To accompany my Business Lies post, the following list by Sam Decker of the Decker Marketing Blog is also quite good for new business ventures.
But even more important than passing this list on to clients is for you to realize that your firm should really study, pursue and achieve these characteristics to enable your firm to break out from the pack.
Specialization is a topic on my mind lately as is Distinction. This list of powerful success ingredients suggests exactly where firms should look to innovate and reinvent themselves. I welcome your comments.
25 Characteristics of The Ideal Startup
- Defendable and differentiated
- Competitive cost structure
- Attractive partnership opportunities
- Repeat customers
- Word of mouth opportunity
- Memorable product and name
- Potential for PR
- Attractive to be bought or merged
- Scaleable staff and systems
- Scaleable product -- build once, sell many times
- Uncomplicated
- Focus
- Niche market or fragmented industry
- High velocity and large market / industry
- High perceived value
- Product can be accessorized – revenue synergies
- Healthy cash flow –> margin x velocity
- Demonstrable felt need, demand – does it hit a primal chord?
- Business can be measured for improvement
- Can claim leadership
- Sales model is scaleable and predictable
- Product evokes emotion
- Can make big wins – big customers
- Limited exposure to legal issues
- Own relationship with and information about customers
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