Important factors for companies to be Successful

In the 21 st century, the world is moving towards the “Subscription Economy”. People have a lot more choices to buy product & services these days than they had previously. According to the Gartner’s Prediction,

“By 2020, all new entrants and 80% of historical vendors will offer subscription-based business models.”

To build a successful company in this era, the target has to be “the customers”. The focus should be to understand the customer & build a product that can add value to customer’s lives. In the long term what matters the most is how deeply you are solving your customer’s problem & if you are able to build the right business model out of it.

Understanding your customer does not only mean their challenges but also the eco-system they are a part of. The more you understand your target customer & their eco-system, the chances are high that you will incorporate your learnings in the saleable format. Once you understand the customer, you can create your marketing material, find out your marketing channel, craft a perfect sales pitch. Designing your after sales service model, determining your pricing model, of course, building your go-to-market strategy follows up as the incremental logical steps towards building the high growth successful company. Although every term is the vast field in itself.

Ironically, we call a company successful only if it has a sustainable & profit making model. So another important aspect of building a successful company is to have money in the bank. Even to understand your customer & build the company you need a constant flow of cash. And Customers are the ideal source of money for any sustainable company, even though you can get money from investors but still to build a sustainable company you need the customer’s money.

To conclude, Customers, Money & Customer’s money are the most important factors for any company to be successful!

Please share in the comment box, what do you think are the most important factors to build a successful company.

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