Following Ed Zimmerman to a Successful Startup
Before we follow Ed Zimmerman, let’s find out who he is first. He’s a lawyer, an investor, a writer, and an advisor. Okay, that seems reassuring enough.
But why even bother getting help in setting up a startup? Surely, it can’t be that hard to start a business and turn it into a success. All you’ll need is a great website and reliable products or services; gaining customers shouldn’t be so hard after that.
While in part this may be true, it’s exactly this kind of mentality that gets some entrepreneurs in trouble. It’s only during the later stages that they find out that they need to re-evaluate their business model in order for the venture to flourish and they could acquire more customers.
It’s not at all that easy to start a business. There are a number of factors to consider and the road to success is riddled with more challenges. For those who are new to running a business, this could prove to be overwhelming.
One of the major reasons why businesses fail is that they run into the problem of there being little or no market for their products or services. This could be because of a lack in demand for a number of reasons or simply because of bad timing, meaning your business offering might be ahead of its time and there’s no demand for it or it’s no longer a fresh idea and there’s lots of competition from more established companies.
Ed Zimmerman’s Lessons for Startups
One thing that Ed Zimmerman focuses on is marketing strategy. He outlines four important lessons for founding a startup.
- Spend money on ads after product or service launch.
All you need is common sense to know that it’ll be a disaster to advertise something that doesn’t deliver. You have to make sure that your business offering is up and running and you understand what and who it’s for.
It’s not going to matter how brilliant your marketing campaign is. What’s the use of advertising if your product doesn’t live up to the hype?
- Base marketing decisions on ROI.
Data collection and analysis plays a huge role in marketing. You should take note of which practices and strategies produce the greatest returns and make future decisions based on reliable data.
Studying market trends can go a long way in helping predict outcomes. This will enable you to plan more aggressively for the future with reduced risk and gain even bigger returns.
- Secure funding before hiring.
Hiring more people to help out a company’s marketing strategy may mean more potential but also translates to added cost as well. Make sure that the company’s ROI exceeds marketing cost.
- Be more tenacious and aggressive when dealing with events that work.
Let’s try to put this in a context that’s more relatable. In gambling, when the odds look good, you bet big to win big. The same goes for businesses, although there’s a lot more science involved during data collection and analysis.
Following Ed Zimmerman’s lessons should be a good starting point for running a startup. If you listen to the pros today, who’s to say that it won’t be YOU who’ll be giving out advice tomorrow?