How to Turn Your Idea into a Successful Startup?

Every product in the market today started as an idea in some individual’s head at some point.

Be it a mobile device, or a software platform, a kitchen gadget, or a smartwatch, majority of items that you purchase came into existence through the process of invention.

idea into a startup

The journey from only a concept to a finished product can be long and rigorous one, and it is believed that those are brave enough to travel this road have to face various obstacles and setbacks.

But, if you are armed with ideal information and resources, you can put yourself on the path to bring your invention to the market.

What needs to be done?

Transforming your idea into a reality is actually more complicated than just providing design over to a manufacturer or developer and waiting for ROI to roll in.

Here are some of the basic steps you will require to take before your product hits the shelves:

Market Research

Before spending your precious time and money on crafting a product, you should have an idea if there are buyers for it.

Look what’s out there and analyze the competition. Until unless you have thought of an altogether new idea, it is highly likely products similar to yours already exist in the market.

Assess the competitors and see to whom they are selling this product. These insights will help you in defining your target market.

You can also think of various ways to stand ahead of your competitors.

Patent Research

It is perhaps one of the most important aspects to be kept in mind while converting your idea into a product.

Be smart and before you start designing the product you thought of, have a look around and see if your design infringes upon someone else’s copyright or intellectual property (IP).

You can check the U.S. Patent and Trademark Office (USPTO) website and check any patents on the products like the one you want to launch.

If you still have questions or want to be fully sure if your product is legal to make and sell, it is recommended to consult an attorney who specializes in patents and IP law.

Design a Prototype/Beta Version

Once you have identified your target market and ensured that your legal path is clear, it is time to start bringing your idea to reality.

An ideal prototype can be a basic drawing or diagram or can be as working, & professional product.

This is the point where you decide whether you want your product to be manufactured or licensed.

Having your product manufactured means you design and sell the product by yourself (this also includes paying a third party to design your product).

Getting your product licensed means you will sell another company the right to craft, sell, and use your product. This is done in exchange for a license fee and royalty payments.

Challenges

In the world of innovation, if you want to be successful, getting you timing right is the key.

Waiting too long to implement an idea might let someone else capitalize on a similar idea and acquired your niche already.

On the other hand, if your invention is the first of its kind, the probability of market being not ready is quite high.

You would have to fight an uphill battle to make an ideal place for your product.

According to Henry Helgeson, CEO and co-founder of Cayan, have faced this issue as a mobile payment technology company in 2011.

For other startups on the ‘too early’ side of innovation, Henry advised perseverance to stand ahead of the competitors.

Another major issue for inventors is finding out how to get their product in front of public.

This is the aspect that majorly no-one cares for in the beginning. Your idea might be superb, but without a guided marketing plan who will know about it?

Even Henry confessed that initially they were too much focused on the product and thought it will sell by itself.

Since entrepreneurs who are just starting out do not have massive budgets to promote their inventions, hence, most of the startups are doing the same blunder.

Lack of budget should not stand in your way. You can always look up to strong social media marketing plans that are both cost-effective and wide-reaching.

Tips

In this section, we are going to discuss some of the dos or advice for aspiring inventors and entrepreneurs.

Give time to research

Crafting a product needs a lot of initial research, patience, and resilience.

Before you even begin the process, ensure to have the time to invest in due-diligence research.

This is especially ideal if you are looking for patent protection for your idea.

Doing research into intellectual property and familiarizing with the process, will provide the entrepreneurs an upper edge they need to start a startup.

Test your product constantly

It is a known fact that no product is crafted perfectly in their first iterations. Almost every entrepreneur had to tweak their products and make some transformations along the way.

The best way to identify those changes is by testing your product with real customers.

Getting honest feedbacks from test groups as a way to validate your idea is a remarkable approach.

This validation process needs to be done on a constant basis.

If you are trying to do something, and the market tells you something else, there is something wrong with your strategy.

It is recommended to be on the field, talk to people, and be a part of industry conversations.

Work on your pitch

Before even finishing your product and start selling it, you should start talking it up to your friends and professional contacts.

A short, to-the-point, sales pitch, which includes a value statement, hook, statistics and allied data, your product’s USP and a call-to-action can really work for you.

Don’t do it alone!

There are multiple steps involved in the invention process and it can be over-exhausting to try and take care of everything by yourself.

It is recommended that inventors/entrepreneurs should seek out professional assistance so that you can be assured that particular aspects of the process are in capable hands.

Happiness is only real when shared.

Have an idea?

Build a team, research the market, take feedbacks, look for the target audience, and prepare a strong pitch.

Good Luck!

How to Build Interest for Startup Before the Launch?

You have worked hard and have been preparing for months, maybe years for your new business idea.

Finally, your business idea is going to take shape. It is highly possible that you might be extremely nervous right now.

