‘Generation Y’ is said to be THE RECKLESS ONES! They don’t fear taking risks, and therefore the majority chooses to be entrepreneurs. According to a survey, only 13 per cent of them think of being a CEO or President of a Corporate Company. In contrast, 67 per cent of millennial are interested in starting a business.
It is, however, essential to stand ahead of the others to earn success. While being a challenging task to think of, I will acknowledge some of the more recent trends. Hopefully, these would prove of extreme benefit when trying to boost your startup.
This is the high time to start your business. However, you need to be a step ahead of your competitors. The structure of your plan is the first things that create difference and makes an impact. It is second by the optimum utilisation of technology.
1. Upgrade Business Plan
Your initial business plan may have worked wonders for you for a long time, but it does not guarantee promising results for the future. With the increasing number of new startups, you cannot lift yours with the same old strategies that you used to follow a year back.
- Focus on the needs of the audience and their interest to engage more out of them.
- Include social networks in your upcoming marketing strategies and get rid of high-cost traditional marketing.
- Strategise strong connections with your employees and users.
Technology is taking over this world with a pace that no one could have imagined before. To save up added costs and get additional benefits, you should automate yourself in whatever ways most suitable for your business plan. Spending in technology is the one-time investment with lifetime results.
- Use of Chatbot can improve your customer experience.
- A strong cybersecurity system will provide you with secure data.
- Artificial Intelligence is involved in smart marketing that can multiply your customers.
3. Online Courses
The world is evolving fast and so is technology, so keeping up with time is very crucial. It is difficult for a newcomer to spend a lot of time attending classes and coping with the tech world. No worries, there are many online courses that you can do with ease. You may seek help from Courser, Lynda and Khan Academy.
4. Book Keeping
Innovative programs simplify managing your records. By using them, you can easily track your progress and expected turnover for the future. Keeping a detailed record will prove beneficial in the long run when developing and altering future business strategies.
Look For Your Strengths
The key to success for any startup is to work on its strengths and promoting them efficiently.
According to Daniel Lubetzky – Founder and CEO of Kind,
"Big ideas are what can transform a venture—but if you are pursuing too many of them, you decrease the chances that any of them will pan out."
The president of his company further imposed this as,
"We can’t do everything. Let’s prioritise and do a few things really well, rather than a ton of things less well."
As an example, you might be the producer of many different kinds of snacks, but a couple of them might not be receiving public appreciation. This is an indication that you need to discontinue those and focus on improving the ones that are widely accepted.
Build Wise Marketing Strategies
Marketing strategies are the determining factor towards building permanent clients and making your product stand out from others. For example, discounts on numerous products all year round would leave your products underrated. Use them wisely and occasionally to highlight particular products at the right time and to keep its luster intact.
1. Exploit Merchandising
Merchandising is a smart business plan, and it leads to increased brand recognition and more engaged buyers. Use it whenever you can! Some of the very effective product selling tactics that you can follow to grow your startup are,
a. Change Your Displays Regularly
This makes you grab the attention of potential buyers towards newer products, and gives you a chance to promote what might be beneficial for you. However, your theme must remain similar. This will help in brand building.
b. Display The More Luxury Versions Of People’s Needs
Making people buy what they want instead of what they need is very important to boost your business. This can only be achieved by improving your presentation. Why would a buyer go for your brand instead of some renowned brands? It might be due to your quality, improved price and offers. But the thing that will attract and create an impact on the first go will be your showcasing.
Customers tend to get drawn towards interesting and legible notes, so beautify your displays with eye-catching labels. Also, if a product is missing its price tag, people tend to move past it rather than asking customer service personnel. Therefore bold price tags are significant to increase sales.
Keep note of your inventory and products on display, put forward what you have in a greater quantity and want to sell faster. Restock your inventory with products that sell fast, in that way you will never fail to keep a steady sale.
2. Search Engine Optimization
Different strategies will help you with improved SEO of your website, but the easiest would be to,
- Choose the most popular keywords.
- Improve your content and update it regularly.
- Add videos on to your site.
- Use proper metadata to your web-pages.
3. Promote On Social Media
This is very self-explanatory as the growing interests in social media are conducive to higher sales and increased demands when a product is promoted on social media. You may use influencer marketing to save your time and hire virtual assistants for your purpose.
Ending the Line
This list does not stop here. There is a myriad of other ways that can boost your trade, but these are some that collectively received consensus.
As a matter of fact, there are three new startups globally every second. This increased rate of new startups makes it even more vital for you to make your startup stand out amongst others. By following the above-mentioned steps, you will be able to lift your startup in very little time and with less effort.
Author: Stella Lincoln
I am Stella Lincoln having a master degree from the University of California, Los Angeles in the subject of marketing. I love to spread the knowledge and wisdom. My focus is to enhance my skills and reduce the gap. You can check my write-ups at my blog; Educator House. Nowadays, I am working in HarperCollins Publishers as a Writing Consultant.