Surviving as a Start-up in 2022

The COVID-19 pandemic has created several challenges for businesses which extend till this very day. In view of the uncertainty, many businesses had to close shop and others would not dare venture further due to the perceived volatility. During such a difficult period, surviving as a start-up takes no small amount of perseverance and skill. Managing a business was also complicated during the periods prior to the pandemic, let alone nowadays. In view that managing a start-up can be perceived as impossible during these trying times, in this article we shall be discussing some tips on how success can be achieved.

Personalised experiences

Personalised experiences

As the pandemic progressed, digital commerce spiked significantly. This comes as very little surprise, especially as people were forced to stay indoors. Although digital channels were given a boost and gave businesses a lifeline to keep generating revenue, it made the sector even more competitive. To successfully compete in this landscape, businesses need to focus on personalisation to elevate the customer experience, improving satisfaction, loyalty and repeat sales. In order to tailor personalised experiences, businesses need to have significant amounts of knowledge and data about their customers. Through this information, brands can create personalised content which leads to higher engagement levels.

Diversify payment methods

Diversify payment methods

In today’s digital landscape, businesses need to adapt to customer needs and this extends to the way payments are made. Customers will not process payments if they do not feel comfortable with the platform. Some customers for example would want to process payments through secure platforms such as PayPal. If the website does not offer this functionality, it is likely that such customers will skip on executing a transaction. Another option a business may consider is accepting payment in cryptocurrencies which seem to have integrated into the norm over the past months.

Innovation and creativity

Innovation and creativity

Start-up businesses must constantly work to push the boundaries of innovation and creativity. Whilst in the past some nice visuals and cool copy were enough to deliver a solid first impression, customers need to be impressed differently nowadays. One example locally is that during the worst parts of the pandemic, real estate websites would provide virtual tours of properties that were listed for sale.

Branding

Branding

Start-ups may struggle with their branding in the initial stages. Most successful companies would have a brand that sticks in the minds of consumers. In order to build a reputation, businesses need to grasp opportunities to have their names out there, competing for their target audience.Launching a start-up in these times may be a daunting exercise. The reality is that at any point in time, it will come with its own difficulties. Want to learn more about how to successfully launch a start-up? Send an email on info@myc.com.mt for further information.

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