This tension is centric to one thing only; whether your startup is going to be successful or not?

startup

You might have one of the most groundbreaking product or an unmatched service idea, but, without building a curiosity or anticipation in months just before the launch, nothing is going to matter.

As per a study, around three-fourth of startups fail within the first three years itself.

Marketers who have planned and done planning prior are more probable to avoid any sort of poor performance.

There has to be a list of audience present beforehand to attain success in your startup.

Marketers look crucially towards the bigger picture and ensure an apt way to look at the bigger picture and create anticipation before the actual launch.

Now, we are going to discuss some of the ways that can ensure a firm and stable start for your startup.

Product/Service Transforms lives

Think of the basic reason why you started your business.

Why do you think your idea will work?

What is so innovative about your idea?

While preparing a framework for marketing your new business, the preliminary promotion has to have a simple yet clear way of telling how your brand can change the status quo.

This initiates the curiosity and suitable interest to get the market talking about your startup.

As a smart marketer, make sure to note down the details of your target audience’s current mindset and how do you like it to be after your business becomes successful.

Check the interest of target audience

For running any sort of successful business, first and foremost thing is to know who your target audience is.

Once you have identified the audience you want to entertain or serve, ensure to know everything about them.

This practice of understanding your target audience and keep a close look on competitors’ action is also termed as ‘being market educated’.

An educated marketer understands the relevance of making audience engaged, and hence always knows which tool should be utilized to make the maximum impact.

Also, you can find out what kind of media channel makes your target audience most responsive or active.

Knowing the answers to these questions will help you in making your brand’s personality to fit the mold and talk in the same language your audience does.

Influencers

As soon as you identify your target audience and know about their interests, dislikes, and the similar, there lies another challenge.

It is to engage customers effectively.

Opinion leaders or influencers within their respective communities can aid the brands to their maximum when it comes to increasing the customer engagement and providing superior credibility among the followers.

Influencers have the capability to create an impeccable impression on public view for topics in which they have gained expertise.

Anybody can be influencers, right from bloggers, politicians, to educators, journalists, and business owners.

Marketers who ensure to hire key influencers on board initially are ensured to do wonders when it comes to acquiring customers.

Design a webpage – with a signup form

When your business starts, growth should be a top-most priority and should be well planned before the launch of startup.

A recommended way to do this is by crafting a pre-launch webpage with a sign-up form.

This will ensure to aid gauge customer interest in early stage and will generate customer leads utilizing this pre-launch hype.

As it is important to make this webpage, it is equally important to make it user-friendly.

People do now spend time on WebPages that are too complex to handle.

Make sure to gather information, which is absolutely essential as no user will stay on the webpage if it going to be too time-consuming.

As a smart marketer who is working to influence audiences to come to you, ensure to introduce a call-to-action button, and social sharing buttons.

People should land up on your page and should straight away see the call-to-action buttons.

Inspiring them to share your website on social media sites will create the essential word-of-mouth marketing you require before launching your startup.

Hold Contests

An exciting and impactful way to create brand exposure just before a launch is to hold contests indulging potential customers.

There has to be some motivation for the audience to sign up early.

If they sign up early, it will create an amazing repute of your brand with your target market, while keeping the prices low.

If you want the contest to provide some value to your business, ensure to set a definite objective with it.

There can multiple types of goals that can be prioritized by any startup.

Either you want to raise awareness, generate more leads, display social responsibility, or something similar.

Whatever the goal may be, marketers should prepare a clear strategy from the start so as to be more effective.

Always try to be innovative. The giveaways of your contest should be unique and should make some sense to the audience.

Winning prize should be able to create an appeal to the target audience and should help you in driving traffic to your website.

Monitor everything

In today’s world, business world and their results are becoming more data driven.

Assessing is quite important in finding out what works and what does not for you.

Months that lead up to your launch, you require acquiring each element that can ensure maximizing your online efforts.

You can always place an analytics code on all the pages of your website to ensure that tracking is going smoothly.

Analytics can drive your growth and smart marketers & big brands already know this.

Always ensure to jot down the list of goals you want your website to reach. As soon as you get the numbers, ensure to match the results with expectations.

See what is been left and how can it be optimized properly.

Keep your audience on toes

Months before the launch of your startup, always be attentive to not share too much information about your product or service.

As a smart marketer, always keep in mind that creating a buzz before business launches are not what your product/service do but what it might do.

Providing more information beforehand can actually murder the curiosity, and the buzz will not be as strong as expected.

Instead, ensure to render the public small hints of what is in the startup to pull attention.

Spark your creativity while marketing small tidbits that lead to the launch day.

No doubt, launching a new business is just not simple and stress-free.

Always ensure to do the proper due diligence to create up excitement in the time before will make the user experience more exciting.

What Start-Ups Can Learn from Snapchat?

With so many startups coming up every day in each corner of the world, competitiveness in the market is rising to its peak.

