But I have also seen an untold number of start-ups fail, unable to make the transition to a successful, established company, in the process disappearing into obscurity.
As a marketing and brand elevation specialist, my interest lies in how companies drive growth and achieve long-term success through establishing strong brands. Over the years, I've learned some hard-won lessons of how companies can use marketing to go from start-up to established, successful business. Here are the top five marketing lessons I've learned working with tech start-ups in Africa:Differentiation is a key driver of customer acquisition and, by effect, success. How often I hear the statement: "We don't have any competitors." Really, are you sure?
The same qualities that make tech entrepreneurs successful often also pose serious challenges. The tough, determined entrepreneur that jumps out of bed to conquer the world often struggles to articulate the business value of their solution without getting lost in technical jargon and complexity.
This poses a huge challenge to marketers, who have to extract this business value and make it accessible to broad audience segments, without losing the essence of what makes that particular entrepreneur unique.
Start-up companies that have a simple and clear positioning statement explaining what they are about, and how that makes them different to competitors will have a better chance of creating meaningful engagement with customers and, ultimately, investors.
Perceptions of poor service linger long.
Do proper testing before you go for the big bang approach. The damage to your brand in the long run far outweighs any short-term gains you make in terms of brand awareness.
Marketing and PR professionals have over the past few decades earned a seat at the boardroom table - for good reason. Invest in someone with the necessary skills and experience to effectively manage your brand through its various growth phases, if only an external marketing consultant to guide the process and mentor; don't pay for someone else's learning curve.
While it's natural for CEOs to shift focus more to the big picture stuff, it's equally important that they don't alienate the very people that made them successful in the first place. Relationship equity is pivotal, and there's huge risk in allowing it to be devalued during growth phases.
Always remember - the role of a leader is to serve, and that means you need to work in some time in your schedule to stay connected with the key clients, customers and stakeholders. The digital tools available these days enable this - use video, newsletters, Twitter and other tools to keep engagement up.
Instead, play the long game - focus on building a sustainable brand built on long-term values and timeless principles, one that can stay stable even in the shifting sands of a changing world. Build brand equity through being consistently superior in all your dealings - from your product to your customer service to the quality of your thought leadership.
Most importantly, start from within the company itself - your staff will always be your greatest brand ambassadors.