Wednesday, Aug 17, 2022

Key To A Startup’s Success And Sustained Growth

Smart use of technology can leave a huge impact in a highly competitive market. Startup brands must be deeply rooted in data analysis and technology to gain an edge.

Innovation and startups help promote the country’s economy as a key engine of economic growth. The innovation cycle is accelerating, and talented entrepreneurs are ready to take charge and invent the next ground-breaking technology. Raising funds, finding talent, acquiring customers, meeting regulatory requirements and other management initiatives takes time but is also very important for maximizing business success. Lacking the required smart growth strategy can make a startup go haywire. A startup needs to have a clear roadmap so that it stays on the right track on the road to success.  

Here are some valuable tips to help you avoid common mistakes and optimize your market approach.  

Build a strong and unique brand:

A brand is more than just your logo. Your website, social media, tagline, etc. are manifestations of your brand. Your ‘real’ brand is the way people react and interact with your brand, the emotional and psychological connections they make. A brand inspires and unites everyone with a common cause. Before entering the market, it should already be a part of a culture, value and mentality. A startup brand must be unique in order to solve the problems of the target market. It must have a purpose, and only in this way can it become a recipe of success. 


Be experiential:  

Tap into sensorial experiences to build emotional connections and engagement. With more consumers looking to focus inwards and immerse in self-reflection, it will be more important than ever to provide mindful resources and sensorial features that can help customers emotionally engage with your brand. 


Be consistent: 

A brand’s perception that consumers build is based on the expectations they have of your brand. If your brand is unpredictable and your voice is inconsistent, it will have an adverse effect. The visual identity and experience of the brand must be consistent enough to facilitate recognition. 


Leverage technology: 

As life moves online and also become more stressful, brands can connect with customers in new ways. Smart use of technology can leave a huge impact in a highly competitive market. Startup brands must be deeply rooted in data analysis and technology in order to gain an edge over other brands. As the experience economy evolves, engaging with consumers must be about more than just fun–you need to understand how they want to feel. Understanding what their perception about the brand is and how you are leveraging it.  


Use data to your advantage: 

Data can simplify your business and let you understand your risks. It can help you connect the dots and create a reliable 360-degree strategy for your business. Personalized customer experience and simplified operations with the help of insights gained by data can help you distinguish yourself from others. 


Go beyond social: 

Social media has more to it than just posting, likes, and followers. The algorithms behind it can help you translate your insights into actions that will ultimately help make a bigger impact on your business. Just as compelling storytelling can help you solve many problems, allowing you to determine the right time to initiate new things and whether your audience is ready for it or not.  


Expand your reach: 

Once your brand has started moving forward on a track you want it to, don’t just sit around and wait for a hiccup to happen just because everything is going smoothly. Just like the natural world, your system should be able to adapt to changing needs, replenish their own resources and work interconnectedly with other systems. Keep up with what the consumers want and need, and be aware of what they are saying about your service or product or brand. Make sure to reinvent yourself if necessary. Continue to grow and expand. Provide something new on top of your current services or products. Pay special attention to how relevant you are to the consumer. Transition product strategy into mission strategy and present the consumers with a holistic brand mission that leaves the world better and eclipses your industry, product and consumer. 


Go worldwide: 

In our increasingly globalized economy, startups have already begun to assess the potential of international markets at an early stage. With the help of cloud technology, it is now possible to connect global consumers and reach global markets easily. Increasing business in the international market segment helps significantly increase the brand's influence and potential. Although there may be some challenges that need to be evaluated, especially for brands that are still in the growth stage, globalization does offers huge opportunities. 


The authors are co-founders of Gemius Design Studio. 

DISCLAIMER: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.