In the world of digital start-ups, there are millions of business success stories and strategies that aim to tell you how to grow your business. Want to launch a billion-dollar company? You could create social media campaigns, invest in marketing ideas, or work to appear in top news sources to get the possible traction. With so many ideas, let us take a close look at suggestions to help you get from start-up to success!
Where to begin?
As you begin to consider the strategies and tools that can have the most significant impact on your business, remember that you are aiming for both long-term and short-term success.
In the world of mobile phones, we all know Nokia was the global leader in the 1990s and early 2000s. In the world of touch screens, the Internet, and smart operating systems, other mobile companies understood the value of next-generation trends. Still, Nokia did not think about it and focused on hardware over new technologies. Former CEO and board chairman, Jorma Ollila, admits the company failed to identify consumer demands. Want to avoid making the same mistake? Here are some approaches that can help you to take your business to the next level.
Research the market
It is essential to understand the demands and aspects of your market. Whether you are a start-up or an established business, conducting market research is the best way to become aware of changes in market trends. Market research helps you in different factors such as market size, sales revenue, market demarcation (gender, location, etc.), demand-supply scenarios, and other factors. With the help of a powerful survey tool such as SoGoSurvey and others, you can confidently create and distribute your market research survey in minutes.
The data gathered from the survey can help you to improve your productivity and also help with product and services modification. Whether you are conducting market research in person or through an online survey, review your objectives to ensure you make the most of your study. Consider the following:
- Why are you conducting a market research survey?
- Are you connecting with the right target audience?
- What results are you expecting?
- How will you use your results?
- What details are necessary to make your reports actionable?
Related read: What is a Minimum Viable Product and How to Build an MVP
Study the competition
Every business has to compete. Competitor research or competitor analysis is one of the essential aspects of any business plan and strategy. Tracking competitor's activities helps you to improve or change your marketing plan as well as improve your product features. Collection and analysis of competitors in various elements like websites, marketing activities, content optimization, social media activities, and the products or services they offer.
One of the essential tools I would like to mention here for competitor research is Ahrefs. This tool is most helpful for a better understanding of your competitors in terms of link building, content marketing, and keyword optimization. Here are some objectives of competitor research:
- Understand the risks in your industry
- Link building
- Content optimization
- Designing and development overviews
Related read: How to Create a Solid Business Plan for a Startup
Satisfy the customers
When we talk about successful businesses or products, everything comes back to customer satisfaction and customer experience. We define CX as how many customers are happy with your company's product or services. CX includes data like surveys, feedback, and ratings.
A 2013 study by Dimensional Research for Zendesk found that 62 percent of B2B and 42 percent of B2C customers purchased more after enjoying an excellent customer service experience.
Here are some ways to improve the customer experience:
- Offer on-call support and consultation
- Personalize packaging
- Give freebies to customers
- Examine each touchpoint
- Survey your employees
Keep up with technology
The Nokia story is a clear example of a company that failed to adopt trending and in-demand technology. If you want to compete with so many competitors and maintain your place in the market, consider the value and possibilities in implementing new and trending techniques.
Here are some technologies trending in 2020:
- E-learning software
- Automation tools
- Affiliate marketing
- Artificial intelligence
- Influence marketing
Related read: The Business Analyst's Role in Digital Transformation
Happy employees make happy customers: happy employee is the big reason behind every successful organization. As the Gallup's State of the American Workplace Report has pointed out, employees who are good with improving customer relationships can achieve a 20% increase in sales.
Here are some ways to improve the employee experience:
- Utilize the employee strength and appreciate them
- Improve internal communication
- Onboard experience should be good
- Create employee wellness programs
- Share the customer feedback with employees
- Provide opportunities to learn new technologies.
There are many essential elements to consider in developing your business strategies and growing your organization, and these five pieces are just part of a giant puzzle. While all business leaders spend time thinking about how to generate more leads, keep in mind that more points does not always lead directly to more success. Instead, making your customers and employees happy is the key to success.
This is a guest post by Evelyn Thomas. Evelyn is a marketer, writer and dog lover living off-grid with her husky named shade, real-world marketing, and sales pro. She loves reading and implementing new methods of improving product usability while giving a new face to the brands she works with. If you’re ready to learn how to market your business effectively, check out her practical steps for improving customer experience.