5 tips before you market your startup business
Posted on: July 13, 2016 by WorkPlace One
The most vital step of encouraging growth for start-up businesses is attracting customers. However, one of the morecommon mistakes that plague most startups is the launching of rushed and confusing marketing campaigns. A great marketing strategy must first come from a great foundation. The following are a collection of insights that any small business needs to take into account before they start attracting customers.
1. Know your company inside out
If someone was to ask you for a 15-second elevator pitch about your company, what would you say? Before you begin to tell others about what your product or service is all about, you need to be able to easily communicate that message. If your 15-second pitch isn’t already perfected, take some time with your team, boil what your company does down to a mission statement, and start from there.
2. Know your customers inside out
When someone asks you to describe your target market, are you providing a vague answer you may not really believe in? If you dig deeper and discover not only your basic consumer’s demographics, but purchasing behaviours, psychographics, and more, you will have a better idea of how to speak to them. The further you dive into discovering your target market, the less money you will waste marketing to consumers who aren’t interested in your product.
3. Stand at the ready
If your marketing plan becomes a viral success, will you be ready to handle the storm? Before you launch your marketing campaign, you must prepare to facilitate the potential new business. By making sure your company has a sound infrastructure by doing things like ensuring your website can handle increased traffic, and your team is ready to quickly process orders, will only encourage repeat business.
According to a Nielsen report, over 90 percent of consumers will trust word of mouth over any other form of marketing. They are also crucial to the success of small businesses. The only way you can encourage great word of mouth is by providing great service, and imploring your valued customers to provide testimonials and feedback.
4. Set the right budget
For companies in the 1 to 5 year range, it is commonly recommended to allocate12 to 20 percent of your gross revenue or projected revenue on marketing. That being said, companies in their infancy may need to allocate more money to their budget. Failing to invest in a solid marketing budget can stunt your growth, and spending too much can limit your working capital. In the first year of a startup, it’s important to find ways to operate professionally on a budget. Only then can you allocate funds to marketing without handcuffing yourself.
When developing an omnichannel marketing strategy, it is important that your core message or campaign remains consistent. Make sure your message is clear, not too confusing, and most importantly has a call to action!
Once the prospective consumer sees your advertisement, where are they going to go next? Today,over 80% of shoppers will conduct research online before purchasing a product. It’s important that you have a well-designed website to facilitate your customers.Start-up and small business advice like this is an extension of Workplace One’s commitment to fostering Canadian small business growth. Stay tuned to our blog for more advice, and look at our affordable Kitchener and Toronto shared office locations.