By Fernando Berrocal

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In addition to choosing a business model, the founders, co-founders, and their employees frequently have to learn how to prioritize the most efficient marketing strategies for their business. By anticipating a plan for everything, you may relax your anxieties and have a foundation upon which to develop your tactics–rather than having to think of them at the last minute. 

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That implies that you already have an operational “engine” to rely on–one you can move forward with. The first step should be having an effective revenue strategy established in advance. In the following paragraphs, we will outline some important of these revenue strategies; they might be helpful to position your business for success in any market.

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Before You Build your Product, Sell It:  We tend to think we are well-informed about what other people desire. Frequently, entrepreneurs firmly pursue their ideas of what the market needs–without any actual support for efficacy. Be mindful that investing in something that no one wants is a risky bet for any kind of business–regardless of size or sector. There isn't a single business checklist that guarantees your eventual success. You must know that in many business sectors, you don't need the eventual service or product itself to successfully work through selling it without actually having it in production yet. This is the same scenario that occurs in other sectors, where you don’t need a business to have a startup webpage. 

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One remedy - since failing to satisfy market demand is one of the most prevalent illnesses that businesses contract - is considering MVP and target audience.  Before constructing your product, set your ego aside and figure out how to market it to your target audience. Hold off on building your minimum viable product until you have found a target audience that is prepared to pay for it. Then, with more specific information recollected, you can develop it. In addition to giving you a strong financial head start, there are different reasons for startup failures.  Around 37% of businesses fail due to a lack of money, 25.5% for not having a business plan, and 22.8% for not having the right team.  Paying attention to these factors also guarantees that your business is built correctly from the beginning–with the demands of your customers at its core. 

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Additionally, those first discussions provide you with priceless input; which results in the rebuilding and upgrading of items. Although giving your product at a lower price than you anticipate charging might be a great pre-sale tactic, avoid underpricing yourself.  It can hurt you in the long run. Avoid devaluing your worth to dilute the secret ingredient. Be cautious while choosing your “pricing plan”, since many businesses just don't charge enough, especially in the services sector. Your pricing must reflect the fact that businesses that can afford to pay more to gain a client will eventually expand faster.

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Base your price on the value you offer through the advantages brought on by your products and/or services for fast and consistent growth. Then, it’s important to never overlook the “customer retention” part since it’s essential for your business. Remember that it is always better to retain a customer rather than reclaim one. In the latter case, you should also think about offering a product as an upsell to returning clients–engage them and try to bring them back in your business ecosystem.

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Deliver Needs, Sell Desires:  With so many alternatives, you must break through the complexity and develop revenue tactics. Those tactics precisely concentrate your branding and then message on the particular needs that your target audience has. Instead of focusing solely on meeting customers' demands, selling a product or service should first consider what they desire. The fact is that while a consumer may have a clear concept of what they want, they rarely know what they need, despite the claims of many corporations that everyone needs their product. Remember: selling something a consumer wants is way easier than trying to sell them something that they need.

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Enchantment emerges when you comprehend your customer's fundamental aspirations–and develop a message system that responds to those specific desires. Such revenue techniques are successful since they accelerate the purchasing decision-making process of the consumers. Directly linking your product or service to their needs will increase their willingness to get by from them as you start to understand more about your target audience through popular marketing tools such as social media participation or networking.

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Influence Comes First and Foremost: Many entrepreneurs are unaware of the importance of their impact and personal brand. When a Chief Executive Officer (CEO) of a business uses social media, around 77% of consumers are more inclined to make a purchase. This is especially true in the early phases of your startup.  Without demonstrating the individuals behind it and the insights they contribute to the industry, your business has very little power to persuade potential consumers to purchase. You must emerge from the shadows as the creator of the business to create a significant impact in your sector. For this last part, you don't need to have a well-known or international brand. You must realize that now, more than ever, individuals want to buy from people they know, like, and trust–-which is why this is an important advantage for startup owners. Make sure that being there where your consumers are and engaging them in a genuine, personal way are part of your revenue plans.

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Thus, if you are a founder, we have some straightforward advice for you. Firstly, clear your mind of "big business" traditional notions, since there is no need to be a big firm to influence your specific target audience. You can truly do that while still being a startup or a small business. Then, try to avoid using new technologies merely for the sake of being on-trend; it may not be the best possible option for your business at a given time. Finally, avoid becoming bogged down in market research, since there is more to that kind of research. In the end, the only perceptions you require come from your actual and potential clients, and the figures in your bank account are the ones that will guide your startup in the right direction to head.

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Ready to bring your startup to the next level? Apply to MassLight’s next batch. MassLight supplies capital and a dedicated tech team. We take equity in return. Have questions? Refer to our FAQ page.

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