Growth Lessons Startups Can Learn from Different Industries

Starting a new business brings a range of challenges, but sometimes, it’s possible to learn how to overcome them by looking at other industries. The growth witnessed in certain areas lets us discover areas that startups should look to learn from, taking into account the following points. 

Online Casinos Offer a High Level of Variety

A common mistake made by new businesses is that they start looking for customers before creating a suitably wide range of products or services. This look at startup failure rates suggests that 70% of new businesses fail in the first five years, with a poor choice of product among the main reasons for this.  

One look at a casino online is enough to tell us that variety isn’t going to be a problem. This gambling site has slots like 3 Hot Chillies, Coins of Leprechaun, and Vegas Space Heist, revealing a diverse selection of themes to suit every taste. These slots also contain different features that appeal to a wide group of players, including free spins and bonus rounds where special prizes can be won. 

Blackjack, roulette, and specialty games are also located in other tabs of the site. The addition of a live casino where human dealers lead the games and the players are able to change the camera angle and chat with others, in some cases, further boosts the options. This sense of variety has allowed the online casino industry to attract players with all sorts of tastes, giving the impulse needed to grow and reach into new markets.   

This free spins giveaway offer also shows how casinos use promotions to give players the chance to try as many of the games as they want to.

In this case, a million spins are put up for grabs on slots like those we mentioned above. It offers a secondary consideration for startups: have lots of variety, but find ways to make it accessible to your customers so they will want to try plenty of different things. That leads us to our next point.

A Marketing Plan Like Food and Drinks Companies

Marketing is one of the areas of business that no startup can afford to overlook, with digital campaigns now essential to getting the attention of a large group of potential consumers. By looking at some of the best examples from recent times, we can see that CeraVe, UNIQLO, and American Express are all listed as having carried out successful campaigns. 

No single industry dominates the digital marketing area, since virtually every company runs campaigns of this type. Yet, we can get a feel for good digital marketing by looking at the food and drink sector. Giant companies like Coca-Cola, McDonald's, and Pepsi have all enjoyed massive success by building creative campaigns online.

They often team up with influencers to get their message across to a wide audience. It’s also worth noting how these companies go for a positive, feel-good message that enhances the brand image, rather than focusing solely on the products that they offer.    

Personalize Like Streaming Services

Offering a personalized service is one of the most effective ways of keeping customers happy. While this used to be a highly time-consuming process, the use of tools such as artificial intelligence (AI) makes it a lot easier to offer the kind of approach that keeps people happy.  

For a closer look at how this can work perfectly, we can look at streaming services like Netflix, Spotify, and Amazon Prime Video. Netflix users will be aware of the personalized approach that gives them a list of recommendations fitting their style and viewing history. However, not everyone knows that this is based on the use of machine learning algorithms that look at huge amounts of user data to build the lists. 

Make It Easy for Newcomers to Join, Like Crypto Exchanges

For a long time, newcomers to the world of cryptocurrencies were put off by the difficulty in getting started. Setting up a wallet and then obtaining some coins from a decentralized exchange was considered such a daunting experience by many that it probably stopped a lot of people from buying their first Bitcoin earlier than they eventually did, while missing out on exciting moments like Solana hitting its all-time high. 

These days, centralized exchanges such as Binance, Kraken, and Coinbase make it incredibly easy for anyone who wants to buy their first digital assets. They offer a variety of payment methods and set up the interface in such a way that it offers an extremely simple and intuitive process. This has helped introduce many more people to the idea of buying cryptos online, boosting the industry.

These examples show us how it’s possible to learn tactics and strategies for many different industries. If you’re going to start a new company, these ideas can provide an invaluable boost to overcome some of the most common challenges.   

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