When Startup Life Gives You Lemons

🍋 When Life Hands You Lemons…
 

It’s a phrase I’ve heard a million times, but it wasn't until I recently binge-watched ‘House of Ushers’ that I just couldn’t stop thinking about it. If you haven't seen the episode here is the clip 👇

Let’s have a look at some of the learnings (only the ethical ones) that we can take from this and apply to our projects. 👀
 

1. Build a Clear Value Proposition

Identifying your target audience is key. But pinpointing their REAL pain points even more. Many of us make the mistake of thinking of an audience that is too broad (aka everyone). Even when that’s true it’ll bite you back faster than you know because the campaigns you build out around your product won’t be resonating on a personal level. Which means they won’t be selling either.
 

2. Don’t Skip Influencer Marketing

Although often overlooked, working with micro-influencers can have high ROI. Their audience is highly engaged and loyal. Giving them early access and leveraging their content for your advertising works like a charm - their authenticity is exactly what sells.
 

3. Experiment with Pricing

We've all been there, pricing our products so low in the hopes of capturing a large market, only to realize we've just undervalued our worth. Experimenting with pricing not only helps in attracting different segments of the market (the pricier the product more premium it becomes), but periodic review and tweaking also brings a boost in revenue.
 

4. Pick Your Channels Wisely

Determining where your audience likes to hang out is key to establishing the right sales channels. Are they scrolling through social media, or are they deep in forum discussions? Are they doing research themselves, or do they just prefer to go to experts instead? And although it’s tempting to try new channels right away, leveraging the ones you have experience with often brings faster results.
 

5. Have an Exit Strategy

Very few things last forever. You might not envision an exit strategy from day one, but having an idea of your end game brings clarity and direction, helping you to make strategic decisions and achieve your goals faster.

…And then you can enjoy your lemonade 🍋💜