Introduction to Marketing Strategies
As many start-up owners know, it’s not enough to have a great business idea, you also need a great strategy for promoting it. In this article, we’ll look at basic marketing strategies for start-ups and how new businesses can promote their products and services.
How To Create A Marketing Strategy
1 – Define Your Goals
If you’re starting a business, your goals will likely depend on how you define success and what you want to achieve in the first 12 months.
For many start-ups, there are usually two main goals, either to raise brand awareness or to start acquiring new customers. When you’re launching your first campaign, and working with minimal budget, it makes sense to focus on only one of these objectives. In the long run, however, you will need to figure out the best way to do both. Let’s take a more detailed look at each goal.
Brand awareness – When starting a new business, it’s important to think about how you can reach your potential customers or clientele. You need to start letting people know who you are, what you do, and what sets you apart from other companies. If you choose to focus on brand awareness first, then your goals—and your marketing strategy—might focus more on getting people to recognize your brand name, logo, or products.
Client Acquisition – If you choose to make acquiring new customers a priority, your goals might include getting new people signed up to your platform, encouraging them to become active users of your product, or converting existing leads into paying customers. To reach these goals, you’ll need to develop a marketing strategy using effective design, copy, and calls to action that grab people’s attention and make them want to engage with your business.
2 – Choose Your Target Audience
When creating a marketing strategy, it’s crucial to think about your ideal customer and who you really want to sell your product to.
When you’re choosing your target audience, it’s important to do an honest evaluation of your product and how it compares to others on the market. For example, you could consider: What exactly are you offering your potential customers? What makes you unique on the market? Why would someone choose you over your competitors?
It’s also important to take into account what kind of company you want to run. If you’re a B2B company, would your product be more beneficial to businesses of a certain size or in a certain industry? And if you’re a B2C company, would it make sense to choose an audience based on their location, demographics, or interests?
3 – Create Your Core Messaging
Now that you know who you want to target, it’s time to start thinking about your messaging. What makes your product unique? What are the most appealing features for potential customers? How can you convey these things in your marketing and sales materials?
When coming up with your messaging, it can also help to consider other things that might affect purchase decisions. For example, how much does the product cost? How easy is it for people to buy and receive the product? How can you show people that you’re a trustworthy provider? And find ways to convey this too.
4 – Create An Online Presence
Now that you have decided on your messaging, it’s time to start thinking about how you will promote your business. In a digital age, it’s essential to have some kind of online presence. Many start-up companies choose to have a website. Many also choose to set up social media channels and email lists. All of these digital marketing strategies can be very helpful when it comes to raising brand awareness and acquiring new customers.
5 – Create A Monthly Marketing Budget
As a start-up business, your budget will be affected by several factors, including operational costs and revenue forecasts. But no matter how much money you’re able to set aside for marketing, it’s important to spend wisely. You can also add to your budget over time as your business grows.
6 – Choose Your Advertising Channels
Now you know what you want to say, who you want to target, and how much you want to spend. The next step is to start thinking about the best advertising channels to use, and the best way to achieve your marketing goals. Keep in mind that some advertising channels have a minimum spend. If you’re working with a small budget, you may want to test one channel at a time. If you’re working with a larger budget, you may want to look at the best way to combine channels and increase your potential reach.
Final Thoughts
After you’ve completed all of the above steps, you’re ready to start planning. Take the time to gather your thoughts and write down a formal written marketing strategy. Ask your business partners, or a trusted advisor, to take a look and get feedback on your ideas. And when you’re happy with your strategy, break your strategy down into smaller and start putting things into action.
