Last updated on November 21st, 2014 at 08:08 am
There are many challenges that you face when you launch a new business but what really distinguishes start ups that succeed from those that don’t is not the experience, money, zeal to perform but the effective utilization of limited resources. One common thing almost every startup has is limited or scarce resources.
Now the idea is how effectively you can utilize your scarce resources like:
• Up-scaling/Expansion plans
One of the reasons that off late we are seeing a lot of startups getting famous very quickly and rise in entrepreneurship is because reaching out to not just your potential customers but masses has become very easy with digital marketing platforms like social media, search engine, email, mobile and so on.
Limited marketing budget stops entrepreneurs to share their amazing business ideas that can change people’s lives forever because startups or person starting a business can’t afford a full page ad in newspaper, cannot run ads 24*7 on TV, showcase their offerings on road side hoardings because they are too expensive but modern day entrepreneurs are using digital marketing channels like social media, search engine, email or mobile to reach out to their target audiences.
As internet knows no geographical boundaries, it helps startups to grow and expand in a very rapid pace defying all geographical constraints. More and more marketers are using digital marketing to communicate with their potential customers, engage them on their websites, convert traffic into leads and then nurture leads into sales. In short, you can say they are using digital marketing for a cost effective and a quicker customer acquisition.
Another resource that’s usually scarce is manpower while on internet you can automate lot of things. By setting up auto responders and you can have hundreds and thousands of people working for you on commission basis. You don’t have to pay salary under affiliate marketing.
Another area where startups used to face big challenges was infrastructure and logistics. Now internet marketing has solved this problem as well, as communication and closing a sale is done online.
Coming to the next big challenge that many startups face, is impediments that hold back their up-scaling and expansion plans. Expanding your business from one city to multiple cities and from one country to multiple countries used to be a very big challenge and that’s why companies used to take decades to expand globally till a few years back but this trend has changed as internet knows no boundaries.
The only need is an internet connection to increase your visibility worldwide. Why don’t you take examples of a few companies that are barely some five ten years old and have reached the heights of great success such as Facebook(10 years old), WhatsApp(4years old), Snapchat(3 years old) and so on.
If you are looking to start a business or contemplating with an idea, there is no better time. And, make sure you start and do it ASAP before digital marketing becomes too crowded as it’s comparatively very new in India and growing at a very fast rate.
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