It’s true – 95 percent of budding startups are slogging. We often see that most of them end up being financial disasters.
Why? Was their business model faulty? Did they fail to measure business feasibility issues? Economic viability? I admit, there are tons of other factors behind their failures. But the most important one?
Notably, it’s the burgeoning market. Yes, this is a global epidemic.
Do you own a business? I bet you are thinking about it right now. So, how to survive in this burgeoning market?
Consider these strategies.
1. Communication is the key that makes you different
Communication is where everything starts in the business world. This is one of the strongest factors behind a successful business model where you can make your services out-of-the-box. In this burgeoning market, even big brands are pushing themselves hard to make the cut. Very few of them are taking the issue of business communication lightly.
I’m not talking about old school, snail mailing, tedious cold calls. Today’s business communication standards are yielding more than that. In this current information age, tools like live chat are a breath of fresh air. Live chat offers nothing but a simple, crisp, and direct communication bridge with your customers, and companies like Tagove are leaving no stone unturned in bringing out the best in it.
Why, in this burgeoning market, is this necessary?
Okay, before answering that, try to answer this- Why are you trying so hard to make your business an outstanding one? Because you need more customers to sustain your business growth and that’s something that defines the true nature of this burgeoning market.
So, what one-of-a-kind service are you offering to your customers? I bet the live chat software pack has the answer.
Consider these issues:
- Live text-based chat: Understanding their queries
- Live video chat for offering a one-on-one live video communication experience
- Co-browsing: helping your customers find the places that they seek. Turn a free website roamer into a potential lead
Now that’s the weapon you need to brand yourself in this burgeoning market.
2. Strategic thinking: Competitive analysis
What are your competitors doing? Do you have a full-blown competitive analysis report? What are your thought management deployments? Do you think about your business strategically?
I know that this is too much to ask at one time. But, in this big data arena, these are valid and elemental questions which have the potential to align your business model with its financial feasibility. Notably, big data has made every business parameter quantifiable and scalable, too.
What you need to solve every business riddle is a proven scientific measurement. That’s strategic thinking.
Forbes has defined strategic thinking in a simple way: “strategic thinking is grounded in a strong understanding of the complex relationship between the organization and its environment. It requires taking a broad view, involving the right people, with important information and perspectives, asking probing questions and facilitating conversations. Strategic thinkers then identify connections, patterns and key issues.”
Strategic thinking is all about finding the key issues and integrating them into your existing business model. So, start asking those questions today.
3. Correct marketing budget allocation
Marketing budget allocation is similar to fighting a war on every front. Personally, I haven’t seen a single marketing meeting that solved all the challenges brought up in the boardroom.
A successful marketing meeting without loose ends is a virtual concept. And the simple reason behind that is the ever-evolving nature of the market.
So, whether you are investing more on your social media campaigns or the trade Expos, it’s hard to judge if your marketing goals are not clear. Small and medium scale businesses are struggling with these issues every single day since they have a limited budget to distribute across many different marketing channels.
Choose your marketing channels wisely, but allocate the budget carefully.
4. Extend advantages: Transferrable asset
I’m talking about new and upcoming markets for your business. Big data has already pushed us from thinking locally to globally. In a burgeoning market, you’ll have to keep looking for new and potential markets for your business in order to make it sustainable.
Yes. You heard me right. It’s all about how much transferable assets you can shape.
Today, local businesses are looking beyond their limited market share. Agility is the best feature that can define this kind of market situation. Your transferable assets will help you to think bigger. For example, even smaller chains from remote parts of the globe are using their home as a base platform and have their eye on expansion to penetrate new markets. Undeniably, this is the first step to thinking global.
Do you have the same idea? Are you looking for expansion? Do you have any business advantages that you can leverage? The bottom line is that user trends are changing and it’s quite possible that you are missing the right market.
Consider these key factors:
- Consumer preference
- Geographic proximities of your business
- User demographics
- Business standards set by the competent authorities
- Existing competition/awareness
5. Win customer’s trust
Did you know that a typical business loses 15 percent of its customer base each year? Yes. There are competitors and a single mistake can be fatal for your annual sales report.
Evidently, customer trust and loyalty are the thick shields you need to earn to protect your business in this burgeoning market. Consider these stats from coveted market analysts:
- 80 percent of your future profits will come from 20 percent of your existing customers
- 65 percent of the entire business volume of any company comes from existing customers
- It costs 16X more to push a new customer to the same level where your existing customers stand.
These numbers are proof of the concept in this burgeoning market. You need to invest every last bit of your knowledge and effort to reach your goal.
It’s a no brainer that modern technology is mothering new ways to communicate almost every day. It’s an opportunity. Right? Absolutely. But you may not be reading between the lines.
A new opportunity isn’t free from its own challenges. Every opportunity creates a new challenge, a new benchmark. Are you standing near it? If not, this burgeoning market will cause you to fade away.