All Fast-growth Startups or new businesses share some must have experiences and Business Elements:
Product Policy is a Core Part of Fast-Growth Startups Marketing
Marketing a product plays an important role , excessive good marketing may help grow the bussiness momentarily but without a very strong RND & irresistible product line company can not survive in a long run. But the hard truth is that no amount of marketing and advertising can make people love a substandard product. Conversaly. When you have a kick ass product regardless of what it is, people will buy it and talk about it. A lot. Word of mouth marketing is powerful. A kick ass or a substandard product. The market will speak.
Fast-Growth Startups Focus on Buyer’s Experience
Discover the aha moment of the customer. With some products, the aha experience happens immediately; like love at first sight. How do companies assure that what they are introducing results in something everyone wants & loves? It’s not a simple matter of doing your homework (market research), listening to the voice-of-the-customer and other aspects – something else is in the mix – that happens dynamically – breakthrough thinking. Identifying what a product’s aha moment is can sometimes be quite tricky. It’s entirely possible to launch a product and conclude, because you’re experiencing anemic growth, that the product simply doesn’t have any aha magic when, in fact, certain users might already be wildly enthusiastic about it. So a vital step in determining whether your product has the aha potential is to seek out truly avid fans by mining user data and feedback, and then to search for any similarities in the ways these people use the product for hints about what value they get from your product that less enthused users perhaps aren’t.
Product Virality is Crucial to Fast-Growth Startups
Sometimes it’s about giving customers something they need without a prior experience, just tab on a hidden “need”. The right product at the right time makes all the difference. Timing is a huge factor 43% of success. Once you have target market loving your product then you put wind in the sail and let it go viral – not the other way around. Often those of us building and marketing new products think we know what aspect of our product consumers will love and often we are wrong. Sometimes it’s a feature or user experience that is quite different from what was hypothesized in the original product vision as the core value; other times, it’s one that was built into the product later as almost an afterthought. Whichever the case, it’s up to the growth team to find out. Product virality is key to success indeed.
Unique User Selling Point to Advance among Competition
The products uniqueness is also a key. You may have a full range of products comparable or equal to similar products your competition offers but if you recognize that one product or services that only you have the world can light up. While creating a must-have product alone is not sufficient for breakout success, it is the baseline requirement for rapid and sustainable growth. Of course, building a must-have product isn’t easy, and one result is that too often those launching new businesses or products put the cart before the horse, pouring resources and staff into trying to drive more customers to a product that isn’t actually loved, or sometimes even understood, by its target market. This is one of the most common and deadly mistakes start-up founders make, and it’s also a huge problem that often surfaces when established firms, even those known for their innovation prowess, launch new products.
Related: Conduct Your Market Analysis
Consistency is Essential for Fast-Growth Startups
Emphasise on importance of quality assurance, in all aspects, when aiming to achieve fast-growth. If you haven’t created and identified core value before you make your growth push, you’ll either end up with illusory growth at best or market rejection at worst. Sure, a glitzy launch can create some initial interest, but if your product doesn’t wow people, all the celebrity spokespeople and multimillion-dollar ad campaigns in the world won’t result in sustainable growth. Hardest part is to repeat and repeat that process in a grown up company to make sustainable business.