If you take a bunch of people with appealing incentives and an ideal setting and organize them in a start-up, you can unlock potential in you never before witnessed. In India, there is a rise and downfall of a start-up offering digital marketing services every single day. Every other digital and social media marketing agency is a start-up which is a couple of years new into this field. Most of the marketing agencies have 1-10 people employed. The most important points to be considered while establishing a start-up in digital media include branding, registering, determining exactly which services your company will be able to provide and so on.
If we try to look across the factors that account the most for a start-up’s success and failures, we consider Ideas as the most import one which nurtures and flourishes the entire company. But, come to think of it, it isn’t the most important factor. The team, the execution and the adaptability matters even more than the idea.
Everybody has a plan until they are knocked down by the reality of customers. It all depends on your team’s ability to execute your plan and adapt getting knocked-down by your customers. Customer is the true reality and every aspect of your start-up is directly or indirectly controlled keeping in mind, the customer’s preferences. Another most basic factor is the business model. Does the company have an explicit business plan to generate customer attention and eventually revenue? It rises to the top of your head while thinking about the factors which are responsible for your start-up’s success. Funding is naturally another most important factor. You might be led to believe that if your start-up receives tons of funding, it is bound to be successful. However, that is a myth. If you cannot use the fund in an appropriate manner, it can all go down the drain.
However, the next factor is considered to be the most responsible for the success of a start-up and that is the timing. Is your start-up too early for this generation? Do you have to educate the masses before launching your idea? Or are you too late with your idea and many other firms have already set-up way before you did? Many start-ups have a great team and an amazing idea to execute along with enough funds but timings outrun them all. Is this idea of a start-up required in this era? The answer to this question hugely decides the fate of your start-up. If you execute an idea for which your audience is not ready or they do not have the means to utilize your product or service, it can become a failure.
The act of advertising via mobile phones in India first started in the year 2011. However, it reported a downfall of nearly 2000% than in the forthcoming years. This points us towards the timing. It began in a year where mobile phones were popular but the smartphones and tablets were not. This didn’t give the digital agencies enough audience like it does today. Along with the aforementioned factors, the following practices should always be considered if you are an entrepreneur wanting to own your start-up:
- Respond: If you are a start-up involved in social and digital media marketing, all the interaction with your customer happens peer-to-peer and online. This gives you leverage against traditional corporates. Therefore, it is very important to respond to your customers, whenever they have a query, as quickly and neatly as possible.
- Don’t be afraid to explore: If you are close to a territory which you have no knowledge about, or it is a service you do not or did not plan on providing initially, do not be afraid to venture into it. Study the market, look for its potential to generate profits for you and then hire experts who can help you set-up that particular service regularly, actively and successfully.
- Share your success: If you are a digital or social media marketing agency, you can quickly resolve all the customer grievances. This leads to absolute customer satisfaction. Whenever, a customer expresses their satisfaction with your service, share it with all your users. This will give you more exposure and free word of mouth marketing.
- Embrace technology: It is quite obvious that you have embraced technology on the birthday of your start-up if you are a digital or social media marketing firm. It is important to set up necessary tasks on automation as much as possible. This will save your time to a great extent.
- Social relationship tool: identify a social relationship tool which will only enhance your customer base and help you utilize your social programs optimally.
- Personalization: Digital marketing and personalization are the two sides of the same coin. Every activity you do that reaches your audience should be personalized. Be it your e-mails, messages or even your content.
Conclusion
The evolution of start-up has been a constantly flowing cycle. Digital Hangover is one such start-up offering quality social and digital marketing services.
