Owning a startup, in and of itself, is challenging. Having the monetary capacity and knowledge to get a business off the ground is one thing; surviving the fierce competition, volatile economy, as well as the oftentimes changing and unpredictable marketplace is another. Steps have to be taken, even tiny ones and the demands of the Startup Success will need to be met one at a time.
Dominate a Vertical
Startups don’t go into business trying to take over an entire industry; they hyper-focus on a vertical. They start with a single product or service, dominate it and then add another.
A good example is the fitness startup Peloton, which focused on indoor cycling classes before it added other types of exercise courses to its mix. The brand was valued at more than $4 billion just six years after its launch, reports Fast Company.
If you think that using a customer’s first name in your email marketing is making the experience unique, think again.
Today’s consumers want businesses to wholly customize all communication, marketing and offers — more than just sending a coupon on their birthdays.
A study from Salesforce found that 62% of respondents are accepting of companies sending personalized offers or discounts based on items they’ve already purchased, and 57% are willing to share their data in exchange for these opportunities.
Offer a Subscription Service
From food to beauty products to dog treats, consumers love subscription boxes. Although growth has slowed down a bit, the industry is still growing by one percent per month, reports Forbes.
According to McKinsey & Company, 15% of online shoppers have subscribed to at least one subscription service. Subscription-based businesses grow revenues 5.5 times quicker than their S&P 500 counterparts.
Be Socially Responsible
Today, it’s not enough for businesses to be good for Startup Success; they also have to do good. A study by Cone Communications found that 63% of American consumers were looking to businesses to take the lead on social and environmental change;
78% of people wanted companies to address social justice issues; and 87% of consumers said they would be willing to buy a product or service based on a company’s advocacy concerning a social matter.
Several startups are taking social responsibility seriously. Sock manufacturer Bombas donates a pair to a homeless shelter for everyone it sells. And the footwear company Allbirds only uses sustainable materials to make its products.
If you’re not sure how to contribute, it may be as easy as taking a stand or supporting an issue. Consider encouraging employee volunteerism, providing grants for environmental initiatives and selecting suppliers based on their socially responsibility.
Then, be sure to share your efforts through your marketing platforms and website.
Ditch the Office
Ping-pong tables and “take your dog to work” day may have made headlines by startups from the past, but today’s companies are giving their employees what they really want — the ability to work remotely.
Many of today’s successful startups, including ice cream company Halo Top Creamery and digital product design platform InVision, have their entire team working remotely, reports Adweek.
If you haven’t embraced this trend, it’s time to start. Today, 70% of organizations offer some form of telecommuting, according to a benefits report by the Society for Human Resources.
Over the next few years, it’s estimated that approximately 50% of the U.S. workforce will work remotely, reports Forbes.
By offering work-from-home positions, you can tap into a wider range of talent by expanding your geographic footprint. Doing so could also help you save on costs associated with having people in an office.
Startup Success strategies can be a great source of inspiration for larger, established businesses.
Their success can prove the idea so you don’t have to take the risk. Competition makes us all better, so be sure to keep an eye on yours and think about how you can adopt their newsworthy practices.