Startup: product or service ?
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There is always a debate in your head as an entrepreneur over what kind of company should you create? A product or a service company? A service company may have steady growth and the results are proportionate to the kind of business you generate and execute well. A product company on the other hand starts with a idea, lots of hard work, some financing. It can either go bust or grow exponentially depending on the value, execution, branding and marketing of the product.
When we started off, we envisioned two options, either invest seed capital and focus on a product/service OR do the same product/service for clients (service). Both have its pros and cons and not everyone is in a position to do a pure product company without financial backing.
The realization that we had a passion for creating a product or service blurred the difference between creating for our own vs creating for the client. What we have always looked for in the clients is not only their vision, but also an inclination of seeing us as long term partners.
From a concept point of view, the new era of digital marketing and the power of reaching out to a global audience certainly won us over and in course we have developed talent and partners to be able to execute a end – end brand creation and lead generation solution for some of our clients.
The strategy with sticking to a fewer long term clients is serving us very well over the past few months.
