“Learn about your industry first – as much as you can”, says Christopher Salis. The statement comes from the mouth of an expert himself. In what? In advising startups. Yes, Christopher Salis has been advising startups for more than two decades. And, guess what most of the startups that followed his advice are today in a great position than could have ever been.
As ordinary as it may sound, learning about the industry, the competition, and the market is really important. If done correctly, it puts you in a driver’s spot before launching your startup. It gives a head start. “The things that you will learn while doing it, the points that will find out, the gaps that you will discover, and the opportunities that you will see, are going to pave the way for a full-blown strategy for your startup launch and further.” – Christopher Salis.
Cool. In fact, that is one the coolest advice that can ever be given to a person who is about to launch a startup. But we asked a question to Christopher – “How the heck is someone supposed to learn about their industry?”
So, Christopher Salis says – “You have to get into the ins and outs of the industry in which you are about to launch your startup. Strive for being an expert in that very industry. But how? Look out for resources on the internet. Visit the library – although it seems old-fashioned, it works. Talk to the experts in the industry. And the most underrated one – find a good mentor who can guide you through and answer your questions.”
“At a more molecular level, study the industry participants. Buyers, sellers, retailers, the stakeholders, and everyone else that is involved when it comes to participation in the industry. Distribution patterns are something that you must learn too. What’s the channel of distribution in your industry? Retail? Wholesale? Or is it a direct-to-home service? Point out everything you can.”
“The next big thing to discover (where you’ll also find industry gaps and opportunities) is the buying patterns and competition. Find out who you are competing with. The brands that are in your industry. What’s their overall budget? How much effort are they putting into marketing? What marketing channels are they using? And on the buyer side of things, try to get into the buying patterns. Try to study buyer personas. Because that's where you will find opportunities of standing apart from your competition”.
Therefore, the bottom line is crystal clear. To young startups, Christopher Salis clearly advises to learn the industry landscape first. Study the competitors you are about to go one-on-one. Learn about the constant trends and changes that have shaped and will shape the industry in the future. And, if you do it all, Christopher says, “Mark my words, you will overtake everyone and succeed in your industry one day.”