WEEK 4 - MBA 6101 - ASCENDING YOUR START-UP

Once you have your product developed, it is imperative to know that you need a solid distribution channel to connect your product with your customers. Think of the best strategy to fit the needs of your customers and your capacity to respond to the demand. Then, define what are your indicators of success by using a data-driven methodology. It may take into account the lifetime value of a customer, the cost of acquiring a customer, and the payback period on the cost of acquiring a customer. If these metrics indicate your strategy has flaws, consider changing your strategy! (Yu, 2021, pp. 80-87).

Before setting a price for your product, develop a strategy too - a price strategy. There are many pricing strategies but think of your targeted buyers, their ability to pay, any direct and indirect costs, your customer acquisition cost, etc. Make sure your strategy is competitive not only to make profits but also to compete with rivals. Finally, think of how you solve your customers' problems or improve their situation. Make sure that your product satisfies the market you are targeting, that you know the type of business you are, that you have set a pricing strategy, that your distribution channel is aligned with your other strategies, etc. With this, we are ready to go continue ascending your start-up. In the next post, we will learn how to acclimate to adversities.

References

Yu, H. (2021). Ascend your Start-up. Success Publishing.