5 Strategies to Drive Traction to your Early Stage Small Business

“Vision without traction is merely hallucination.” Gino Wickman

The ultimate goal of every business is growth, and customers are the driving force behind a successfully running business. You might have an amazing business idea but if it doesn’t have enough traction, it will take your business nowhere.

Simply put, Traction is an evaluation of the acceptance of your product/service by the target market. It plays a pivotal part for the sustenance and survival of a business. Optimum traction indicates the commercial viability of your product/service and scope for growth in the future.

If the traction metrics are on the right track, all other factors will align themselves with your growth plan. You will find suitable investors, skillful resources and of course lucrative profits!

Gaining traction for a startup is not a cakewalk. The foundation of optimum traction is laid while conducting the feasibility study of the business idea when thorough research is done to assess different parameters of your target market.

Traction is the litmus test for your business to know its real market status and how much effort it needs to put meet its growth goals.

We will now talk about 5 crucial strategies that would help your small business gain the initial traction.

1. Launch a product/service that solves a problem: Most of the time, successful products /services emerged due to their dire need in the market and not from hours and hours of brainstorming.

Uber was born when its founders, Travis Kalanick and Garret Camp were unable to find a cab on a chilly winter in San Francisco. There is a rise of online classes due to the lockdown to prevent coronavirus.

When products/services resolve the pain points of a niche market, it is welcomed by the customers with open arms.

2. Be visible in the market: Being the founder of a small business with many experienced competitors around, it could get overwhelming for you to make your presence felt. But, consistency and perseverance is the key to success here.

Well-conducted market research with a strategic market plan will help you align your sales with marketing efforts.

3. Give value to the customers: Happy and satisfied customers are the most essential assets of an organization but they cannot be bought but earned with consistent efforts.

Take the feedback of your customers seriously try to align your product/service as per their needs and proceed towards becoming an authority in your niche industry sector. As per a report, 14% of the small businesses fail as they didn’t listen to their customers.

Try to connect with your customers through personalized emails on their birthdays or wedding anniversaries or a thank you note for being a loyal customer.

4. Strengthen your distribution channels: According to Gabriel Weinberg, “Poor distribution – not product – is the number one cause of failure.” Work on widening your contact network and reach out to the major distributors of your industry to promote your product.

Try to collaborate with unicorns of your industry. Acceptance by the prominent distributors will help you to inculcate credibility and value of your product in the eyes of your target market.

5. Gauge your traction metrics regularly: Keep a track record of your sales and check if it matches your projections. Regularly evaluate your competitors’ business strategies and prices update your marketing and advertising strategies according to the evolving needs of the market.

Wrapping Up!

Improving your traction is a continuous process to keep your small business afloat. Thinking out of the box and including unique marketing tactics will give you a competitive edge and attract potential customers towards your product/service.

Author Bio

Claire Mark is an investment and strategic planning consultant at  Alcor, a global investment bank. She’s best known for writing about latest trends and developments in small business and startup ecosystems. In her free time, she loves to bake and go out on gadget-free nature walks.