Startups that wish to do global marketing must invest sufficiently into researching the markets of their target countries. Oftentimes many startups do not put enough effort and resources into market research, which covers the important areas of industry trends, local insights, customer preferences as well as competitive environment. Or, they may cover certain aspects thoroughly but neglect to look into others, thus depriving themselves of a broader picture of the target market that they wish to penetrate. Another mistake that startups make in regards to their global marketing is the assumption that a one-size-fits-all marketing formula will work for all markets, or that a previously successful marketing solution would undoubtedly work in a different market with different variables. Every market has its own unique culture, languages and people, which translates to different tastes and preferences, marketing trends and competitive environment, even if on the surface they may share many traits in common. Once again, this all comes back to startups making the proper preparations by investing sufficiently into their market research.
Many startup founders, when they are just starting out their business, may focus on their product first. This means that they develop the product first, then think about how their product will help their customers to solve their problems. However, according to Trung Nguyen, co-founder and chief executive officer of Vietnamese tech startup Lozi, it is actually more feasible and practical to understand the needs of the customers first, and then to develop solutions and products based around that understanding. This is a problem that sometimes occurs particularly with tech startups, as they may be so focused on product development and innovation that they lose sight of serving the actual needs of their customers.
Another folly that entrepreneurs commit when starting their business is that they are in it just for the money. This is actually one of the largest mistakes that anyone can make when starting a business. While it cannot be denied that profitability and financial gains are very important for the success of a business, those who solely focus on monetary rewards over all other considerations will fall into the trap of never feeling satisfied with what they have earned. What’s more, some of them may feel that their businesses are not generating profit fast enough and may abandon their endeavours halfway through without realizing the businesses’ true potential. Instead, entrepreneurs and startup founders should seek out a business or venture that they are truly passionate about. It is this passion that will drive them onwards through times thick and thin. Businesses should be profitable, but money is not the ultimate goal. Starting a new business from the ground up requires hard work and dedication, and should not be seen as an easy path to quick riches and rewards.
Mr. Trung Nguyen also adds that, for new startups, speed is of more importance than getting everything right. Some startups may become paralyzed because they are too focused on perfection, or a competitor may beat them to the punch in launching a similar product or solution to market because they lagged behind in wanting to get everything done right. Instead, he advises that startups should focus on developing a functional solution or product, get it to market, and then improve the solution or product based on customer feedback.