If you are an entrepreneur, then you probably know that starting your own startup is both a challenge and a thrilling experience. In terms of the challenges, you are faced with many. You need to obtain funding, you need a strong workforce, and you need a team that believes in your exact vision when it comes to the product or service that you are trying to bring into the market.
In addition to these elements, there is also one very important element that you need – a quality marketing plan. For a startup entrepreneur, the marketing may be the most difficult to handle because startups have their own unique set of challenges.
Rather than struggle and put yourself in a position that can undermine your business, below are a few of the specific challenges you’ll face and how you can overcome them.
Knowing Your Brand
There are many established brands out there and for the established ones, it is extremely easy to understand what their marketing angle is and what product or service they are providing to consumers. On the other hand, startups have a specific difficulty in this area.
As a startup, you are still in the process of formulating where you want your brand to go, what you want your brand to be, and to whom your brand will be marketed to. While you may think that you have a solid understanding regarding these elements, the truth is, it takes a long time for a brand to figure out what really works.
Because these are the foundational principles of any marketing strategy and any good strategy is going to display those principles, you need to truly find another way to make up for any deficiencies.
A Lot of Competition
Another difficulty that you’ll face when coming up and implementing a marketing plan is the competition around you. According to Forbes, about 543,000 new businesses are created on a monthly basis in the United States and very few of those businesses make it through an entire year.
As a result, your challenge as a new business is competing with the marketing efforts of other startups around you. If you want to get an edge on your competitors, which is something that you really should do, you need to analyze the marketing strategy of competing startups in the field.
Once you analyze their strategies, you need to look at where they went wrong and how you can do the job better. In addition to looking at the current marketing strategies for similar startups in your field, you should also take the time to analyze your larger scale competitors.
This is beneficial because you will be able to see who their target market is and figure out that the same target market most likely applies to you.
The Consumer Experience
According to Entrepreneur, the customer’s experience is one of the driving forces behind whether or not a customer is going to come back to your business. As a startup, you need to be particularly careful in this area because you want to present to your customer that your business is the one that they need to trust and rely on for future services or products.
So, when marketing your product, you need to be able to promise to the consumer a certain product or service and you must make sure that you deliver on it. There are a number of ways that you can build trust between your brand and its consumers when marketing a product.
For instance, one highly useful angle to take is to use online reviews. Nielsen indicates that 68% of consumers build trust in a brand through viewing online reviews of the brand. Taking this into consideration, you want to make sure that your startup has stellar online reviews.
Make sure that these reviews are posted by consumers who have really used the brand and that are truly satisfied with it. At the end of the day, consumers can tell the difference between a fake post and a honest one.
In addition to the above factors, another extremely important challenge that you’ll need to face as a startup that is building a marketing plan is the cash flow for that plan.
Startups are notorious for having issues with cash flow, especially because there are not many investors who trust a startup to succeed in today’s tough market. Because you are going to be tight on cash flow, then you need to be careful about how you spend your money.
The best thing to do is to build a marketing plan that is going to be as low cost as possible but that will also provide you with the return that you need for a successful outcome. In this case, you may want to consider implementing a marketing plan that utilizes social media, newsletters, email campaigns, and even events.
In terms of events, holding local events for your start up is a great way to introduce your brand and to also gain customers who are going to spread the word about your product or service through word of mouth. When it comes to all the marketing opportunities, word of mouth is still the most successful.
Finally, when you come up with a brand and its marketing, you will also build a brand promise. Your brand promise conveys to the consumer what your brand is about and what service it provides.
Since the brand promise is so important, you need to ensure that it is short, concise, and that it also gets the point across to the consumer.You should also be one hundred percent certain that the brand promise you project is the one that you can provide up.
Failing to provide upon a brand promise can open your brand up to litigation down the road which can effectively destroy anything that you’ve built thus far. Overall, taking this step and the ones above into consideration, you’ll be able to turn your startups marketing plan into a highly effective one.