Recent talks with several founders confirmed my discovery that business founders tend to focus too much on the product while neglecting three drivers that are essential for the growth of their business: the company mission and values, marketing, and crisp success criteria.
1. Know What Your Company Stands For
It is imperative to have a clear understanding of what your company stands for: what you do, why you do it, and how you are doing it. Every aspect of your business should be aligned. Customers should receive a consistent message in order to develop brand loyalty. This is the basis for establishing a unique customer experience.
2. Sell and Market Your Product ASAP
Enter the market as fast as possible, irrespective of whether your company is ready or not. Many start-ups fail because they lay too much emphasis on perfecting the product and end up folding before the product is ever released. Don’t wait; go out and talk to people. Start with marketing and selling the product via different channels. And amidst all this, don’t forget to utilize customers’ feedback. This is a crucial element that helps businesses adapt and change in response to the growing needs of customers.
3. Define Clear KPIs
This is the most vital step in running a successful business. Set monthly goals and targets for your business and take the proper measures to ensure their achievement. Track the KPIs most suitable for the nature of your business and make sure that they reflect the accomplishment of set goals. This will help the founders remain in control of the progress of their start-up and rapidly adapt when needed.
Make sure you don’t lose yourself in the product or service design process. Know why you’re doing what you’re doing. Market, test, and iterate even before your product is finished. When it comes time to launch, set your objectives and use these to steer, improve, and pivot your business.