Businesses are opening and closing on the daily basis, and honestly saying nobody cares!

But, what is the actual reason that only 1% of the startups have been able to create an impact on the consumers’ mind?

How can startup actually take management and marketing lessons from the big players?

startup snapchat

Regarding the same, we are today going to discuss the learning startups can attain from a known name in the social media industry; Snapchat.

Whether it’s a subtle change of name from Snapchat to Snap, to the avant-garde release of Snap Lenses, Snapchat has been a live example as a startup, which has taken bold steps in its marketing strategy.

It is this forward thinking ability of Snapchat that has paved its way to becoming the defining social media platform for Generation Z.

In this blog, we are going to learn some of the basic aspects that startups can learn from Snapchat.

Let us first see a brief history of Snapchat.

What is Snapchat?

You all must have heard about it till now.

Snapchat is a mobile app that enables you to send videos and images, both of which get self-destruct post few seconds of a user viewing them.

Started in 2011, Snapchat has been the talk of the social media sector in recent years. Refusing a whopping offer of $3B offer from Facebook, Snapchat’s founder has clearly mentioned that he is not going to go for the short-term gain.

Let us see what we can actually learn from this $18 billion company and how can startups actually plan their own action using this.

Winning Zone

Snapchat has been able to cover up the younger generation in an effective and highly efficient manner.

To nobody’s surprise company is actually looking to be listed as an IPO very soon.

The launch of Snapchat Lenses was considered as a dicey move from many marketers.

In our opinion, Snapchat made an extremely smart move by launching Lenses. This insanely smart move had made Snapchat stand ahead of its competitors such as Instagram and Facebook.

By launching the Snapchat Lenses, the company has been able to enter the camera market quite phenomenally.

The camera market, which has been dominated by players such as Cannon and GoPro has got a new competitor now.

So, what is the lesson that all startup should look up to?

Snapchat has shown us all that being a big fish in the small pond is very important to outright the competition.

The company has straight away transformed its marketing strategy instantly by shifting its focus to the camera industry.

It might sound good to say that you are another app in the social media sector, but it is not a winner’s game anyway.

Snapchat has clearly shown that there exists a much more niche audience than social media audience. It has also shown that the spoil of any industry goes directly to the leading players in that space.

Hence, we recommend that as a startup, your exclusive thinking should be avoiding competition and creating a winning zone for yourself.

You don’t have to cover the entire customer pool

We agree that Snapchat Lenses are an innovative idea, yet we think that it will not take off as it is expected.

These Lenses do not have a broader user base. Point is, it is just “another” product, which already exists in the market with their design and high pricing.

This kind of products is not meant for the general populace and has very limited targeted prospects.

You will be surprised to know that this is completely ok.

It is not essential that each product of your company should cater to the entire customer base or even to your whole market.

Snapchat has made it extremely clearly by rendering the retro look and the sizzle reel (that gives a roguish young feel) that has planned to squarely focus on the hipsters and teens only.

Snapchat is just ensuring to make the app extremely firm and hassle free, in order to make it a strong part of their lives.

Likewise, as a startup owner, you should not think about extending each product that fits with your whole customer base.

You should actually try to enable some attributes that cater only to a niche segment of the customer base. Those enthusiastic supporters will even love your product more than ever.

There is an old saying regarding any new business; it is highly important to make a smaller section of people love you for making a bigger crowd to like you.

Often utilized in the context of a general market, the above-mentioned statement fits perfect in the case of snapchat.

It is always better to make a smaller corner of market love you than the whole market sort of like you.

All that is important for a startup is that what sort of value they are providing to the customers; nevertheless what sort of size they contribute to the market.

Futuristic Building

Previously, it was thought and assumed the Snapchat is giving direct competition to Facebook, Twitter, and allied social media players.

Experts also said that Snapchat has been stealing a huge chunk of the young audience from Facebook.

However, Snapchat by launching the Lenses has proved that it is thinking of future and social media is not their major concern anymore.

The future here we are talking about is AR or augmented or virtual reality.

Their latest Snapchat Lenses are able to record video with 115-degree field of view, which means that one day it could be used to play back Snapchats.

Snapchat is thinking of the future and is merely concerned about what competitors are doing by refusing to compete against Facebook.

Startups are sometimes known for losing their sight of goal and concentrate on what the competitors are doing.

This is a very traditional way of thinking. However, Snapchat has clearly depicted that the most important thing is to make future market instead of being driven by competitor’s strategy.

You may say that Snapchat is no longer a startup; still, there are numerous lessons that can be learned from this business via its transformational way of doing things.

Lessons such as zoning to win, the relevance of building an innovative product to care for you most loyal customers can be learned by today’s startup.

We wish all the best for all the new startups and hopefully, Snapchat’s strategy proves as an inspiration to all of us.