October - 2016 - issue > CEO Insights
Five Point Agenda Every Startup Should Follow to Multiple Growth of their Customer Base
Krishna R.K, Founder & CEO, BlueTree Consultancy
The fact that half the small businesses fail within first 5 years of their inception doesn’t come as a striking surprise these days. It is not an easy task to get the word out about your company and get the customer’s interest, especially in a growing economy like India. Growing the customer base is something every entrepreneur relentlessly works towards, every day. While acquiring a new customer is hard, it is only half the battle. Earning those customers' trust and to multiply the customer base is what defines the momentum of growth for any company.
Here is a five point agenda which yields greater results in multiplying their customer base:
1. Be Dynamic – Be Agile
B2B business segment is undergoing a transformational change. Customer preferences and attitudes keep evolving and to be successful in this ever changing business environment, an entrepreneur needs to be extremely dynamic in product development to be successful. Almost all startups begin with an idea for a product that they think everyone needs. Then, they spend months, sometimes years, perfecting that product without ever showing the product, even in a very elementary form, to the prospective customer. When they ultimately take it to the customers, it may not be relevant, and the business fails. Segmenting your customer and understanding the dynamic needs of your customer is the key to success. The product needs to be highly configurable and needs to deliver as per the needs of the particular business segment with a quick turnaround time. Understanding the changing customer needs and addressing it quickly and dynamically will fetch more customer opportunities.
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