According to data from the Startup Muster report and Business Insider Australia, Australian startup numbers dropped by 12.5% in 2018. Only half of startups last more than 5 years and only a third reach 10 years of age. Competition is fierce because almost everyone now wants to build their own business, especially since it is getting easier in this digital era. To ensure your business can survive, you need to have the right strategy.
Here are strategies to help your startup’s survival:
Establish your own value
For a startup to sustain long-term growth, you must know what sets your startup apart from the competition. What makes you relevant, different, and credible? Use your answers to explain to consumers why they buy your products / services.
For example, KFC is famous for its chicken and A&W is famous for its root beer drink. Both of them are doing fast-food business but they have their own value. Like them, you need to find out what special value only you can provide. If you deviate from this proposition, you will only face the risk of devaluing your business.
Use Key Performance Indicator (KPI)
Every strategy, operation or development must be measurable. If you cannot measure a strategy, operation, or development, you have no way of knowing if it is effective or not for your startup. With KPI, you can identify which strategies, operations, or developments which are good for your startup so you know where to devote your time and money.
Increase Your Online Presence
In this digital era, the online presence is important. According to Barometer Insights from Australian articles in Think with Google website, 19% of Australians do research only in online before their purchases. This shows there is a tendency for people to start using information in internet as a consideration for purchasing. To make it short, you must increase your online presence to get people in internet notice your startup.
The best way for it is digital marketing strategy that can be used to help you achieve goals like Brand Awareness, CTR or Lead. For this strategy, most of people prefer to use digital marketing agency rather than building their own team because building a team need time when time is limited in business competition. Rather than wasting time, why don’t you use a digital marketing agency, that way experts can help you succeed, experts like the team at Digital Marketing Gold Coast.
Oh, there is another Benefit using digital marketing strategy. You can have a specific key performance indicator (KPI) for it because every digital marketing strategies have their benchmark according to your goal. With this, you know how much money you have invested and what the results are.
Hope these help you and Good Luck!!