Determining the Right Timing for a Product Launch
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
Best Ways to Gather and Handle Customer Feedback
According to a recent survey, many startups failed to gather and handle customer feedback and as a result, 14% of startup failed for ignoring customers. To run a successful business, you need to learn to be a great listener. What you should particularly listen to are your customer’s problems, praises, and suggestions.
It’s important to find out what your clients think about your product or service. Their opinions are helpful information which you can use to adjust your business to better fit their needs more. There are plenty of ways you can leverage customer feedback, and profit from it, if you take the time to collect it.
How to Develop an Ideal Business Model for Startups
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.
How Can a Startup Design a User-Friendly Product?
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.
Five Essential Marketing Strategies for Your Startup
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.