Being on the verge of launching your new business is an exciting time indeed. Hopefully, all your hard work will pay off, and you’ll enjoy great success in your new business venture. But only time will tell if customers buy your product, share their story with their friends and create exponential growth for you and your fellow founders.
Along the journey so far, how many times have you had a pitstop to reassess and double-check you’ve got everything in the best possible place? Perhaps that time is now. Before you launch your brand, here are five things you should know.
- Know your customer inside-out
The customer is key to absolutely everything you do. If you fail to engage your user, you won’t gain traction, and eventually you’ll fail to grow.
As such, you should know your customer profile inside-out. Whether you’ve got one specific target, or you’re hoping to attract a wider range of typologies across a wider pool of the public, you must understand these people down to a granular level.
One fantastic way to create empathy with your potential customer is to develop consumer profiles. Find an image (search online, or use an existing customer if you have their permission) and draw up a backstory to this person — what do they like and dislike, what are their hobbies, do they work, do they have a family? The more detail you can put into your customer profile, the better you’ll understand their motivations. Understanding your customers’ motivations is crucial to selling them your brand.
- The consumer controls your brand
You may think that as the brand owners, you are in the driver’s seat. Yet the future of your company rests in the hands of your customers. Your brand = your reputation; it will be the influence of those who buy your product or service which paves the way to success or failure.
As well as understanding who your customer is, you should regularly ask for feedback to ascertain whether or not you’re meeting their needs.
- Don’t underestimate the power of digital
You shouldn’t overlook the need for a digital marketing campaign.
The use of search engine optimization (SEO) will be of paramount importance to drive relevant traffic to your website. Don’t worry if you’re unfamiliar with this terminology, and lack the confidence to draft up your own digital marketing campaign. You can find an agency that offers white label SEO services, so you’ll have access to the best support.
- If you start making a loss, it doesn’t mean you’ve failed
It may take many years for you to start clearing a profit. Indeed, startups these days tend to report a lead time of 2-3 years to reach profitability.
Work with your accountant to better understand where money is coming in, and where money is going out. Don’t assume because you’re making a loss that you’re failing: this is likely untrue.
- Every failure is a solution waiting to be found
Yet failure isn’t always the enemy; there’s a great deal to be learned from making mistakes. Don’t let obstacles and barriers slow you down. Look for the lesson in every failure. How does it help you to spot a new solution?
Launching a new business is hard, but with perseverance and understanding, you can make it work.