Takeaways every entrepreneur should consider to stay on track for new success.
Coming up with a creative business venture is one thing, but the next step in entrepreneurship is determining how to measure success. From what I’ve experienced throughout my career working at Pepsi and Kraft companies, success has typically aimed at dominance. But when starting Rebellious Infusions, it all came down to redefining success to disrupt the energy drink category. Understanding the competitive market and identifying the existing gaps worth emulating has always benefited my co-founder and me against the grain while sustaining profitability in just two years.
While many entrepreneurs spend most of their time focusing on topline revenue growth, I’ve learned that pivoting your success measures with the right goals can drastically help achieve fast, scalable growth. Here are a few guiding principles that can help you stay on track for new success.
Knowing what you’re up against
Whether you’re offering a product or a service, staying current with and understanding the market is critical to the growth of your business.
Spotting new opportunities has always been a part of Rebellious’ DNA — my co-founder and I always wanted to bring something innovative to target the consumer who is really looking for something different. So when coming up with our company, we had to ask ourselves, “How can we challenge the traditional distribution method of beverages to a degree?” Powders have declined over the years primarily because of the available ingredient options, which is why we deliver an organic and healthy single-serve option that provides hydration, immune support and pure energy. And because of the lightweight and portable function of Rebellious packets, we can be in any retail outlet — as opposed to every beverage company out there — and that is what makes us different from that standpoint.
When deciding to start a business ask yourself in what subset will your product grow in your target market? How does your product challenge your competitors? Great things to consider are variety and elevated customer experiences.
Improved customer satisfaction
A unique market gives you the opportunity to market how your brand is better than your competitors. To be successful in this, identify what matters most to your customer and determine their needs. The bigger emphasis you put on your product or service’s uniqueness, the happier your consumer will be. Think: price, customization, accessibility and range of options.
This also means their feedback (and possibly niche down) and work to improve their level of satisfaction based on the experience you’re providing.
Stand behind your brand
Establish a mission statement and have a clear, concise definition of your brand’s voice. By doing so, this gives your consumers the chance to connect with your brand emotionally and keep them engaged. Not only does this help build your brand’s authority in the marketplace, but it emphasizes the need for your brand and the importance of making your relationships with new and existing consumers. This can be done through creative and digital advertising, packaging and building your social presence.
While these guidelines have helped Rebellious with its success, the best results for differentiating your brand from in the market will require research and consistent work. By creating a distinctive and memorable brand, you can leverage a lasting place in a sea of competition.