India is fast becoming a hub for startups and they have been in limelight at all major podiums. In last couple of years, we have seen many new firms entering in the industry and competing with established brands. From 2010 to 2016, startups have gained around $18 billion as investments from different sources. 5.7% of the world’s unicorns are in India. Unicorns are those startups that have their valuation over $1 billion.
Entrepreneurs need to focus on some strategies to make it big in the market in small period. First of all, they should always focus on the basics of the game. It depends upon the business model, research and development and uniqueness of your products and services. However, capital plays a significant role in implementing various strategies. In the below list, we have pointed out some initial strategies every startup must follow to a continuing growth and success.
Market Study and Segmentation
With over 130 crore population, India is a gigantic market for any seller. However, varied sections of customers have their different needs. So, a new firm should know about its target market. It requires a thorough market study. After the proper research, one should identify its customer segments and plan its offerings and promotional activities according to them.
Startups have to know about the preferences, tastes and wants of the target users as per their age, place, income level and demographics. After all, consumer is the center of any business.
A startup must create a USP (Unique Selling Proposition) for its products. It helps in positioning your brand among the users. Entrepreneurs should ask this question to themselves:
Why people would buy your product and how it is different from the competitors?
You must build trust and provide value to the customers for a sustainable growth.
Focus on your Strengths
Always analyze your plus and minus while you are setting up a new venture. Know what your strengths are and try to focus on them in executing your plans. Also, work on your weaknesses and try to reduce them. Identify the opportunities and to cash them, embed with your complete strength.
Get a talented personnel team: Getting a well-motivated and talented workforce is very essential for any startup. In all departments of the business, hire people who are efficient in their work as well as add value to the company’s assets. Also, proper personnel management and rewards should be the top priority of the enterprise.
Make the best use of the advanced technology. As every month we see coming up new developments, new startups should try to adopt them in their business model. Many times, technology drives to make you the leader in the market. Nowadays, a mobile app is almost necessary for a new enterprise to grow in a swift manner.
Digital Marketing – SEO and Social Media
These 2 are very effective and significant tools to promote and market your new business. Search Engine Optimization (SEO) is about the process of getting your content in the top of search results on the search engines such as Google or Bing. In today’s tremendously competitive markets, startups cannot ignore the relevance of social media and internet. Startups should consider the following points using these tools in their strategies:
- Create good quality content. It should be fresh and original. Use the correct marketing language which helps the target audience to find what they were looking for. Make your customers connected with you with informative news and articles about your company and industry.
- Sharing your products and news on social media increase your credibility. Spread your posts through Facebook, Twitter, Instagram, Youtube, Pinterest and many more in a creative way.
- If you are an online e-commerce platform try to promote your business using coupons. There are dozens of coupon web sites with whom you can partners to market products at a very low cost.
These are the simple primary strategies which startups must follow to make a good platform for a steadfast growth. Other promotional and marketing strategies depend upon the budget and fund flows.
Having adequate funds is a must to run a business successfully. Business tycoons like Ratan Tata, Azim Premji and Narayan Murti have invested in online e-commerce firms like Snapdeal.com, Paytm, Olacabs, Bluestone and Myntra. Snapdeal has shown unparalleled growth after gaining around $500 million from funding in 2015. Follow the following channels to get funding for startups:
- Private investors
- Venture capitalists
- Angel investors
- Incubators, accelerators, and loans from banks
Make sure that you have money in place to run your startup for at least first 2 years even if there are no external capital inflows. This will give sufficient time to gain foot in the market and then secure funding to fuel the expansion.
Therefore, to make startups successful, entrepreneurs must follow these strategies. Make comprehensive planning and always emphasis on the customer value. Learn from competitors but try to differentiate yourself from others. Manage your resources in an optimized way.
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