Does Your Marketing Strategy For Startups Include All Of These?Jun 01, 2017 | Newspaper
Marketing strategy for startups defines their approach to business. The success of startups depends on their marketing strategy. However, the majority of startup founders have little or no experience in marketing, budgeting for marketing, or managing that budget. This is a dangerous contradiction to deal with. How do you deal with it? The answer lies in planning your startup marketing. A fantastic idea does you no good if no one else knows about it. Many companies are unable to effectively differentiate themselves in the market. They fail to communicate their value proposition in a clear, concise and compelling manner. You need a comprehensive plan to market your business to gain people’s initial attention and to build a reputation for thought leadership.
Strategic Positioning in Marketing Strategy for Startups
Define the category that your product/service exists within and map it to its key product benefits, the core value proposition and competitor benchmarking. Delve deep into core messages and launch strategies, plans, and objectives. The question you need to keep asking is, “Who is my customer and why should they buy from me? The most important step of strategic positioning for startup marketing is knowing your target audience. If you have a consumer profile in place, you will have a clear idea about your target market and will be able to define the anticipated market conditions.
Companies spend too much of their focus on building their brand and then they force it into the market. Guessing about what customers want and will pay for does not equal using a defined process to discover markets as you iterate through product development. Know where to advertise and what audience you are speaking to. Including positioning in your marketing strategy for startups at an early stage helps align your business goals with the rest of your activities.
Brand Development in Marketing for Startups
Branding is everything in the world of intangibles and endless competition. You need to stand out with your name, logo, and URL and mean something more than the run-of-the-mill brands. Get creative. Develop the best-fit brand name, logo and start with the available URLs. Give your brand the right look and feel. Create an arresting logo luring employees, customers and partners from the first day. Great ideas give rise to great brands. Connect the branding of your idea to your customer on a personal level. You know who your customers are. Now find out what makes them tick and how best to deliver your idea to them.
You need to answer the 4 questions every brand must answer and these are –
• Who are you?
• Who needs to know?
• How will they find you?
• Why should they care?
The premise of brand strategy development in startup marketing is an important central aspect of generating leads, acquiring new customers and growing business. Your customers should know what your brand stands for. Only with brand development, can you compete effectively? Branding in marketing for startups is an essential component of the process of meeting the demands that people have for excellence. It results in higher sales of not only your product but also your mission and philosophy.
The Role of Web Presence in Marketing Strategy for Startups
Your web presence is both more important and more complicated than ever, in the current scenario. In the age of social media and digital marketing, you do not need just a functional website but a sophisticated website performing multiple roles. It should not be there just being an information-spewing tool, it should be an application for your customer. You will also need a rich blog site, and dynamic Facebook, Linkedin, and Twitter pages to say the least. Before launch, get your web presence absolutely right. It is not all about the design. The most relevant keywords, SEO tags, and visual elements are important as well.
Only if you have a powerful web presence, will you get a second look from your customers as well as potential investors.?A key to building a strong web presence is consistent branding online. Your blog is your startup marketing front foot. Publishing good content that people will see and appreciate is a significant advantage when it comes to marketing for startups. Well-written articles help you build relationships with prospective customers. Through blogging, you can develop a big voice and become an industry thought leader. Additionally, kick off a digital PR and partnering program. Drive communications, traffic, networking, and partnering. Monitor conversations, word of mouth and online reputation.
Advertising as a Marketing Strategy for Startups
Develop an effective advertising program once you know a great deal about your brand, product/service, market, prospects, and consumers. Now it is time to gain favorable media attention that will help enhance your brand and increase your visibility. When it comes to online advertising, a Google AdWords program is the best place to start. It is cost-effective, highly scalable, results-oriented and flexible. You can also go to Yahoo/Bing or Facebook ads and banner campaigns. Once your brand is established online, move to offline advertising, which will help you gain the necessary response and recognition for your brand.
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Concluding Marketing for Startups
Starting a business is an exhilarating thing and startup marketing is complex indeed. When it comes to marketing for startups, make sure every effort, no matter how small, is well-planned and flawlessly executed. Target a market and go after the market share aggressively. To be successful, be sure to stay consistent. Plan your budget carefully. A startup without a strategy is like a journey you do not have a map for. Your idea is great and it should not fail due to lack of customer awareness. Focus on your unique selling points. And above all, be genuine when it comes to building trust because when your customers are satisfied, they become volunteered salespersons for you. And when that happens, you will know that you have your marketing strategy for startups right in place.