Continues from Part 1
Below, Chau offers a three-pronged success strategy he believes is critical for an entrepreneur-driven endeavor to succeed: 1) Empower the customer; 2) Build a community; and, 3) Grow with a purpose.
1st Success Strategy: Empower The Customer
“The first step that led to such quick success was our efforts to empower the customer,” Chau says. Chau’s business approach business has been developing a way for everyone to play and compete.
What he learned is that many gamers feel isolated, not knowing how to easily get access to competitive, income-earning game situations.
While some esports players just want to make some extra money, others want to become professionals and make it a primary source of income, but don’t know how to do it or where to start.
When Chau launched his business, he immediately began getting feedback from players with suggestions on how to make improvements.
This invaluable, real-time data is helping his team continuously improve the platform to increase user satisfaction and revenues across the board in kind.
2nd Success Strategy: Build A Community
The essential second step to a startup’s success strategy is building a community. Chau challenged himself and his team to figure out how he could get to customers as quickly as possible.
Instead of waiting weeks for the bots to be developed, his team members personally responded to players’ requests to get the job done and dedicate lots of long hours to build the community.
The constant feedback loop creates a community of highly engaged players who have been essential customers and informal, strategic partners.
This community of players has become a platform for Chau, who is the conduit connecting them to one another. They can compete or join teams.
In addition, they are informed about upcoming tournaments and, in some cases, connecting them to potential sponsors.
There’s a tendency for many startups to solely focus on developing the product or service and making money immediately.
However, by considering the long game, they can invest in informing, educating and connecting customers with how to optimize the offering to foster loyalty and generate referrals.
The result, as Chau has realized, is a class of more devoted customers. His customer loyalty ultimately became his biggest fanbase that have propagated his success.
3rd Success Strategy: Grow With A Purpose
For the third key to a startup’s success strategy, Chau says you have to create a business model that has a purpose.
He challenges business leaders, as he questioned himself, to ask themselves, “Why are they doing what they’re doing? Why have they started their business?”
Chau points out that it has to be more than just how much money you raise or how much money you make. You have to change the “rules” of business in a meaningful way that prospects and customers will really “feel” and appreciate.
Additionally, you need to provide new methods for customers to compete, purchase, share, communicate and, if applicable, earn money.
Gamico is setting out to help gamers around the world do what they love to do professionally.
For example, think of Apple changing the way we talk and listen to music. Google’s transformation of search. Amazon’s massive disruption of the way we shop.
Therefore, Chau urges that entrepreneurs need to dig deep into their conscience and embrace the power of their idea as the source, which can inspire their team to create and innovate.
The danger, far too often, is that entrepreneurs lose sight of the bigger goal of creating a business that provides lasting value to their customers.