Startups often fall in the trap of feeling inadequate to their larger competitors, especially when failures are experienced along the way. What advice can you give startups when faced with such...
What advantage does a 14ft dinghy have over a cruise liner? Well, for a start they can turn and stop much quicker. Pretty handy advantage if you are heading for an iceberg!
In business, that same advantage applies in the form of agility. Your lead capture form is not performing? No problem, in small business you can jump into your system, experiment with a new header image, change the title or play around with the colour of your 'call to action' button.
Big business...let's call a team meeting to discuss the issue of the non-performing landing page. Got an outcome, great send it off to the management to sign off on it. Let's get the graphic design team to create a new banner image and speak to the analytics team about tracking the new data. We need weekly reports on the effectiveness of any adjustment. Oh, and schedule a follow-up meeting for the whole team for four weeks time to go over the outcomes.
Moral of the story? Don't underestimate the competitive advantage of speed and agility, particularly in a COVID world where operating conditions are changing daily. You just need to have a look at how many of the big players fell over in the past year because they couldn't change direction quickly enough!
What are some of the top reasons why you think startups fail in Australia?
That's just the nature of running businesses. Most fail within 5 years. Not exclusive to Australia..
Are there specific marketing metrics you should use to measure the effectiveness and success of your marketing?
Firstly you need to decide your aim for marketing. Is it about branding or conversion?
If it's about Branding, There is no actual way of tracking it if it's now digital. If it's digital then you can track it by impressions.
If your aim is conversion. You can make fill out a form (asking about where they know about you) at the time of conversion so that you can track.
If your marketing is digital then it is very easy, you can use google analytics and try to track customers at the time of conversion.
Should I create a teaser Ad Campaign to measure customer interest or maybe a subscription form, before moving forward?
I agree with much of Steve's comments. Talking to people is the best way to ascertain if your idea has legs. If people get excited by your concept, and start elaborating on your idea or making suggestions on what you could do with it, it may suggest you're onto something conceptually.
Have a clear idea of your target market and get out there as much as possible.
Ask people for honest answers. There are meetup groups in most cities these days that allow you to engage with other entrepreneurs and share advice with one another.
I would suggest mixing your face-to-face interviews with online surveys. Ask people if they'd use the product or service, how much they would pay for it, how often they would use it, etc.
Further to this, I would suggest a few things:
Everybody loves pizza and there are some obvious competitors in the market. If you were turn back clock, what would you have done differently with the business (before you sold it), to make the...
probably introduced more capital to grow harder and faster /however the main key point was to have a major point of difference which we had up until I sold the business
Hi all, New to starting up a business and while I understand all situations are unique, I would like to gauge some benchmark figures and metrics on user acquisition. Its just a vanilla online retail...
There are some tremendous resources available on the "Gazelles.com" website which focuses on a "one page business plan . You are extremely astute to recognise that understanding key metrics from the outset will position you well for success.