It’s important to get the timing of your product launch right. Around 13% of startups failed because of mistimed products. It was in fact, the tenth biggest reason for startup failures in 2018.
Timing is the number one factor that determines if a startup will be successful. If your idea comes too early, customers may not be ready for it. If your idea comes too late, you may not be able to squeeze in front of a market crowded with competitors. You can’t ignore timing even though there’s no scientific process for determining it.Continue reading
According to a recent study, having no business model for a product resulted in 17% of startup failures. Most founders focused on developing a product but they failed to conceptualize a business model for making the product successful. Ensuring that a product fits the needs of the market is only a part of starting a successful business. The other key ingredient is figuring out how you’re going to make money. This is the function of a business model.
Companies sometimes release products that may not appeal to customers. This was the case for 17% of startup failures. The truth is: startups rarely failed because the founder has a terrible idea. Instead, products were often rushed into developed and put on the market without proper research, strategy, and testing. Months or years of effort were put into production without considering customer satisfaction. It’s essential for startups to build user-friendly products that are specifically designed to meet customer needs.
14% of startup failures are due to poor marketing strategies. This is especially common for founders who like to code or focus more on product design. They didn’t relish the idea of promoting their product or service. A startup needs to know its target audience. They need to get their attention and convert them into leads. It’s important to understand the essential marketing strategies for your startups business.