The last on CB Insight’s list, but not the least – Failure to Pivot! Startups are the skinny lifters in a business arena, talk about the mightiest lifters; we’re pointing at Nokia! It failed to pivot when the smartphone cyclone took the mobile industry by a storm. What happened to it? It’s rarely in anybody’s pocket today.
There are 7% startups that fail annually because they can’t keep up with the new trends. It is absolutely crucial to know your audience, where they are, what are they into and a lot more about the market and the times your business is functioning in. With the internet especially, the world is changing with its seasons.
This is rather one of the complicated problems in the list. Startups already have a lot of homework to crunch and pivoting is a whole huge load of more. Go to the drawing board and analyze exactly how can today’s world make use of your business? The first step to do this properly is to be aware of your on audience’s behaviors.
There are many services, such as AmericanMarketingAssociation, ConsumerInsights, CB Insights, KnowThis etc. that do the homework for you and a lot better than you will ever be able to. They have scientists involved and are continuously using an ever expanding data to study evolving consumer behaviors. Investing in this service to create a good summary of your audience and some decent personas to plan your products and services around is the winning blow for your business.