We’re pretty lucky to have access to the wealth of experts we do within the SheStarts program. Jane Huxley, the MD of Spotify is a powerhouse in the Australian business community, especially when it comes to digital strategy. In Episode 12, Jane shared some valuable insights on building sustainable, high-growth businesses.
“Write down the basics now and you will never forget,” says Jane.
“We do get caught up in growth, innovation and disruption of the high paced environments that we are in, but it always pays to go back and remember very VERY clearly what the basics are.”
Jane encouraged the SheStarts founders to write down the following basics and pop them on the wall:
1. How is your product different to your competitors?
You need to understand, intimately, how, why and where your product is different in comparison to your competitors. Do not underestimate the power of competitor research.
“By creating a unique defensible product on the market your competitors cannot immediately come and get your position on the market.”
2. What is your position in the market?
The way to describe a market is to look at the behaviour of your customers. How do they use products that are available to them? What do your competitors offer to their customers and how can you differentiate your offering to them?
“Create a unique and describable positioning on the market and do not let your competitors describe your space or market, describe it for yourself.”
3. Who are your Stakeholders?
When you understand your stakeholders it makes it easier to describe to people what you do every day and it makes it easy to think about whether or not you are spending your time in the right places.
Ask yourself “Who do you serve? Who do you get out from bed to serve every day?”
4. What is your immediate goal?
From early on, always have an oversight on what needs to be done and how will you get there. If you don’t have an immediate strategy, it’s time to get started on one! Not sure where to begin? This interview with Sally-Ann from Google about Goal setting for Startups is crucial.
5. How will you Grow?
Research and recognise early the best and most relevant channels that you can grow in. Once have your initial growth channels, how are you going to get more customers?
“By banging on about your uniquely defensible position in product and your uniquely describable and defined audience set of course!”
It’s a good idea to revisit these basics a few times along the way to ensure you’re still aligned and focused. Jane recommends to, “Write these things down now and seal them in an envelope. You’re sure to have a good laugh at them in a year from now, but they serve as a great reminder to never to forget the basics as your grow your business.”