Your startup could be a hidden gem and you do not even realize it because you are lacking feedback from customers. This stems from not having a large customer base and this is what makes you less discoverable, making your startup a hidden gem. When you are lacking a customer base, you miss out on valuable feedback, which poses a significant challenge for growth and improvement.
So, how do you know that you are one?
You have competitors
This might not come as obvious, but when you are a hidden gem, people will notice and secretly observe in order to follow what you are doing if it benefits them. It might not be immediately apparent, but if you notice that their product features are almost similar to yours, then they might be competing with you. Also, pay attention to customer feedback and see whether they mention other companies or products that they are considering before using your product or thinking to use it.
Your product is different from your competitors
You could be staying up-to-date with the latest market trends, focusing on a niche or even doing both, which are your top priorities. Hence, your products are constantly matching the needs or preferences that potential customers have. This is what makes your product slightly better and stand out more. For instance, unlike your competitors, your startup prioritizes customer satisfaction and the user experience. Even though your competitors have a system or product that is more advanced, they lack understanding of how to make their system simple and user-friendly. This is what sets your product apart from theirs.
You have a strong startup team
Having the right team is what can predict if a startup will be successful or not, and this is backed up by the study of venture capitalists (VCs) in the Netherlands, according to VeeCee. Your team could have the essential leadership skills, industry-specific experience, or even a bit of experience working with other startups. Also, even though your startup only consists of very few people, the diverse skills that your team has complement each other. This is what makes a startup team resilient and adaptable to tackle various challenges.
You have positive feedbacks
Despite having a smaller customer base, your customers are satisfied and loyal to your products or services. This is especially a positive indicator that your startup will become successful in the future when customers give satisfying reviews when a new product or service is launched, as mentioned by Faster Capital. When customers eagerly provide glowing reviews for a new product or service, it’s a clear indication of their satisfaction with and belief in what your startup offers. In essence, when people genuinely appreciate what your startup is doing, it’s a strong signal of its potential success.
Don’t wait to be discovered
If your startup has all of these great qualities, then don’t wait too long to make yourself more visible. One of the possible things that could happen is that, your competitor can take advantage of this. How? Your startup is already a gem, but without effective marketing, they could outshine you better. While at it, they could even keep on innovating to meet the customers’ preferences, and until then, will your startup still be a gem? To prevent this from happening, as an entrepreneur, you should make a strategy, such as making your product known, having strategic pricing, and collaborating with influencers or other businesses. By making these efforts, your business offerings could get the recognition that they deserve while increasing your customer base.
Conclusions
Hidden gems startups with the ability to experience more success have these exceptional qualities for starters. Customers and investors alike are drawn to companies that can offer fresh, effective solutions to existing problems. Hence, don’t wait for a perfect opportunity, because usually the right time to start is now. Otherwise, your startup may remain hidden and be outshined by other competitors. By effectively making your startup more discoverable, you can expand your customer base and ultimately secure your place in the market.
