, start with small tests in smaller markets. It is imperative to define the categories and study your competition before making a big move. A successful start-up must always search for innovative ways to keep rolling.
3) Establish a New Normal
The main motive behind a start-up should be where you find it in the years to come. Is it just limited to become the CEO of your company or construct something that would introduce a change or a new normal to your niche industry? As we know, change is the only constant, and hence with utmost passion dig deep into what would put your idea ahead in the competitive race. Establish a new market by generating interest in consumers.
4) Cultivate a strong start-up Culture
In the race to create an impact, most companies neglect the culture that forms the foundation. Any idea as to why 50-60% of the employees quit a start-up in the initial years? Guess you can now figure out the solution. Few questions that should essentially be shared amongst the company ecosystem are:
- What does the company believes in or stands for?
- What is the company, as a business and also as individuals?
- What should be the shared bong between a manager and his co-workers?
Start with clarifying your values to the employees to ensure a stress-free work environment. Even though a start-up has limited resources and limited time to prove itself, understanding your roots goes a long way to build a strong future.
5) Hold your Focus
Committed founders and efficient employees make for the perfect match in a star-up. There is always a rush to establish a new up. What pushes it longer is having committed employees from the start, who are aware of the various perks. Understand and honor your savings by staying precisely focuses on your target audience. Sate your ideas to your investors and share with them the ideologies that make your foundation unique.
After everything is said and done, this is the point where you need media intervention to build trust amongst your audience. Finding the right media outlets, journalists, and right channels is a major lookout to grow in the sharp business world.
A press release can be of high value to get the attention of your customers. The purpose of a press release fits perfectly to your start-up's agenda, because:
1) Build a strong brand awareness
2) Generate potential traffic
3) Increase your credibility
4) More and more backlinks
5) Invite media attention and potential investors
Being a start-up it is imperative to send out optimized press releases at regular intervals so that your target audience can grow trust in you. Some occasions where you can send out PR's are:
- Start-up launch
- Publish research
- New product or service
- Winning a partnership
- Customer acquisition
- Upcoming events
- Any achievement or milestone
However, one must remember not to send out press releases for every minute incident. Release substantial news that would provide a better return to your brand. It’s important to show your hook to the audience. For example:
a) How your brand solves their problem?
b) How your product addresses a need present in the market?
c) How it helps the consumers reach their goal?
d) Any new insight or out-of-the-box challenge it improvises
Make a note; since it’s your debut, your first press release is of utmost importance. This is your chance to convey your company ethics and how it is worthy of media attention. In case you have a dilemma, seek professional help to get your first press release out. For beginners, this is worth the investment as reporters, media publications, and other big organizations would readily approve the content.
Being under the radar of an expert would mean:
1) A strong distribution channel
2) Constant monitoring of the services
3) Affordable and cost-effective
4) Guidance from an experienced team
5) Increase visibility in the domain and in the target markets
