Many startups fail at 'go to market strategy’
Startup founders must be extremely cautious in choosing high impact incubators for hassle-free business journey
By K KRISHNA SAGAR RAO HARVARD BUSINESS SCHOOL CERTIFIED Organizational STRATEGIST
A lot of the startup's information is needed to understand and analyse when it can break-even. Despite the best assessment, a company might not be breaking even in that expected timeframe or can turn profitable in less time than expected. There are many factors that impact profitability of a startup
Q. Some people told me that many startups fail due to wrong marketing strategies. What is the right marketing strategy for a startup? - Prabhakar, Hyderabad
A. There's no single perfect marketing strategy which fits all companies. It's each to their own. Yes, many startups do fail at 'go to market strategy'. There are many other factors which can impact startups to fail, however one's inability to transform a startup idea into a commercially viable product or service and take it to the market is certainly a critical failure.
A successful marketing strategy factors-in many aspects. Understanding the market needs, finding niche market to serve, product development, establishing distribution, pricing, positioning, placement and promotion. It also drives branding, sales and post-sale service. In new technology businesses the customer interface and customer experience are also designed and deployed by both product development and marketing teams.
Q. I did my B Tech in Computer Science & Engineering and doing a tech job. How beneficial are incubators when I set up a startup? Kindly give some suggestions. - Mahipal Reddy, Hyderabad
A. For early-stage startups, incubators can be quite helpful. Functional incubators can keep startup's expenses lower and guide the enterprise through variety of challenges. There are many ecosystem-enabling incubators which help startups pass successfully through early stages. Startup founders must be extremely cautious in choosing high impact incubators for hassle-free business journey.
Q. I am planning to set up a startup with funds from relatives and friends. What is the average timeline for a startup to break even? What are the experiences in this aspect till now? Please let me know. - Ramesh, Vijayawada
A. I would need whole lot of the startup's information to understand and analyse when it can break-even. Despite my best assessment, the company might not be breaking even in that expected timeframe or can turn profitable in less time than expected. There are many factors that impact profitability of a startup. It's almost impossible for an outsider to predict a startup's exact profitability timeline.
