According to a Startup
Genome Report, a project co-authored by
Berkeley & Stanford faculty members with Steve Blank and 10 startup accelerators as contributors:
indicate that within 3 years, 92% of startups failed. The
report analysed 3,200 high growth web/mobile startups.
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| Courtesy | Wolf Read |
The report further
highlights in depth what results to the failures. However, for the purposes of
this article, let us ask ourselves what we can do as communication
professionals, to salvage the next startup from failing.
As the CEO/Director, how
versed are you when it comes to communications? You might argue that during the
first stages, communications initiatives are not important. Let us suppose you
are mistaken. As events unfold, you realize that what was missing in your
survival kit was a communications strategy. What next?
In an effort to save
your startup, it is not only wise to have a communications strategy, but
implement it as well. Here are some tips you need to know when that time comes;
it will surely do so.
Timing
First, it is wrong to
roll out all your guns at the beginning. The Genome report attributes 74% of the failures to premature scaling.
Premature scaling means spending money on
marketing, hiring etc. either before you find a working business model (you
acquire users for less than the revenue they bring) or in general spending too
fast while failing to secure further financing. {Sic}
Knowing when to use your communication
strategy as well as balancing not to fall in the trap of premature scaling is a
landmine. Tread carefully. My advice would be once you are confident with the
product and or service, but realize that along the way, something is not
clicking and failure is imminent; then roll out the communication strategy.
It should not be too early nor too late.
What are your communications objectives?
In all that we do we would like to make progress.
Unless we set some form of measurement mechanism, chances of ever knowing if we
are progressing or not are slim. This is true in life and work.
Consequently, defining the communications
objective beforehand will keep you focussed as well as indicate whether you are
making progress or not. Are you looking to release an annual report to
investors to persuade them to open their wallets for your next phase?
Alternatively, you might be opening a new branch and you want your customers to
know of its location in good time? What is your objective?
Write it down if you must. Memorize it if you
must. However, never forget it.
Be real
We live in a world, where we are encouraged to
be unreal. In the broader scheme of things it works. In this instance however,
shelve that just a bit.
Do not fall victim of wishing once the
strategy is implemented you would be called for interviews, and or get the
front pages of the business daily. Well, if it happens then what more can you
ask for? That team deserves a medal and stocks in the company.
However, you should consider alternative
channels for which you can get your message to the clients. Social media is
here with us and suffice it to say it is revolutionizing the corporate terrain.
The ultimate goal is to get your story out
there and most conveniently to the customers. Your expectations must be
realistic knowing that competition never sleeps.
Have room for collaboration
Collaboration is key, particularly in the
beginning when you should provide your PR team with as many details as
possible. Then, trust them to give you an honest assessment on the best ways to
achieve your PR objectives. A press release blast will be appropriate on some
occasions, while individual media outreach will make more sense for others.
{Sic}
This will likely occur when you have an
in-house communications team and went ahead to hire outside professionals. The
two teams must be in a position to work together for the benefit of the
company.
Collaboration does not touch on the teams
alone, but also the media used in pushing the communications objective forward.
Working with diversified media outlets can prove rewarding. Local media may be
a good place to start as a litmus paper to gauge the perception of the target
audience before opting for national exposure.
Evidently, combining both online and social
media outlets may yield stronger results than just concentrating on one medium
alone.
What is your story?
To quote
Seth Godin, “Consumers believe stories. Without this
belief there is no marketing.”
Storytelling
is the method by which people tell each other who they are, where they come
from, what they believe in and how they’re different from one another. A story
on the other hand is the medium through which a company expresses it message to
the consumers/intended audience.
It begins and end with a story.
Fortunately, companies too have them. Bearing in mind that there are millions
of journalist out there whose attention is tasked by millions of pitches they
get.
It is imperative that your story resonates
with the journalist, editors, and the entire media outlet.
Work your angle and
make it compelling enough to capture the attention of the ever-busy journalist.
Moreover, one last thing, be truthful. Avoid all the hype and lies, they will
give you trouble remembering.
Plan ahead
Benjamin Franklin said, ‘By
failing to prepare, you are preparing to fail.’ How right he was. Assuming that
you will use the last three weeks to execute the communication campaign and get
the results intended is a joke.
Whatever the objective, you need to plan, and consider how and to whom you plan to
share your news. Bearing in mind that journalists are overwhelmed with pitches
daily, and they are always on a deadline. Give your communications team ample
time to work their media contacts, and then give journalists enough time to
react.
It is all about the message
Finally, when it comes to the message let
it be the intended message. No matter what distractions may come your way, the
message you intend to tell, tell it. Be it in social media, broadcast, or any
other media outlet tell ‘em. Tell ‘em again. Tell ‘em what you just told ‘em.
A version of this article appeared on Built in Chicago.
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