“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.
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.
Well-conducted market research with a strategic market plan will help you align your sales with marketing 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.
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.
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.
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.
Stacey Riska, aka "Small Business Stacey" is a serial entrepreneur who is passionate about saving small - and not so small - businesses one marketing plan at a time. She helps business owners become a #SmallBizMarketingWiz by teaching them marketing strategies that get MORE: MORE leads, MORE customers/clients/patients, MORE sales, and MORE profit. Stacey's in-demand "Small Biz Marketing Success Coaching and Mastermind Program" is transforming the businesses - and lives - of those who want wealth, freedom, and market domination. Her highly acclaimed book "Small Business Marketing Made EZ" lays out the 6-simple-step plan to get your marketing into ACTION - literally and figuratively. Stacey is also the creator of Cups To Gallons, the place where independent coffee, smoothie, juice bar, ice cream, dessert and snack shop owners go to learn how get into lucrative catering so they stop selling by the cup and start selling by the gallon. In this program she teaches from experience, as it was the key strategy that transformed her coffee and smoothie business from being $500K in debt to a 7-figure profitable business. When not saving the small business world, she enjoys sipping red wine, eating chocolate (who doesn't!) and spending time with her amazing husband.
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