A startup might have to deviate from its path at times, important is to know when.
Time is changing fast. Something new is emerging every moment. Be it a new technology, fashion or an innovative concept, people crave for novelty today. The best phrase describing the present era is “change is the only constant thing.”
Such rapid changes lead to drastic changes in market trends. The demand keeps changing with every new technology introduced. It is a must for a startup to adapt to these changing market trends in order to survive. This might even mean that a business has to work in a complete different way from that it started. Deviating from the path it started to work on might lead to a total different business idea.
There are many examples to show that businesses have to take turns at times to survive. Some survivals turn out to be even better than the initially imagined picture. One of the best examples is the well known website named Youtube. This website which you frequently use to watch videos was actually started as an online video dating site called “Tune In, Hook Up.” The company later turned it into a simple video sharing platform. Its success rate can be judged by the fact that Google acquired it for $1.65 Bn. Isn’t it a big amount!
If you really want your business to go on, deviating from the basic idea you started with and then switching to a new concept is not a big problem. Your passion for your business is enough to keep it going. What is required is to know when to start deviating and how, using the same business resources. Here are some signs, which if you notice, indicate that you need to change course of your business:
Your product is not a hit
It is not practical at all to expect a great customer feedback in the very initial phase itself. But an average time period can be estimated that your product would require to become the preference of the customers. If it is taking too long, take it as a sign. If customers are not attracted to your product, it is time to check what value your product creates for them. after all, you are making the product for your customers, maximum sale and their positive feedback is at last what you are working for. So it is advisable to keep a track of it.
Competitors are at the winning edge
Competitors are the best teachers. You can learn a lot from their success and failures. If you see that competitors are surging ahead, and you are lacking somewhere behind, you must definitely find out what your competitors are doing or providing that you are missing out. Do not copy their strategy blindly, but take inspiration and make changes according to your business needs. May be there is a need to rethink about the pricing, product offerings or marketing strategies.
For more information visit @www.oneinternet.in