3 Pillars That You Must Consider When Building a Business
Prioritize what you need most maybe the most difficult matter when you're about to start a business, because basically a company’s job is to find a sustainable way to deliver value to customers, employees, and shareholders. To do this, the company must never lose sight of its GEM: growth, engagement, and monetization.
First, Growth. Growth is all about how a company finds new users or customers hence getting the right message in front of people who need what you offers. To achieve this, Marketing consultant company MarkPlus, Inc., mentioned three aspects that you must follow, that is content (how to create), context (how to deliver), and infrastructure (enabler). Entrepreneur could also use external triggers by delivering through various channels, including television commercials, social media, salespeople, emails, or word of mouth.
And then there is about Engagement. Retaining customer means keeping them engaged, whether they’re checking in on an app or checking out of a purchase. But most critical for investors, founders, and employees is to understand what brings people back.
Google with their Launchpad Accelerator Program always highlights about UI/UX to answer this pillar. UI/UX is important to retain the customer. A simple example, we can see from the e-commerce bounce rate when they change their UI/UX just now.
Last, Monetization. Companies need to turn some of the value they create into cash or they go out of business. Companies can charge a subscription fee, freemium, sell a one-time purchase, or create marketplaces where they take a share of the transaction between buyers and sellers. The metric here is profits. This is the only way to predict whether a company will be sustainable in the near term and to make bets on how big the company can get in the future.
On top of that, it is important to have validated customer. Do not believe family or friends to answer this. Open your office door and get some people to try your product. Then you can found the truth testimony. You can do this small research several times to get a valid data.