A jarring 90% of startups fail. Of course, we can attribute this failure to poor financial management, no need for the particular product or service in its market, or an inability to construct productive internal teams. Still, poor marketing is one of the main contributing factors to startup failure.
Unfortunately, many businesses aren’t prepared to treat marketing as an ongoing project. More importantly, many companies lack the direction and support needed to construct and deploy a robust marketing strategy. As a result, their companies go under because of meager marketing.
Don’t be one of those startups. Instead, effectively market your new startup business by first constructing a solid foundation for your business. This article aims to help you do exactly that. Here’s how to lay the groundwork to market your new startup business successfully.
Develop a Solid Business Plan
The first step to laying a solid foundation for your startup is developing a trustworthy business plan. You must have a definite vision for your startup and plan for growing it over the years to keep your marketing focused and effective.
Your business plan should have a section for:
- The executive summary
- The company description
- Market analysis
- Organization and management
- The service or product line
- Marketing and sales
- Funding requests
- Financial projections
- An appendix
Also, your business plan should detail any legal considerations you must navigate that will affect your marketing efforts as you build your startup. For instance, your name reservation, business registration, potential trademarks, copyrights, and trade dress documents.
Next, put together a team or support system to help you bring your business vision to life.
Put Together a Team
Don’t feel like you have to do this all on your own. If possible, put together a team of experts with varying specialties to ensure each part of your startup has effective leadership.
Even if you can’t hire employees right away, it’s still essential you construct a support system of some kind that you can collaborate and communicate openly with to help you build a business that’s easy to market. This support system could include:
- Family members who are business owners
- Friends that support your business vision
- An online network of other startup owners
- Websites that offer free resources for new startup owners
- Individuals willing to exchange their services for exposure
After developing a solid business plan and putting together your team, spend some time defining and learning your target audience.
Define Your Target Audience
If you don’t know who your target audience is, not …….
Source: https://thewisemarketer.com/loyalty-strategy/tips-for-marketing-a-new-startup-business/
