3 Tips to Effectively Market Your Startup
So you have the next billion-dollar idea. That’s a great start. But many startup founders stop there. They believe that the strength of their product will lead to big sales and massive profits. This is a common error that can lead to the business failing before it’s even got off the ground. Remember that the start-up world is an incredibly competitive and cutthroat one.
One where only 80% of startups continue after their first year. And even this number drops after 5 and even more significantly after 10.
A common reason for collapse is the failure to invest properly, and wisely, in marketing strategies that will lead to business exposure and growth. Many startups either do not invest enough, or invest too much in the wrong places. This is why we have created a list of X ways to effectively market your new startup.
Know Your Audience, Know your Competitors
A common error in the startup world is for founders to believe so strongly in the product that they forget why they are selling it, and who would buy it. They simply buy a few ads, make a few posts, and think this is enough. They are wrong.
An effective marketing strategy involves thoroughly understanding your key demographics and how to reach them. A common strategy for getting a better handle on this is to study your competitors. How are they reaching their audience? What platforms are they using to find potential customers? How are they presenting themselves as a brand?
Once you know this, you can figure out how to differentiate yourself as a brand. What are your competitors not providing? How is their marketing insufficient for the demographics you are trying to reach? Are they even using the right tools to reach audiences?
Remember to find the gap in the market. Find out exactly how and why you fit within the contemporary marketplace. If you find that you are not filling a certain gap, then you might want to go back to the drawing board.
Use Social Media Platforms
Too many startups ignore the potential of social media as a marketing platform for their business. They believe they can survive on a few targeted ads and call it a day. This is an error. Social media is a nigh on essential tool for advertising and selling your product.
But it isn’t enough to simply set up a Twitter account and fire off a few tweets. A savvy use of social media involves understanding exactly what platforms your audience are using, and how they are using it
For example, if you plan to use TikTok. Why? Will your product appeal to Gen Z users? If so, great. The platform has a very high engagement rate amongst that generation. But if Gen Z is not part of your target demographic, then it’d be wise to look elsewhere.
And when you have set up your accounts, don’t neglect them. Social media is incredibly fast moving and if you don’t consistently engage with your audience, whether it is through post replies or direct messages, you will soon be forgotten.
Know your Branding
A strong, memorable brand is essential for survival in the startup world. Your product is not enough. You need to cultivate a recognized, and recognisable ‘voice’ for that product.
This is more than a catchy logo and a memorable tagline. This is all about how you will present yourself to the public. What is your business philosophy? What does the company stand for, beyond simply selling a product? How will your product ‘talk’ on social media platforms?
And finally, develop that branding with your key demographics in mind. A good idea is, once again, to research how your competitors brand their product. How will you differentiate yourself? How will you be remembered?