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
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.
Every startup has to deal with market competition. It’s a sign that an industry is viable when you see both big sharks and small ventures. But statistics show that 19% of startups fail because they get outcompeted. To be successful, businesses need to know their competitors and how to beat them in the marketplace.
Competitors can be either direct or indirect. Direct competitors target the same type of consumers and offer similar products or services. Indirect competitors offer similar products and services but their main offering may be different. To be successful, businesses must be aware of all types of competitors and learn how best to compete against each.