Nine out of ten startups will fail (period).
- 10% in year one,
- 70% in years two through five, and
- 90% by year ten.
A majority of the web 3.0 startups will not be here a year from now. The Web 3.0 NFT space has shifted from a day traders paradise to a long-term portfolio play.
Only a handful of companies will make it through to year ten.
A Question to all the Web 3 startup founders and business owners in my network (hitting LinkedIn & Pinterest as well):
Have you flushed out your 2, 5, 10, 20 year strategic plan?
If not, you should start pulling together the inputs for your long-term strategic plan…get on the strategic pyramid now.
Always build on land you own. Many business owners find out too late that they have built their company on land they do not own. Do not leave your company and your future to the whim of a large Corporate Marketplace or Social Media Company. Build on a platform you own and control (the hub). You still sell on Social Channels, Online Marketplaces, Brick & Mortar, and the Metaverse (the spokes), but you then control your destiny.
Learn more from the 🍌🐀 ’s Web 3.0 Hub & Spoke Marketing Framework.
Customer demographics will be key to your success.
Ask: Who is my ideal customer? In marketing, your Ideal Customer Avatar is a customer profile that is a best-case scenario for your business,” -Sampat.
Have you created your Ideal Customer Avatar? If not get on it. 😀
You may also need a Secondary Avatar.
If created correctly, an Ideal Customer Avatar provides valuable insight into who your ideal customer is, what they want, where they spend their time, and how your offerings can address their problems. It is also wise to include other KPIs and demographics. Examples include gender, age, local, household income, and many others.
Question: Who Should Have a Customer Avatar?
Answer: Every organization, regardless of size or industry, should have a Ideal Customer Avatar. Update your Avatar regularly. It will allow you to make the most of your marketing budget, leading to the most efficient use of your budget.
An Ideal Customer Avatar will allow your management team to understand the customers you are targeting. Ideally you will identify customers who will spend big, make repeat purchases, and promote your business. This is the type of person who will have a high Customer Lifetime Value.
(more on this in another post).
Although you may think you know who your Ideal Customer Avatar is, you probably do not. Very few business owners do. Until you do your homework, you’ll continue targeting anyone and everyone in hopes that someone will buy you product, which is both costly and ineffective.
The Ideal Customer Avatars should be the foundation of your marketing strategy. It allows you to target the right people & to understand exactly who you’re trying to attract. Companies that know their Ideal Customer Avatars will require less money, and provide greater ROI.
And Know Your Why!!!
"It's Not About What You Do, but Why You Do It" -Simon Sinek
The concept boils down to the assertion that a business doesn’t attract customers based on what it does, but rather, why it does what it does. -🍌🐀
This one is really important folks.
Have you started your long-term strategic plan yet?
It is key to achieving your:
“Long-term, Sustainable, Competitive, Advantage”.
The 🍌🐀 has spoken.
You can learn more on the🍌🐀 ’s blog here:
Are you now ready to find your Why? Tell us about it.