You’ve got a great product or service that you want to deliver to consumers in your local market or across the country. No matter how great the potential is for your product to succeed, your startup will never succeed if no one knows about your products or services. Marketing is key to spreading the word about your startup, attracting consumers, and converting them into paying customers. What are the common marketing issues that every startup faces?
With so much to deal with while launching a new business, many startups simply ignore their marketing. Many owners understand the importance of marketing, but fail to give it the attention it deserves following the launch of the business. In order to effectively market your startup, you need a marketing strategy. This should include the target market you want to reach, how those individuals are best reached (social media, mobile ads, etc.), and how you can achieve those goals.
Many startups get a marketing program going, but fail to properly market a specific product or service. When developing your marketing strategy, it is important to ensure that you are sharing the proper information about your products and services with your consumers. To help improve your marketing focus, try to answer these questions:
• What problem do my customers face, and how can my product help?
• What sets my product or service apart from those offered by the competition?
• What ads, coupons, or other offers can I share that are unique, fun, and/or memorable?
Finances are always a sticking point for startups. A lot, if not all, of your capital is tied up in launching the business and funding its core operations. No marketing scheme is 100% free, even social media. After all, social media marketing efforts take time to produce and share with consumers, not to mention manage the interactions of your social accounts with consumers. The key is to select marketing platforms that fit your budget while offering the greatest bang for your buck.
What is Your Return on Investment (ROI)?
It is important to track the money you spend on marketing and evaluate the return on investment for those funds. For example, if you run an ad in the local paper and business appears to pick up following its debut in print, how do you know it worked? Are you certain the ad is the reason for the uptick in business? You want, and need, to know the ROI for your marketing efforts. ROI helps you evaluate the value of the marketing campaigns you run, and a good marketing partner will provide you with ROI data.
In the Internet Age, all businesses want to expand beyond the constraints of local boundaries. Web access allows your startup to market its products to consumers in the next city, two states away, across the country, and around the globe. However, going global is difficult and requires an effective strategy to understand the differences in consumer behavior, traditions, and cultural norms in different corners of the globe. Without this knowledge, your global marketing efforts will fail.
Marketing is never an easy task. Quality marketing consists of long-term and short-term tactics designed to generate immediate visibility and awareness for your brand, while also generating consumer leads over the long haul.