A startup is a full-fledged commercial product, a new project that has recently appeared on the market and is still considered “raw,” being in the active development stage. Such a business gradually “tests the waters,” looking for its unique niche. It is at this stage that more than half of all startups fail: according to statistics, 90% of projects “die” at the launch stage, and only 10% “survive.” Getting into these 10% can be called special luck and the result of using all the possibilities of digital transformation business process management to stimulate startup growth.
Thanks to the pandemic, more and more people have come to understand that there are many things that can and should be done online. To realize your own business ambitions, you can choose one of two common options:
- Become a confident startup founder by creating your own new product.
- Create a new product that will help solve a specific problem.
Today, some of the most prominent startups that many people know about are successful projects such as Facebook, YouTube, Twitter. Such projects have long outgrown the ordinary startup stage, having many analogues.
Main Startup Stages: Gradual Development
Gradual startup growth is associated with certain stages of its development. There are 4 main stages in total:
- Seed or preparatory stage. At this stage, the process of refining the presented idea takes place, startuppers set specific goals, determine the list of current tasks, analyze the modern market. After this, the search for investors and MVP preparation is carried out.
- Launch or new product launch. Then, its active promotion and development take place.
- Scale or project development. For a startup to reach a new level and occupy the desired niches, its development and popularization are necessary.
- Maturity – the final stage, where an ordinary startup transitions to a new level and becomes a full-fledged business. At this stage, the entire team often transforms, expands, and some powers are delegated.
When does an ordinary startup finally stop being a startup? The answer is quite simple: after successfully completing all the above 4 stages, global scaling, and receiving the first real income with a hint of stable progress.
Branding in the Digital Age: Active Startup Growth
Active startup growth today is directly related to the development and implementation of digital transformation, which allows the use of many current technologies. The digital age has allowed branding to reach a completely new level. After all, creating a strong and successful online brand implies a whole chain of processes that is not limited to creating a memorable logo/slogan. Special attention must be paid to the strategic positioning of the brand in the virtual space.
For a new product to remain competitive, it must be socially active and innovative. It’s important to stand out in the digital space, and this will require creating an original, memorable image. The possibilities of the internet environment are practically unlimited, and therefore startuppers can work on creating a corporate style, applying the necessary set of tools – using UX design.
Beginning Startups: Tools for Business Growth
Digital transformation business process management opens up many unique opportunities, offering various sets of tools for solving certain lists of tasks relevant to beginning startuppers. For example, to strengthen your brand identity and increase user engagement, it is recommended to use the following list of current solutions and tools:
- Data analytics – consists of a huge number of tools, processes, and technologies that will help find the right solution to the problem using a data system. Through successful transformation of raw information data into practical conclusions, you can form working business processes, increase the effectiveness of decisions made, and make a significant contribution to the further development of your new product.
- MarTech tools – this is a completely different approach to running your own online business. Such marketing technologies contribute to the merger of classic marketing with higher technologies. The main MarTech strategy is as follows: the startup must develop technologically (using updates, appearance of new options), there should be successful integration with the most popular tools in the marketing market.
- UX/UI improvements – this is a complex of all processes, which includes data analysis, new website testing, and visual design. Launching a new project using UI UX best practices allows you to create an original interface that will be aesthetically attractive and help establish communication between the user and technology. As a result, the interface becomes maximally pleasant to work with.
The digital age opens up many opportunities for startuppers, which must be timely utilized. To obtain the desired results, it is recommended to apply several of the most effective tools that work excellently in combination.
Data Driven Marketing
Of 100% of modern companies and various firms that were recently just startups, only 20% implement their marketing activities based on large amounts of data. The remaining 80% underestimate data driven marketing, which often becomes the main cause of failure. After all, a marketing strategy created based on data is always considered maximally accurate and effective, as it is not based on guesses or personal assumptions that have no exact confirmation.
By refusing the opportunities offered by Big Data, startuppers face serious problems and consequences:
- irrational budget distribution;
- lack of new product development;
- high probability of leaving the modern market in the first two stages of development.
With Big Data, you can easily track the exact behavior of your target audience (TA), understand and highlight their main needs to be able to influence the right decisions in the future. Thus, Data Driven marketing is a type of modern marketing based on careful analysis of a huge amount of data about all users and their actions, which they perform not only online but also offline.
Comprehensive Approach for Startuppers: Successful Launch of New Business Today
MIA Creative Solutions’ comprehensive approach involves the perfect combination of brand strategy, website optimization, and data-driven marketing. All this can lead to more effective customer attraction and retention in the near future. When launching a new product online, it’s important to know and initially understand your TA’s behavior to optimize effective advertising messages, which must be personalized.
Stimulating startup growth in the digital age is both easy and difficult: the ease lies in having many opportunities, while the difficulty is associated with high competition and a spoiled audience. To hit the target accurately, you can’t do without a comprehensive approach that involves using several tools and effective innovative technologies at once. Marketing based on large volumes of data will further “suggest” how to properly use analytics tools to accurately determine your TA that needs the new product. As a result, you don’t waste your precious time and money on those who aren’t interested in the startup. For clients, this approach also has an advantage – they can actively interact with an interesting brand (maximally purposefully).
