The Secret to hit the 5 million mark for startups
Startups find it hard to scale and grow at a good pace in today’s incredibly saturated market.
Most startups face the issue of scalability because the way they do business is conventional and outdated. This results in their inability to do better than their competitors and out-perform established companies within their industries. These companies have used conventional methods to find success in the industry
By the time startups grow, market leaders already optimize these processes to outperform them. The solution is simple, startups need to think outside the box and use modern methods to find their competitive edge.
While hard work and dedication have its own merits, smart work and strategic decisions are the key to success and having capital isn’t necessarily the only requirement for establishing a successful startup.
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Here are 3 things that startup entrepreneurs can do in order to not just grow but hit the 5 million mark in just months of practicing these.
Pitch competitions and networking events
For startups, it is crucial to get noticed within the industry as a potential market leader. All startups can gain a tremendous amount of benefit if they’re noticed by Venture capitalists, angel investors, and investors.
Pitch competitions are a great way to find that traction and showcase your unique value proposition to industry leaders and investors. Participating in Seed Accelerators is a great strategy that entrepreneurs should implement for their startups.
This is a great way to not only find seed investment but to also make connections along the way. It enables you to pitch your idea or product on demo day or with your public pitch. Through this, you put yourself out there but to also learn the modern trends of the market and the world of business.
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Similarly, networking events are also a great way to make connections. The importance of having the right connections cannot be understated. It allows you the opportunity to grow rapidly and learn from industry leaders who have already walked this path.
Airbnb, Stripe, and Reddit are some of the most famous examples of success stories coming out of seed accelerators. These platforms quickly become an industry standard by revolutionizing their respective industries.
This is perhaps the most overstated but least implemented strategy in the world right now. Often, startups are hesitant about investing in technology to optimize their business processes.
This is because it is hard to justify a return on investment for this technological integration. Today, the integration of AI, ML, and Mixed-Reality is a great tool to provide value to your customer base.
For Ad agencies, the utilization of Augmented Reality(AR) and Virtual Reality(VR) reshapes the way advertisements impact their customers. Most industry-leading companies are already utilizing these technologies.
Furthermore, top tech companies across the world have started to implement machine learning (ML) and deep-learning within their processes to optimize their processes and using them to create solutions that were impossible just yesterday.
These companies because of their implementation of robust technologies are bound for success, allowing them to do things their competitors cannot.
Take, for example, Seer Tracking. A startup that is working on predicting the pattern of debris field movement in Earth’s orbit through AI and ML.
The idea is simple, by creating an artificial neural network tool, Seer Tracking aims to classify space debris as a “cloud”, making the monitoring and tracking of the debris easier. With more data being accumulated on the movement of the debris, they plan to train the AI to predict accurately the movements of the debris, far into the future.
For startups, technological integration lays a great base for innovation and unique problem-solving. This allows companies to move ahead of their competition and help them achieve maximum growth in the minimum possible time.
Integrating tools to your Website
For startups and businesses, their website is an important aspect of marketing and lead generation. Businesses often spend a significant time optimizing their websites to increase traffic and Google ranking.
A great marketing strategy to exponentially increase your online presence and website traffic is to integrate a tool that your audience would most likely use to gain information. Tools are one of the leading traffic generators for websites.
Take for example a car leasing company that targets those looking to purchase cars on lease. A simple lease calculator can be a great way to attract customers onto your website.
The idea behind this integration is quite simple. A website that gives general information and often relies on people to read has a greater bounce rate as there is no value that is generated for them on the website.
Increasing the amount of engagement and activity on your website is a great way to convert traffic into sales. This traffic then translates into revenue for the business. A calculator does exactly the same. It allows customers to get tangible information that is important in their decision-making process, as opposed to generic promises of “best services”.
This helps you as a business to stand out and provide value that your competitors are not delivering. Adhering to this strategy helps businesses move ahead of competitors in the race to success.
About the Author
Cofounder and CMO of TekRevol, Abeer Raza is an avid business strategist with a relentless passion for developing new skills, scaling businesses, and creating a meaningful impact in people’s lives through emerging technologies. He is best known for implementing a people-first approach in business, and his mad skills in chess, WarCraft and Sid Meier’s Civilization.
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