4% 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.
What is Marketing?
Marketing is to promote the buying or selling of a product or service. It includes advertising, selling, and delivering products or services to consumers. What makes a marketing effort good or bad is how it impacts the business results.
How Poor Marketing Strategies Affect a Business
Businesses can easily fall for flashy or outdated marketing strategies. This can have a negative impact on sales as well as the reputation of the business. Let's find out where businesses go wrong in choosing their marketing strategies.
Lack of Marketing Expertise
A marketing plan should complement the goals and resources of the organization. Many businesses become over-ambitious. They tend to go for unnecessary marketing campaigns. This leads to depletion of funds, which the company could use for other purposes.
Lack of Direction
Many marketing professionals try to impress management. They failed to work on the customer 's choices and preferences. If a marketing plan fails to target the desired audience, it will have little impact on the purchasing decision. This may lead to poor sales.
Ignoring Internet Marketing Strategies
A Clutch.co study revealed that there are still 36% of small businesses in the U.S. who do not have a website. Even if they have a website, many of them are unable to leverage the benefits offered by the Internet. Having an online presence is essential for marketing your small business.
- Many businesses do not update their websites. This leads to a loss of potential customers who browse it looking for the latest products on the market.
- SEO techniques are essential in targeting customers and increasing traffic to the website. Without it, a business may fail to attract customers interested in its products.
- Many businesses perceive internet marketing to be expensive but an effective website provides a platform for businesses to sell online inexpensively.
Below Par Customer Service
Businesses failed to use customer service as a marketing strategy. Delighting customers will create a favorable impression. It will motivate them to repeat purchases. It can even encourage word of mouth advertising for your business.
The Five Essential Marketing Strategies for Your Startup
Unless people know about what your startup offers; they may not buy your products or services. You may attract customers through word of mouth as you expand your business presence. Arya Bina, in his Forbes article, suggested the following marketing strategies to spread the word about your business:
Email marketing is an essential strategy to attract customers at little or no cost. Includes a free offer in exchange for an email address. Create an opt-in form on your website. Post relevant content with a call-to-action that asks them to sign up for your email list. Diversify your emails with non-commercial content like guides, how-to articles, videos. and infographics.
Start a Blog
A Hubspot report found that businesses with blogs generate 126% more leads than their competitors without blogs. Blogging is a powerful strategy. It can help your startup generate the exposure it needs. Create engaging contents. Position yourself as a leading source while also attracting search traffic to your site. High traffic means more people that will learn more about your startup and its offerings.
Post on Social Media
Statista reports show that there are 2.62 billion social media users worldwide in 2018. Social media is big and only getting bigger. If you are not marketing on it, you are likely missing a large chunk of your target consumers. Build out your social channels with rock star content. Use eye-catching visuals and quality customer service. You will not only gain loyal brand promoters. You will also begin capturing leads and converting visitors into customers.
Use paid search advertising
Paid search is an inexpensive web marketing. It connects your ads with searchers seeking what you provide. Paid search marketing campaigns are called pay-per-click, or PPC campaigns. Google AdWords and Bing Ads are two of the leading paid search networks.
Sponsor an event
Sponsoring events is a strategy that is gaining popularity across industry sectors. Your name and brand visuals will appear with reputable brands. They are a way to build credibility and authority. Events tend to generate a good number of quality leads. Sponsorship opens the doors to winning more customers. Sponsoring an event is something that can elevate a new business but can also benefit organizations that have been around for some time.