7 Tips for Market Strategy to Get Your Business Off the Ground Running
By Alon Ghelber, CMO, Revuze
Starting a company is a big deal. There are months of planning, sleepless nights, and financial worries that can cause stress levels to rise beyond anything you’ve never experienced before. There are so many elements of getting a business going, but how can you ensure that you succeed in hitting the ground running. Let’s take a look at a few market strategies.
If you fail to plan, then you plan to fail. It’s that simple. An excellent starting point is to have a fool-proof go to market strategy. This is your detailed plan for everything that will help you succeed. Your strategy will include who your target market is, what products you will offer, as well as how you plan to gain a competitive edge over everyone else playing in the same market.
Research the Competitors
Every business has competition. Even if another company is not offering the same product, it’s crucial that you take the time to study your competitors. You can get a great deal of information by taking the time to find out what works for your competition.
When you learn what challenges your competitors are facing, you can put measures in place so that when it’s time to launch, you have worked through those obstacles and eliminated issues other companies experience.
Take Advice from Others
Don’t let pride get in the way of asking for help. You might have friends who have ventured down similar paths which are now successful business owners. Reach out and ask for advice. You can learn a great deal from other people through their experiences.
Keep an open mind and be ready to learn. If there are seminars or discussions around the industry you operate in, sign up so that you can get information.
A common mistake many entrepreneurs make is that they get overly confident. This results in them taking unnecessary risks and starting too quickly on a large scale.
It’s a better idea to start small so that you can test the waters. You might need to take a few more minor, controlled risks, but make sure you have the means to manage them before proceeding.
Test your ideas on a small scale first. Then grow the areas that work and fine-tune the details that look promising. If there are areas that appear to be disastrous from the start, let go of them. Go back to the drawing board.
Flexibility Is Key
Sometimes, what you envision happening and what takes place is worlds apart. If this happens, but it’s successful all the same, you need to be flexible enough to allow the changes to flow.
Staying open and embracing change is a massive part of life, and it’s no different in business. At times, events occur, or things happen that change the direction things are moving in. Stay calm and re-align plans if you need to so that you can continue along the new path.
Failure is an aspect that many successful business executives try not to discuss. It’s crucial to remember that at times, you might fail. The important part is to try not to focus on the event itself, but rather to try to learn from the experience.
If you encounter failure along the way, pick yourself up and keep moving forwards. Try to learn from what went wrong, but don’t get too fixated on the occurrence. Remember that it’s not about how many times you fall; what’s important is that you get back up and keep going.
Don’t Ignore a Digital Presence
If you believe that your business will be successful by word-of-mouth advertising, think again. You might also choose not to have a digital presence because it doesn’t fit with the products or types of services that you offer.
Now, more than ever before, every company needs an online space. In this digital age, people turn to their computers for almost everything. Communication is sent by email while connecting with friends and family happens on online social media sites.
If you don’t have an online presence, you’re setting yourself up to feature far down on the list of candidates when potential buyers are looking to spend money. If you’re not tech-savvy, find a web developer who can offer their services and help build you a professional-looking website.
While it’s daunting starting any new venture, it’s an exciting time in your life. Celebrate the wins and move on from the losses. Enjoy the journey and remember never to stop trying new things. A business is a continuous learning experience. Use market strategies to your advantage, and you’ll succeed.