There are quite a few startup companies like SunEdison, Gozoomo, Picturelife, Electroloom, Talentpad etc., who kick started their companies with huge investments and after a period started declining and failed to mark their presence in a highly competitive world. There are as many as 2000 startup companies raising every year and to our shock, 9 out of 10 startup companies fail in the consumer market.
Here, we give you an inception on why these Tech Startups fail.
1) Lack of skill or ability
Having an idea in the brain doesn’t really mean that you start your own company. First, analyze whether that idea is really enough to execute further plans.
Sufficient competitive analysis must be carried out.
Value bracket must be identified.
Calculate whether your idea is marker worthy
Stick to the handful resources you have.
Analyze if your product will be unique for customers.
Experienced and efficient employees must be on board.
2) Poor cash flow
Diminished finances and poor cash flow play a pivotal role in the failure of Tech Startups.
6 out of 10 startups run out of cash after setting up a company and they eventually seek funding help which further affects the company.
Inadequate administration, scanty finances and deficiency in sales and finances are the major reasons why companies run out of money.
3) Inadequate marketing
The heart of your business’ success lies in its marketing. Profit or loss of your business depends on successful marketing.
A successful marketing campaign can be expensive too. Many think marketing does not play many roles in business.
One must be aware of website developments, public relations, print and broadcast advertising and the use of as many available resources to promote your product.
4) Lack of administrative experience
Proper management is a key to a successful business. Proper management requires experience. Challenges like personnel management, crafting and executing a company’s strategy need experience.
An experienced management team is clever to discover tactics that ensure company’s success in the marketplace.
5) Marketplace Stagnation
The business industry is a fast moving place. What is in demand today becomes out of date within no time. This is the major reason why tech startups tend to fail
The time taken to diminish is almost less than the time taken for the business to get established.
By the time a startup gets suitable funding and start their business, they enter the market only to realize there is already tough existing competition.
6) Poor IT Infrastructure
When it is about tech startup companies, these cannot survive without an IT setup and support system.
Startups need entire infrastructures such as powerful servers, connections, computers and workstations for employees.
Because of these sophisticated networks, many tech startups outsource certain sections of their work.
The tech industry is one of the hardest nuts to crack. If you are planning of establishing a tech startup, think wisely before investing and invest the right amount in the right place.
Why Tumblr, Reddit and Quora Are Marketing Goldmines
When brands and businesses look at social media marketing, they tend to overlook these sites such as Tumblr, Reddit, and Quora that are essentially marketing goldmines. Let me tell you why.
These websites will give your brand or business exclusive access to build brand awareness; in a niche market, that is not already saturated. Unlike traditional social media outlets, that require a large amount of following to get your brand noticed. Websites like Tumblr, Reddit, and Quora let brands and businesses directly engage and connect with their audience.
Shall we take a look at the numbers? They speak for themselves.
- Tumblr has 550 million monthly users with a global rank of 50, and 22 in the US.
- Reddit posted 8 billion page views in November 2016. With over 250 million active users every month; with a ranking of 11th in the US, and 26th in the world.
- Quora generates 200 million monthly visitors. The site ranks within the top 60 websites in America, and top 100 in the world.
All three websites work differently, to make the most of each one make sure you do not post the same content on every website. Tailor it, to the needs of that particular website.
￼￼Thirty-nine % of Tumblr’s users are under the age of 25 and they are very clever, so, if your brand wants to gain their attention, the posts are required to be interesting, funny, and most importantly original. Submit a post that looks like an advertisement or a marketing ploy, you’ll find yourself losing followers.
Remember to be always consistent as 47% of Reddit users are online almost all the time, hungry for content.
To make it work on Reddit, make sure your texts posts are relevant to the subreddit where you are posting. As a brand, you should monitor those topics and have a say in your field of expertise.
On almost every other social network, the number of followers is important. People like to proudly flaunt and brag about the number of followers they have. Tumblr is different. It’s rare to find a Tumblr blog which displays the number of followers it has. Tumblr users care more about the interactions they have with other users, they want to build more meaningful relationships.
Quora is a great way to find out what issues are puzzling your current and potential user base, use this information to determine the direction of future content.
On Quora, as long as you clearly state for whom you work, you can also explain how your product can help solve someone’s problem. How’s that for direct marketing?
