Five Essential Marketing Strategies for Your Startup

14% of startup failures are due to poor marketing strategies. This is especially common for founders who like to code or focus more on product design. They didn’t relish the idea of promoting their product or service. A startup needs to know its target audience. They need to get their attention and convert them into leads. It’s important to understand the essential marketing strategies for your startups business.

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Finding the Right Team for Your Startup

Building a successful startup is all about having the right team. According to studies, 23% of new companies last 2018 failed because the employees did not fit together. Their founders tend to focus on building a product. They neglect to focus on getting the right people. Founders should always seek team members to complement him. In a small company, every member must be able to do everything in spite of having special expertise. Share tasks not only according to their abilities. Take into account the company’s needs. A founder should look for flexible and dynamic members that have a culture fit.

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Best Pricing Strategies for Startups

A lot of startups treat pricing strategies as a math problem. Too often, it’s left at the very end of the product launch. As a result, 18% of new businesses failed in 2018 because of pricing or cost issues. Pricing is both an art and a science. It should be a combination of creativity and analytic thinking.  

Entrepreneurs should take the time to build out a through pricing plan. Price too high, and you can stall your business right out of the gate. Price too low, and you may begin with unexpected sales volume which could hurt you in the longer term. As an entrepreneur, your challenge is to figure out what you need to charge.

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How Can a Startup Beat the Market Competition?

Every startup has to deal with market competition. It’s a sign that an industry is viable when you see both big sharks and small ventures. But statistics show that 19% of startups fail because they get outcompeted. To be successful, businesses need to know their competitors and how to beat them in the marketplace.

Competitors can be either direct or indirect. Direct competitors target the same type of consumers and offer similar products or services. Indirect competitors offer similar products and services but their main offering may be different. To be successful, businesses must be aware of all types of competitors and learn how best to compete against each.

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Top 10 Reasons for Startup Failures

A vast number of startup companies fail within the first 5 years. When looking at the reasons for failure, some might seem obvious. In fact, we could prevent many of these startup failures. Usually, it’s not only one reason but several reasons why businesses fail. Being aware of these common mistakes can help founders succeed by avoiding them.

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