Growth is the ultimate KPI in the startup world. There are several ways startups can mine growth amidst the competition that exists in today’s business world. Here are five essentials startups need to survive in their industries.
1. A Good Product or Service
A startup is only as good as its product or service. Many often use their first products to test the waters. With customer feedback, they can make further improved versions. This is why keeping tabs on data brewing firms like the Harris Poll can be essential for a startup.
The Harris Poll has been tracking the consumer behavior of American adults since 1963. This public opinion, market research, and strategy firm is home to several business people who understand the need to use data for well-informed decisions. Will Johnson of the Harris Poll, for instance, has extensive knowledge and experience in the business world. Will currently serves as the CEO of Harris Poll. Previously, he was the President of BAV Consulting, a Young and Rubicam Group Company.
He has also served as Chief Strategist of Brand Asset Valuator, the world’s largest study of brands and models of consumer/brand behavior. Over the years in his successful career, he has become a thought leader, frequently sharing insights with platforms like the Washington Post, Ad Age, Chicago Tribune, Harvard Business Review, and more.
2. Good Cyber security
As startups become heavily reliant on technology, data breaches and hacks have almost become unavoidable. In 2020, there were about a thousand data breach cases in the United States alone. The issue of cyber security has become a major concern even for large corporations. One of the ways for startups to live through a cybercrime-infested world is to have IT support providers like Netstar on speed dial. They can help safeguard your business from online threats with their complete cybersecurity solutions.
3. Strategic Marketing
Last year, U.S. businesses spent a total of $21 billion on marketing. Experts project $10 billion more by the end of 2021. Why do companies keep pouring more money into all these campaigns and fancy ads? Well, marketing can be hard, and the only way to make it less hard is to improve processes and strategies. Marketing minds can ramp up a business’s trustworthiness through great storytelling results.
The world currently has about four billion internet users from diverse backgrounds. It pays to begin all marketing efforts with extensive knowledge of ideal customers. Startups can generate and leverage analytics like COVID-19’s effect on spending habits for more informed marketing decisions.
Operational Flexibility
Business survival, especially in this coronavirus pandemic era, demands agility. And if the increment in remote working and collaboration platforms is anything to go by, many businesses have already begun adopting agile operations. Business agility is the process of adapting a business’s processes to challenges as and when they arise.
Personalized CRM
Business leaders dealing with the wants of their consumers may have to go beyond the paltry sender and receiver affair. The modern customer is a reflection of the digitally transformed and savvy world we have today. Startups who take time to listen and pay attention to customers’ evolving needs can enjoy significant levels of patronage and loyalty. Customer relationship management (CRM) has become one of the primary factors in determining a startup’s growth trajectory.
There are many places to look at in beginning your startup’s CRM. Building an able customer support team is often the go-to for many startups. Using automating tools like a cloud call center can give your team a great head start. Depending on your budget and specific needs, you can opt for an open-source or a proprietary solution. Alternatively, there are also numerous articles about CRM on the web. You can check them out for new trends applicable to your startup.
