Only 50% of startups survive for more than 5 years. This happens because of the lack of proper marketing strategies for startups. The major problem that faces by every entrepreneur after starting the startup is lack of planning.
When a person starts a company he/she is having a 3 to 4 months plan in his/her mind. Then the problem starts after that 3 to 4 months. The person goes with a lack of ideas and planning.
So in this blog, we will be telling you with the tips that you should carry on before going or a startup.
Or I can say the following factors should be kept in mind before starting a startup.
Marketing strategies for startups
#1 Brain Storming
Everyone is having their own interest, expertise or experience. You need to find a startup idea that not only fill up your pocket but also fascinates you.
When you are getting into a startup then you should start with something that you are already having. Every marketing strategy for startups must be implemented in a well-executed way.
For example- Let’s say you are an Interior designer by profession. You can start with something related to interior designing only.
The benefit in starting in Interior designing field will be- as you are having an experience in working in this field and know the market condition and structure.
Let’s make it more simple. There are three ways to choosing a niche for starting your business-
- INTERESTS – movie, cricket, science, relationships, marketing, dogs, charity or anything that interests you.
- EXPERIENCES – parenting, health, making money on the internet, investment, pets, fitness or anything that you have experience on – personally or professionally.
- EXPERTISE –skills like medicine, marketing, CA, cooking, education, fitness, yoga, dance, or anything you are expert at – again both personal or professional.
This is one of the best marketing strategies for startups. So, after completing step 1 we are having a niche in our mind in which we need a plan that is profitable and sustainable.
#2 Identify the target audience and demand of the audience
If you want you and your startup to grow then you should not play the game based on assumptions.
As we all know “DATA IS THE OIL“. all the kind of statistics that you want for your analysis is available on the internet. For all the information regarding the demand and the type of audience interested in your product, you can find that information on Google trends, Google Analytics, Uber Suggest, and Ashraf.
For instance, I belong to commerce background and I can start something in my niche only but I came to know that there is a huge scope of Digital marketing in the coming future. So I go for Digital marketing instead of the commerce field.
Here are some excellent tips that will help you to find the audience as well as the demand.
- Use tools like Google Analytics, Facebook Insights, and Twitter analytics to figure out your current audience.
- Develops an audience persona to find your audience’s demand.
- Learn from your competitors that what are there competitors, conversion rate
This is one of the best marketing strategies for startups. Finding patterns is the way to go when assessing your target audience. So, after completing step 2, we are having a niche, a target audience and demand in our hands.
#3 Planning the product or services
In digital marketing, it is said that content is the king. if your website or social media is not having good content then you can be a good digital marketer.
The same story goes with every business, until and unless your company did not provide a good and steady product or service to the customer than there is a problem with the sustainability of your startup.
Now I will be telling you certain tips for product development.
. Analyze your competitors and find there pros and cons. This strategy I have used personally and it goes well. Adopt all the pros from your competitor’s product and remove all the cons.
. Create a USP for your product, if you are not having a USP for your product then it will not going to sell anyways. People will be going to purchase the product from the company having a reputation in the market.
. Sell your products in bundles. Suppose you are selling three products- A, B, C. So, make bundles of these products like-
- Bundle 1- Product A and B
- Bundle 2- Product A and C
- Bundle 3- Product BBundle 1- Product
- Bundle 1- Product A, B, C
Marketing strategies for startups will only work if your company is having a good product or service to sell.
#4 Start building your audience
Traditionally businesses use to first create the product and then create the audience but I believe in vice-versa. Both the methods are having there own merits and demerits.
But there is a very high probability that your startup may fail. So at first, it is good to have an audience to build a base for your startup. Marketing strategies for startups will only work if your company is having a good and stable audience.
Now I will be telling you some of the tools that will help you to build your audience.
1 Give free digital products in exchange for an Email.
A report from the direct marketing association said that Email marketing is having 4100% return on investment.
Some of the most popular products that you can exchange for an Email are.
2 Do social media promotions
In 2005 only 5% of the world population was using social media and now in 2020, 90% of the world population is using Social media.
You should not take social media for granted, social media is the best place to capture your target audience. You can use a different type of social media for different types of strategies and audiences.
I have explained this in detail in one of my blogs- Click here.
3 Go for the paid ads
Paid ads can also be in one of your strategies. If you do not know the only source for social media platforms is Ads.
Due to which now a day social media is also promoting paid reach instead of on organic reach due to which the paid reach becomes very very effective.
4 Give away
Give away is a very good strategy that can be used and it is one of my favorites.
Give away is the most effective tactic that can be used to boost your company’s reach.
. Each of these tools can expose you to massive audiences with high conversion potentials. However, it takes patience and perseverance to get the response you want.
. Only after you’ve built an audience base of at least a few thousand people you can think about generating any product ideas.
. Do giveaways that are relevant to the audience.
. Ask for feedback from every giveaway and post it on your social media.
So now after completing the fourth step, we are having an audience with us. You will need to be very patient in this step.
#5 Set the price for your product
As now everything is set, now the most crucial decision that you need to take is the pricing of your product/services.
Price is something that should not be less that people thing think that his product is a waste and the price of the product should not be too high that no one buys the product.
Here are some pointers that will help you to determine the right price.
. Analyze the market- Analyze the market in which your niche lies and see how much your competitors are charging for the services. You can select the price higher or even lower, which depends upon the value you are offering in comparison with your competitors.
. Outcome- The price of the product depends upon the level of change that the product will be going to make in buyers’ life.
#6 Create a beautiful website
After all, you are done with the plan and strategies. Now it is time to launch the startup.
Digital marketing is been one of the most effective ways you can represent yourself on the internet. If you want to know more about why you should have a website click here.
Create a beautiful landing page and one most important tip that I want to give you is never telling people to buy your product, always tell them how this product can resolve your problems.
The landing page must include the following things:-
. An outline of the product
. Contact Form
. Call-to-action button
As you now have a website and have launched your product or services. Now it is time for marketing strategies for startups.
If you want to know digital marketing strategies for B2B businesses click here