To Start or Not to Start, this is the question?

In the post Covid-19 lockdown era trust is the new currency and an emerging value in all facets of life and H2H relationships and communications. Given that WFH sometimes causes stress to the individual due to uncertainty, a lack of boundaries (both in time and space) and the added stress of adapting to working from home. This trust between companies and workers is over-stressed and overstretched by long term WFH that the majority of the world has been operating under and will continue to operate for at least the end of 2020.

Trust between companies and customers have been stretched with service denials, physical space lock-downs and most importantly between citizens and government concerning policy and measures taken or not to flatten the curves, lock-down in business activities. And this trust is very difficult and painfully built over time and can very easily disappear in a second with a wrong move made or action taken.

Uncertainty about the future is on the rise, since every day rituals and habits have been radically changed and will remain in changes for the foreseeable future.

In this business environment it is easy to fall into hibernation/ self-preservation mode, however now is the best opportunity to try something new. Something new that will challenge and help you change and adapt to the post Covid-19 lockdown era. So below is a simple five step strategy as a guide to try out something new.

Step 1 – who’s your audience? Why are we doing this and for whom. Who are these customers and what is their problems and pain points, which you are solving. This is the starting point of your product and service development and your future marketing USP’s.

Step 2 – what is the product or service that we offer and why? What we offer does it match their needs? If not, what do we need to change in the product?  After some iterations and customer feedback sessions you have achieved your product-market fit.

Step 3 – how will you make it happen, how will the customer learn, buy, consume and come back for more from your products? Her you really need to do the research and identify how it will happen and how. Here is the time to be realistic in regard with what you can or cannot do, by yourself and what through your partners and channels.

Step 4 – write down the numbers what are estimated revenues & costs? Can this new product / service go break-even in 1 or 2 years?  Can you cover the losses until then, aka run this as a side –job until you can make a profit.

Step 5 – the most exciting part is launching and going forward, with your marketing strategy. Start building your brand & audience and experiment to find out what works and can help you grow.

Whether you use this for your next startup or just a new side project, I hope this simple and straight forward guide helps.

Want to learn more on how-to-do, drop us an email and we will be happy to share our knowledge and insights with you!

For Hippocampus.io,

Christos Lytras – Managing Partner

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