There are a few ventures that see success very soon but a few just fade away into oblivion without making a mark or gaining any profit. So what is it that makes some ventures a success while the others need to struggle to keep themselves afloat. Indeed, there may be many mantras doled out by different entrepreneurs about their success stories tells Jignesh Barasara.
Each of these may be interesting and may have different lessons to learn for the budding entrepreneurs. But what will stand out the most from such stories is that those who have been different are able to hold attention and also garner good business leading to increase in revenue too.
This paves the way for success. The customers are always in the lookout for something different from their previous buying experience. So when they are offered some different kinds of products or services they get interested in trying these.
So the main criterion is to attract the attention of different customers and then holding on to their attention. If a customer has been buying product from a reputed brand from several years and has committed himself or herself to that brand may not be interested in switching over to some other brand unless the offer is very attractive and different. So repeating what a reputed brand has been doing is going to be the grossest mistake the startup will be doing.
No one would want to change brands with which they have been satisfactorily associated with-both cost wise as well as quality-from so many years. Experimenting with new brands can be considered if the same products are offered in a different way or some different products are offered which will serve the same purpose of what they have been using since years.
So what an entrepreneur who wishes to set up a new venture in any field needs to do is to know the success stories of the big brands and then make it a point not to repeat the things that these have done. This will make the startup to attract some of the loyal customers of a reputed brand and also garner new ones too.