Marketing strategies for startup businesses
Marketing is often described as advertising, promotion, or publicity, but in reality marketing is all about effective communication. Every new start-up business needs to know how to communicate well with existing and potential customers, with investors, and with other businesses that can provide complementary services, or to become useful partners in future ventures. When planning a marketing strategy for a startup business there are a few things that need to be put in place at the start which will make life a lot easier further down the road. Here are a few helpful tips to get you started.
Don’t underestimate the challenge
Having a unique and exciting vision and making it happen is undoubtedly one of the most exhilarating experiences any startup business owner can have. All too often, entrepreneurs make the classic mistake of thinking that people will want what they have to sell simply because the entrepreneur has managed to make his vision a reality. For example, imagine opening a new store. If this is done without considering how attractive or relevant the goods are, where the store is located, or who the customers will be, the store will most likely fail. Sure, it may still be a lovely store with merchandise its owner loves, but without giving consideration to the location and the potential market, it will be a lovely store with beautiful merchandise that will almost certainly be empty all day long.
Do the market research
First, it is important to find out how many people might be interested in the goods or services a start-up business has to offer, and looking at recent trends in the marketplace is an excellent way to begin. Second, check out the value of a particular location or geographic area. If relevant, take steps to identify the market you are looking to serve – for example, this may be local, regional, national, or international. Third, make sure the target market has enough money to spend on the planned products or services, and establish how many competitors are already operating in the same business arena. Finally, determine what the startup’s unique selling proposition (USP) is; what will the new business do or offer that is better or more appealing to customers than the competition? Establishing these facts will ensure there is a firm foundation for a good marketing strategy.
Create the marketing strategy
These days, startup businesses can benefit from a wide range of online marketing opportunities that enable even those with limited resources to access a large customer base for their services and products. Smart startup owners think about where the customers are most likely to be found and what methods of communication are best suited to reaching them. Recent technological advances mean, for example, that online and mobile communications are increasing in their importance to effective marketing strategies almost on a daily basis.
Some online marketing agencies, such as MediaWhiz Holdings, have a whole host of techniques which they employ to help clients acquire customers; it is worth checking out the MediaWhiz company profile to see how they can assist with social media and search engine marketing, display advertising, and email marketing to name just a few marketing strategies that may be well worth exploring.