‘glocal = global + local’
building a successful startup is not easy. actually, it is damn hard.
if i say it is an uphill battle, i wouldn’t be exaggerating it, especially when 90% of startups fail. and talking about building a glocal startup, it is an uphill battle in the rainy season.
however, it doesn’t mean that you don’t have any hope if you have a plan to launch your startup glocally. what you need to do is to consider certain things to ensure your success.
in today’s post, i’m going to discuss the top five strategies to build a successful glocal startup. after reading this post, i’m sure, you will have a clear picture of what you should do initially to make your business idea a reality.
without further ado, let’s dig deeper:
1. find out a glocal problem
this is the first step to establishing a glocal business. you should find out an existing glocal problem that doesn’t have any dependable solution at the present moment. the more serious the problem is, the more chances of your success are.
albert einstein said once,
“if i were given one hour to save the planet, i would spend 59 minutes defining the problem and one minute resolving it.”
my friend, dig deeper into the market to define the existing problem in the industry in which you want to start your business because you cannot create a great product unless you thoroughly understand the problem.
2. build a product to address this problem
after finding the glocal problem, the next step is to build a product to address this problem. one thing you should keep in the mind that you need to thoroughly analyze the problem before starting to work on the product. you should be knowing how serious the problem is, how often the problem occurs, etc.
once you understand the problem thoroughly, you can build a solution without any hassle. however, when you are building a solution to the glocal problem, you should never forget your target audience. the solution you build must be able to address all the pain points of your target audience.
3. understand revenue model
be it a local, global, or glocal startup, you must understand its revenue model. without doing so, your business will not survive. though you may feel like guessing about how you will make money when you are starting out, studying and analyzing more established global startups can give you a concrete idea of making money. and after gaining some real experience, you can begin your own revenue model.
the moment money starts pouring in, you can consider your revenue model as a living document to alter strategies to align with what works best to bring in money.
here are some tips to write a successful revenue model:
- collect the sales data if you are already running your business
- find out the data of potential customers who will buy your product
- create the primary revenue model (what would be the main source to bring in money)
- search the possibility of the secondary revenue model (can you bring money in through multiple channels?)
it has been observed that many entrepreneurs are shy about talking about their revenue models. my friend, a revenue model is a lifeline of your business. so be clear about it if you want to sustain, survive, and grow in today’s cut-throat competition.
4. choose the right marketing channel
so you have found a serious glocal problem. and you have created an excellent solution (product) to this problem. also, you have understood business revenue model. now, your job is done. right?
you cannot grow and survive unless you choose the right marketing channel for your business. there are many marketing channels out there, such as paid advertising, cause marketing, relationship marketing, word of mouth marketing, internet marketing, etc.
being a glocal startup, internet marketing is a must for your business. other marketing channels you should choose based on the need of your business.
under the umbrella of internet marketing, you can choose from pay-per-click advertising, search engine marketing, social media marketing, email marketing, influencer marketing, and more. all of these online marketing strategies do not offer the same results. pick the channel with the highest ROI and focus your energy on that channel.
5. adopt agile marketing
when you are building a glocal startup, you should adopt agile marketing. simply put, the process of agile marketing is iterative and allows for short marketing experiments and getting frequent feedback. also, agile marketing has the ability to react to the changing market condition. keep changing your strategies according to the feedback of your customers, growth, and ROI.
these are the five steps to building a glocal startup. i’ve discussed the steps that are at the core and left obvious ones, such as naming your business, registering the business, etc.
the startup world is highly competitive. it’s not easy to stand out from the crowd if you are building a glocal startup.
however, if you find out a glocal problem, build a product to address this problem, understand revenue model, choose the right marketing channel, and adopt agile marketing, there is no reason why you wouldn’t be able to build a successful glocal startup.
please share what you think is important when building a glocal startup. i’d love to hear about it.9