Having an earth-shattering start-up idea is cool, but how can you convert into a kickass product? Here are some tips that you should follow.
So, you have this earth-shattering idea that is going to make you the next multi-millionaire. But how can you turn your idea into a profitable start-up? We have put together some tips that you should keep in mind before you jump into this digital business. Read on:
No disclosure:
It might sound juvenile, but it’s of utmost importance to not let your big idea out of the bag. Keep it to yourself till it moves from paper to product, else someone with better finances and experience will beat you to it. Even when you’re enthusiastically sharing your start-up info with a close buddy, don’t let them know about the USP of the product. They may not backstab you, but there are chances that they can let it slip out to someone, who can turn into your competitor. It’s better to keep your ideas to yourself at all times. And if you are roping in a professional to work on your blueprint, make sure to get a NDA (Non Disclosure Agreement) signed, so that they are legally-bound to protect your interests.
Having an SEO/SMO team in place:
Your idea may be kickass, guaranteed to bring in loads of consumers. But it’s imperative to have an SEO (Search Engine Optimization) and SMO (Social Media Optimization) expert in order bring the best of clicks and numbers to your site. If you’re building a unique product, don’t go cheap on this aspect and roll in somebody who knows his/her job. Without a specific number of clicks, your advertisement options will not open up. So, shell out a little bit extra and get this process going.
Brand building:
Start building your brand right from the first day. Start a page on Facebook, get a Twitter account in place and also involve yourself on Google Plus and other social networking sites. Also start with a basic website that will feature details about your product or service. You may also run a contest on social media or get your brand to trend on Twitter via a paid medium. This way, your brand will be talked about that will generate some curiosity about it. If you have the cash to spare, go all guns blazing on print too. With marketing becoming more and more popular, it’s important for your brand to cement its place right at the beginning.
Knowing your competitor:
If you blindly begin a start-up, you’re going to look rather foolish. Know your competitors and the general competition in the market. Start your market study a good one year before the actual launch of your product/service. You would need this much time to keep market conditions, entry/exit of products, etc. If you’re coming up with a new brand of jam, make sure to study the market so that you can implement what is not available. For example, if nobody has come up with a jam that is a bit buttery, hence giving a mild sweetness and not too high on sugar, you could probably do that. Some people like to spread butter and jam on their slice of bread as it makes for a tastier breakfast than the actual bread and jam.
Audience-specific:
Make sure your product /service is specific to a particular audience or group. Having niche content will help your start-up have a better shot at success than a product that’s all over the place. With niche content, you also have better chances of attracting advertisers. If you are making jams, try to brand it for school kids who would make up a big chunk of your audiences.