If you want your brand to reach this untapped demographic of the “cool kids,” then hop on these website bandwagons now!
How Online Marketing Can Be Used To Promote Your Business
First, you need an idea, then you define a target demographic and finally, you make sure your product is of selling value! Once you have all your formative ducks in a row, its time to think of a marketing strategy. In a world that is leaning towards the digital side of life, there is so much one can do to grow a new business. If you are still wondering about how to grow your business the digital way, then these strategies might just help you!
1. Social media
In this digital world, social media just cannot be ignored. This is where all the “magic” is happening. A rule of thumb to follow for social media is to be authentic and true to you as well as to your brand. Your audience can smell pretense a mile away and the moment they detect signs of false promises, your brand is negatively affected. To create a direct contact with your audience, make sure you reply to messages as often as possible. By doing this, you are building a loyal audience for yourself and letting people know that you are open to feedback! Social media is tricky and done right, it can help your business grow in leaps and bounds!
2. Leverage influencers
Influencers are the new flavour in the field of online marketing. If you are looking at a way to increase the online presence of your brand without taking years to build your audience, then influencers are the way to go! Find the right influencer in your niche so that you target the right audience. It is not just about spreading your message. It is about spreading your message to the right consumer base. If you can do this properly, then you can reach a sizable audience for not much money invested when you think about the potential profit it can return.
3. Be different
“Be you. Everyone is already taken.” How many times have you heard this and why does it ring so true? Simple answer? It is! Everyone is already taken, why do you want to sing the same old tune over and over again? With social media being social media, there us the chance of being different by being you. Be original and quirky and uniquely represent your business through advertising and marketing. Show everyone not only why your business is awesome, but why it is head-and-shoulders above everyone else.
The world is constantly growing and with change, comes innovation and creation. No matter what marketing strategy you use, if you do not have an effective sales funnel and optimize your conversions, you will just be throwing money away.
Women Entrepreneurs Who Rule With Their Crew
For generations, male dominance has overpowered every aspect of life. However, women have been working together and fighting the system. While movements like #MeToo and the Women’s March have been helping in empowering women, there is still a gap when it comes to female entrepreneurs. Women in lead roles are a rare phenomenon but when it does happen, everyone stands up to take notice. To stay sane in a forever competitive world, these five friendships are extremely crucial.
1. The Been There Done That One
When you are starting out as an entrepreneur, it is important to have a mentor by your side. When that mentor comes in the form of a close friend, it makes things all the more exciting! Since women face unique challenges in business, it is critical to have this experienced entrepreneur on your side to guide the way forward.
2. The Industrious One
There are friends who talk business and those who avoid the subject entirely. When starting out, it is important to have that one friend who knows the in and outs of the business world. Not only can you geek out together, you can also stay up to date with everything in the world of business and commerce! An added bonus? This friend can keep you sane through the tough times, especially when it seems like no one else understands what you are going through!
3. The One Who Everyone Knows
There is always that one friend who seems to know everyone or who is known by everyone. This particular social butterfly will help you expand your circle in ways you did not know was possible. A friend like this is important for every female entrepreneur to have, giving you the opportunity to grow and expand your business like never before!
When growing, it is important to surround yourself with people who have your interest at heart. Identify the females you need to add to your circle. Then start building those relationships one brunch at a time!
- Elon Musk Works 120 Hours a Week, Stays In Factory For 4 Days
- Signs Your Job Is Killing You
- Life Lessons To Learn From Mark Zuckerberg
- Google Parent invests $ 375 Million In Oscar Health
- How To Communicate With Clients
- Interesting Facts About Digital Marketing
- Women Who Made India Proud In The Startup World
- How IKEA India Is Different
- Women And Work Life Balance
- Historical Moments In Tech History
- No Work Between 6 PM – 8 AM At Amazon India
- Startup WeWork Raises $ 1 Billion from Soft Bank
- Starbucks Success Story
- The Most Intriguing Tech Disasters In History
- Why Tumblr, Reddit and Quora Are Marketing Goldmines
- The Alibaba Success Story
- Google Maps Unknown Facts
- How Online Marketing Can Be Used To Promote Your Business
- Artificial Intelligence Gadgets You Absolutely Need In Life
- Sheryl Sandberg: A Leading Force In The Tech Industry!