The startup ecosystem has witnessed exponential growth over the past few years. The advent of innovative technologies and quick funding has accelerated the growth and success of these startups.
With the onset of the COVID-19, the world is gradually recovering as more young entrepreneurs and industrialists are coming forward with innovative ideas and looking for a fresh start.
Startups are great places to gain experience, leverage raw talents, nurture new ideas, and undertake challenges that can contribute to the economy as well as to society. Surprisingly, despite the economic crisis due to the pandemic, India recorded 28 new startups that entered the unicorn club in the first nine months of 2021.
So, what is a unicorn startup?
A unicorn is a startup that is innovative, consumer-focused, has an innovative application, and most importantly has reached the total market business volume of $1 billion. Examples of startups that entered the unicorn club include Quora, Flipkart, PayTM, Meesho, CRED, etc.
Many startups venture with big dreams but fail to make a mark in the industry whereas others battle forward and set an example for others.
Are you an aspiring startup aiming to make it big in the industry? Read our detailed article and learn how to win over your customers from the experts.
Content is Queen
Marketing strategists claim that content marketing is more powerful than digital marketing and has been proved to be more powerful in building the trust and reliability of a brand.
Content can be marketed in any form like videos, newsletters, case studies, essays, blogs, podcasts, printed content, infographics, copywriting, etc. The impact is much more solid. A well-crafted website landing page can generate more traffic, can engage your customers, and improve your ranking on Google pages.
Content writing startups like CanadaEssayWriting focuses on strengthening their brand reputation and developing a personalized relationship with their customers. The essay writing site has online ratings and reviews posted by real customers and also provides a dedicated dashboard where customers can communicate directly with the writers and give instructions. The website has interactive customer service where customers can share their grievances regarding their orders, payments, and also provide valuable feedback to the company.
In this digital-savvy millennial generation, Fintech or financial technology has overpowered traditional banking where customers no more have to go to the banks to carry out a simple transaction.
Fintech is a boon to modern civilization which has digitalized financial institutions. Modern banking uses platforms and applications that allow mobile banking, instant loan approvals, and all sorts of payments empowering their customers.
Fintech banking startups like Monzo, MoneyTap, etc., believe in establishing a more transparent and honest relationship with their customers and want to give them power over their finances. SoLo Funds Inc is a tech platform that connects borrowers and lenders who can carry out a lending transaction on their own terms.
Financial transactions will be more streamlined where customers can perform a single transaction with the tap of the finger from any place in the world. No need to visit the banks and stand in queues. Digital transactions will be more secure and will safeguard the identity of the customers and give them full authority over their hard-earned money.
Challenging new ideas
The startup market is very competitive. In order to thrive and achieve success, businesses must come up with innovative and creative ideas that are unique and at the same time familiarize the customers with the startup brand.
Along with creativity and innovation, startups believe in “disruptive technologies” that will drive a change and break the barriers of conventional business. This also motivates institutional investors to trust and invest in the companies.
MWM is a French tech-based creative startup that has introduced more than 16 applications for music production and learning, gaming, and other utilities. Those who have an eye for photography can try out Wishu. It is a UK-based community platform for creators and is an excellent marketplace to promote new talents.
Connect with the audience
Startups should develop marketing strategies that will help to boost their online visibility. For any startup business there are four stages of business development:
- Set a goal
- Create brand awareness
- Reach out to target audience
- Find your position in the market
To achieve these, you need to create the right channels that will help you promote and establish your brand and at the same time acquire target customers.
Building connections, networking with the right people, and connecting with online influencers are all part of marketing strategies.
Today, at least one member in every household even in the remote parts of the world uses smartphones. Social media like Instagram and Facebook are useful channels to reach target customers through business advertisements. A startup brand like Meesho is a social commerce platform where buyers can directly interact with sellers through social media apps like Facebook, Instagram, WhatsApp, etc. The brand has created e-shops that can be easily downloaded into your smartphone. Quora, since its inception, has grown into one of the most popular crowdsourcing question-answer community platforms in the world. The startup has also joined the billion-dollar unicorn brigade and has recently been funded by venture capital worth $226 million.
Startups form the backbone of an economy. They bring in a fresh pool of talents, innovative strategies, and a work environment that is lively, flowing with brilliant ideas from bright minds. The joy of building a startup from scratch is uplifting but at the same time, many young founders lose their enthusiasm due to a lack of proper strategy and planning. Though there is no guaranteed formula to success, the above factors are some of the prerequisites that a startup must consider to make a mark in this industry.
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