01 Jun Marketing Strategy for Startup Companies (Part One)
There’s nothing easy that comes along with a startup company. Those who have succeeded in this endeavor should be applauded for all of the hard work they undoubtedly put into the process, but not everyone has reached prosperity quite yet. Despite previous efforts, you may be in need of a marketing strategy or general tips in order to give your young business a boost.
Who, What, Where, When, and Why
Though your plan for marketing is ideally one that is created before launch of the business itself, it’s always better late than never. Some who came up with “blueprints” ahead of time may now find that they’re headed in a different direction. Whatever the case, take some time and nail down a strategy that is really in line with your current goals.
As always, we begin with identifying your target audience. Most products and services are not really for everyone, so you want to identify, at least internally, who your real (or just primary) audience is for what you do or offer. Though you can start more broadly (men versus women), you should, ideally, become more specific as you explore this metric. Once you’ve figured this out, it’s time to create personas for those hypothetical customers (personas are example, specific customers that you would be targeting).
After singling out your main audience, you want to do a bit of research to ensure that whatever you’re offering actually fills some need in the community. The issue that a lot of startups run into is that there actually isn’t “a market need” for what they’re selling. Ideally, you would figure this out BEFORE getting into the meat of the business… but, if not, you can always tweak your marketing strategy based on your discoveries. “Figure out how your brand compares to other similar products or services already on the market” and then take steps from there.
Smoothing out a Marketing Strategy Based on Competition
How much do you know about your competition? As mentioned above, you want to know what exists in the market now and how what you’re proposing differs from all that. Do you have the same target audience as your competitors? What do they seem to be doing well, what do they seem to struggle with, and can you learn from that and take cues for your own efforts? All of this information can help to make your marketing strategy more firmed up.
Another issue that startups will run into in the early stages is a lack of funding. Without money – for your marketing plans and everything else – you won’t be able to progress and build. “If you are still in the early stages of writing a business plan and securing funding for your startup, make sure you accurately estimate your marketing costs.” Avoid going over budget, as this is often the pitfall that ensnares unwitting business-people.
Finally, secure your place in the online arena (if you haven’t already) by registering social media accounts on various platforms in your business’ name. You should secure some combination of: Facebook, Twitter, LinkedIn, Instagram, Pinterest, Snapchat, and YouTube. These will be your promotional channels in which you can advertise for free, at the very least. Organic traffic is gained primarily through these efforts, so make sure you have dedicated time – or a specific employee – who will handle the management of these accounts. See some of our other posts on how to best utilize the many social media platforms for your marketing strategy.
If you want some professional partners to aid in your efforts toward developing a plan to get your marketing efforts into gear, then get in touch with Eyler Creative. We will work with you to develop and execute a marketing strategy tailored specifically to your business’s needs.
We are a digital creative agency in Baltimore, Maryland with an excellent team of marketing managers, creative designers, developers and programmers all working together with one common mission – to deliver the absolute best client experience and solutions to reach your goals. We’d love to work with you on your next project.