100s of ideas come into the mind of an entrepreneur but only 10% of them are executable. Out of this 10 %, most of the startups are failed if the execution is not proper and an organized marketing plan has not been defined. Mr. Bill Gross, the founder of IdeaLab, conducted a research to find succession factors of startups. He concluded that most of the initial businesses are successful in which entrepreneurs identified the opportunity and gap in the market. It is important to identify that opportunity and fill the gap through available resources. Here are ten reassuring marketing tips to create a successful marketing plan for your startup.
You must keep in mind that your customers need awareness that you are offering their desired products and services. It will need an organized and balanced marketing plan. Here are some basic marketing tips for a startup business which can save time, huge marketing budget. It ultimately allows spending the money time on core activities flourishing the business.
1. Become a Brand
An entrepreneur takes the business risk with a vision to grow above 45℃ on the graph line. This vision makes his/her business to become a leading brand in the market. To achieve this goal, branding is important and it involves implementing a broad range of marketing strategies and techniques. It will help to popularize your product or service for which an entrepreneur dreams.
2. Determine your budget.
At the initial level, small business does not have enough budget to hire, spend and manage the marketing campaigns. An entrepreneur can generate a unique idea to cash an available opportunity but he/she does not know the strategies of marketing. So, determination of budget for each campaign is next complicated but simple step. How much is to spend and where to spend requires the answer for this purpose. The business should identify that from where the campaign could get a better response but it does not mean to ignore the less responsive areas. The marketing plans should be flexible because during the campaign it will be more clear that where the marketing team has to focus more.
3. Recognize and Choose the target audience
As described above, the entrepreneur should know who is the audience, who is the target market? This question tells more about the user of services or products. At the starting of a business, the entrepreneur should focus on the small or niche market. This segmentation will help to manage the times and it will reduce marketing expenses. Although products may appeal to the masses if demand could not be met at the initial level it may result in a bad brand image. Niche market focus will help to create a push marketing strategy instead of pull strategy.
4. Follow your audience through social media
In order to succeed, you need to know the presence of potential customers and the medium you can reach to them. There are several online social mediums which might be suitable for your business yet you need to identify which medium is mostly being used by your target customers.
You should take a little time to identify those online media which are suitable to increase the reach to your target customers. Spend your time and resources on the ones that are most conducive to your brand.
5. Free Trial
This initial marketing tip is widely valid for a newly offered services. It could be pure service or bundled with a product. Offering free services is a very cool and neat way to reach a wider audience, and to reassure your followers that the products and services you are offering are indeed of the highest quality. Services for free trial does not sound good but it gives certain to pay off after free trials are over.
6. ‘Big’ Isn’t Always Good
At the initial stages, many businesspersons think that the best way to progress is to invest lots of money in one big marketing campaign. Especially when they see their business is growing they increase their expenses. However, spending budget on one single campaign may have a very negative impact on your finances, and the worst part is that there is no guarantee that you’ll achieve the desired results. A blend of different marketing strategies and campaigns would be more suitable. It might be little expensive but a sensible division of budget among different mediums and campaigns is the solution.
7. Don’t spend a huge budget on Mass Audience
Beginner entrepreneurs think to spend more on marketing tools and campaigns where they find more audience. Try to reach more effectively and cheaply where a mass target is available because audience and demand is already available, you need to stimulate that audience only.
8. Listen and Observe
Thinking to obtain results just after launching a promotion campaign is worthless. It requires a substantial time to wait and watch for the positive results. You must listen and pay close attention to what’s actually happening. Observe social media channels closely and keep looking for the feedback from customers.
9. Focus on Reputation and Increase Trust
Those firms who are already present in the market have earned their reputation and trust about the quality of products and services. However, new entrants have to make it sure that their marketing plans are robust, strategic and dynamic to compete with other giant rivals.
10. Distinguish yourself
Last but not least, and the most important, tell your customers what uniqueness you hold in the market? What is the only service/product you are offering which others are lacking? Differentiation attracts your customers and they will like to acquire your unique services and products. So, focus to promote your distinctiveness amidst the target market.