Startup Marketing Strategy
Starting a business is no easy task. No business can grow without a proper marketing plan and startup are no different.
A startup marketing strategy outlines a startup’s direction and approach to reach its goals.
In practical terms, a sound marketing plan acts as a road-map to the success of the startup.
In this world of intangibles and endless competition, branding is everything. Your name, logo and URL need to stand out from the crowd and really ‘mean something’ but these is not it all.
The plan should incorporate several items like a SWOT analysis; definitions of the market, target segments and competition; marketing tactics; marketing budget; etc.
The marketing plan should also be able to tie marketing activities to business goals.
Identify Your Target Market
Successful marketing relies on understanding your target market. Who are you selling to? Why should they buy your product? What do they stand to gain?
The starting point in defining the target market for your proposition is to understand the problems that you solve.
Once you have a good idea what these are, you can start to work out who is most likely to suffer from these problems.
Conduct Market Research
Conduct further market research to determine the startup’s sustainability in the market place, potential competition, and drill down to determine the target market which includes a lot of listening and engagement on social channels and online communities, and face-to-face interaction.
Before you work on new advertising campaigns, you need to validate your hypothesis.
The importance of social media for startup cannot be underestimated. Over 60% of the world’s population using at least one channel.
It’s clear that social media marketing for small businesses is no longer something that can be done on a whim.
Analyse Your Competition
You’ll never be able to fully understand or duplicate a competitor’s strategy.
A competitive analysis is just one input in your growth strategy — and a limited one at that.
You don’t want to look to your competitors for marketing tactics. They might be spending thousands on one social media ads, but that doesn’t mean it’s working.
In most cases, your startup company isn’t 100% unique. It’s more than likely that whatever you’re selling is similar to other products and services on the market.
A competitive analysis is the process of identifying your competitors and evaluating their strategies to determine their strengths and weaknesses relative to your own business, product, and service.
The goal of the competitive analysis is to gather the intelligence necessary to find a line of attack and develop your go-to-market strategy.
Come Up With A Realistic Budget
But you can’t blindly launch these without factoring in the cost.
Unfortunately, too many startup companies fail because they run out of money. Simply put, they did not budget properly for marketing strategy.
Your marketing budget matters, because it tells your team how much money they can spend to create new content, develop campaigns, and promote your goods and services.
While the necessity for a marketing budget isn’t new, the way you’ll be spending the money has changed over time.
Thanks to the internet, small businesses don’t need to save up cash for magazine ad placements or TV commercials anymore.
Inconclusion - It’s important to understand that there are several factors that influence exactly how much you should spend, as well as how those funds should be spent.
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