It looks easy when looking from the outside. An entrepreneur with a dream discovers new technology and receives venture-capital funding and becomes a millionaire by age 27.
But now, there is evidence that start-ups fail at far higher rates than the industry is use to seeing and whether you are a new entrepreneur or you've been hitting the streets for years, this article will prove to be very helpful.
The true statistic is subject to many contingencies and complexities, however studies have reported that 9 out of 10 start-ups will fail. This is a hard and bleak truth. The reasons are not always clear, but failure is a result of:
- Not having a business plan
- Underfunding
- Lack of operating goals and objectives
- Failure to measure
- No marketing plan
5 marketing tactics you need today to increase sales tomorrow:
1. Think about where the future lies and start planning
You started a business because you had a dream and passion, right? As important as it is to keep an eye on what your competitors are doing, what you don’t want to do is copy what they're doing. Instead, think about where the future lies and start planning for that now.
Put your best future-foot forward and think one step ahead of those competitors. What products and/or services will consumers look for next? Once your competitors catch on to what you have been working on, they will attempt to copy your model, but, you’ll already be on to the next best thing!
2. Define your target market
Everything your business chooses to implement, whether it be a product launch, blog post, email, social media post, etc. should ALWAYS be focused on your target market and they prefer to consume information. You can determine this by defining your company's buyer personas (fictitious representations of your business' ideal clients or customers...you know, the kinds of customers who will help you accomplish your business goals.)
What do your average customers look like? Who is going to need what your business is offering? Where are they and how will they find you? Identifying and then developing a solid buyer persona profile can help you develop the foundation of your marketing plan and provide insight into everything you need to know about your target audience.
3. Develop a content strategy
Do this prior to releasing any content out onto the web. Take the time to map and build out all content ahead of time to ensure that content will meaningfully resonate with your ideal buyers. Identify platforms where your customer is and publish content that offers a authentic, relevant and valuable information. Establish your brand as a subject-matter expert.
For example, if your start-up is focused on health and wellness, think about the other sites and resources your buyer personas use to educate themselves on that topic. Gather ideas, trends and intel then use that in the creation of your content strategy. If you can contribute to the buyer's education or feeling of accomplishment, that content is a winner!
4. Advertise better offers
Almost every successful business will offer something of value. A software company down the street offers a free trial, a hair salon offers free shampoo with the purchase of one haircut. What does your startup offer that is unique, compelling and offers real value to a visitor?
Really think about this one. Even if it means you may lose a few dollars down the line dependng on what you offer, people WILL notice your efforts if it is beneficial to them and you WlLL begin to see an increase in sales.
5. Establish a solid marketing budget
This may seem like a no-brainer, but you’d be surprised how many entrepreneurs go into business thinking they’ll just “figure it out when the time comes” or invest some money here and there when a need arises. Wrong.
You will need to decide how much you want to spend on each aspect of marketing. You’ll need to devote a budget toward marketing efforts of some kind in order to establish awareness of your brand or offering and solidify a customer base or pipeline. New businesses often lack the resources to hire full time marketing employees so many choose to partner with an agency with a team of experts and cutting edge tools that the startup can leverage. Things like marketing automation tools, advanced design and web development technologies and strategic expertise are highly valuable to start ups who want to grow and thrive like well-established businesses and delegating marketing responsibilities to an agency partner gives you more time to focus on other critical areas of the business.
These strategies for start-ups should not be overlooked- something so easy to do in the chaotic days of starting a business! But if properly addressed, they will help you market your business effectively, attract more customers and achieve results. What other marketing strategies have you implemented as an Entrepreneur?? Let us know in the comments below or schedule a consultation to have us analyze your current marketing strategies.
