How to stay alive in this startup world?

When business enter the market there are five “must do” steps that can decrease the risk of fail. 

The first step is Market Research. This step helps to understand the market and make informed go-to-market decision.  It is needed to determine the market, analyze and evaluate the market needs, cultural trends and competitive offerings to determine how to evolve the product. Even if the business has market insiders, the research may help to identify unexpected updates. 

The second step is Business Model development. When you already know after the fist step that your idea may have a success on the market, you need to value the business and estimate potential investments. This step is needed to structure company’s financial plan, development strategy and to estimate amount of investment needed. It will also allow to determine employees’ KPI and to perform Budget-to-actual analysis. 

Third step is Consumer Research. This step will help you to understand the target audience needs/insights and to identify pain points and develop the brand according to target audience identity. 

Fourth step is Branding. This step will help you to identify the most effective ways to communicate the brand story to the end user, and as a result develop and bring the brand story to life.

The final step is Marketing and Communication. This step will help you to understand which marketing channels will be more cost-effective for your business and to identify the most effective channels and messages to communicate the brand story to the end user.

As a result you will have the detailed entering strategy from financial and marketing points of view that will decrease the risks, save you money and help to generate more profit.