25 Jan Why marketing is important for startups
Chris Foerster is a digital marketer at Fremont College and founder of the website My News Tips. Here here he talks about the importance of marketing for startups.
A new business that is just starting out without a strong, early implemented Marketing Strategy is like a box of chocolates, you never know… Well, you know the rest. No matter how incredible the concept, product or service of a Startup may be, without getting the word out early and immediately, it’s almost always dead in the water. If a future customer has no way to know a new business is there, how will they invest or purchase? Successful startup marketing requires that Startup has both a great product and great marketing.
So, let’s dive into why marketing is important for a Startup-
A Company’s Voice-
First and foremost, a plan in branding a company is a long-term, marketing tool that dictates a short-term marketing exposure. Establishing a company Brand and Identity can seem a little daunting. Let’s face it, the concept of that company probably came from passion, it’s an idea or recommendation was received and got the company in motion, but what is the voice of the company? One of the biggest mistakes a new company can make is not establishing a real and solid brand, BEFORE jumping into the market. Startups often do not build a brand, instead dive head first into promoting, which in turn creates a mixed or confused view of the company’s message. A solid Brand is the makeup of everything a customer may see, from a company in one consistent voice/style. From the logo to font and even the colors used on their advertising. By establishing a brand first, the Startup is ensuring the potential customer sees your company as a consistent organization from the start.
“Marketing is no longer about the stuff that you make, but about the stories you tell.” – Seth Godin
Marketing to gain Visibility-
A strong marketing plan for a Startup will increase the company’s visibility. A Startup must make their business visible to survive in the marketplace. A Marketing Plan that creates quality content, plans to work with influencers, engages customers, and optimizes content for today’s technology can help a company increase its visibility and stand out among the competition. Many would say the growth of a Startup is a numbers game, the more potential customers who are able to see the company, the more chances they have to sell their product or service. In most cases, more visibility equals more sales. This may seem standard or even easy to some however, without a Marketing Plan, gaining visibility and traction is often lost for most Startup Companies. I work for a college that has a program, which can help startups learn skills needed to market their company online. If you’re interested in learn more be sure to check out the details mentioned below.
Related Learning Resource: Digital Marketing Degree | Online Courses & Training | Fremont College
“Good marketing makes the company look smart. Great marketing makes the customer feel smart.” – Joe Chernov
Marketing to stand out from the competition-
Competition is also one of the most difficult aspects of starting and maintaining a business. This is especially hard in the digital age. Fortunately, competition doesn’t kill businesses who can properly form a Marketing Strategy early. It drives quality, innovation, and branding. One factor that entrepreneurs need to get right from the beginning of the startup process is how they should deal with competitors. In a highly saturated market, businesses thrive when there is healthy competition. And, for one to be successful in this field, they need to master almost every business strategy available. An implemented Marketing Plan with the competition in mind will help for potential customers to find and weigh the Startup.
Marketing that builds customer Engagement and Retention-
Customer engagement is one of the most important metrics for achieving customer success. In today’s technology, where the customers have information and details on their fingertips, companies need reinvent their abilities to reach a potential customer through the ever developing available technologies. Engaging a customer though technology is key to a Marketing Plan. Customers who get an engaging and a positive customer experience are more likely to purchase and recommend a company. The idea of a Marketing Plan that is engaging towards its potential customers through content tends to be a new thought as our World’s technology grows and changes. Engaged customers play a major role in viral marketing activity by providing referrals and by becoming brand advocates. Therefore, it is necessary to ensure that a Startup Marketing Plan includes a strategic way to engage its customers that generates growth in sales, competitive advantage and enhanced profitability.
When a Startup does not have many customers, their main focus should be on customer acquisition. A Startup will want to get the word out about your business to as many people as possible. However, customer acquisition should not be the only focus. A Startups Marketing focus should also include repeat customers in their marketing strategy. Now that a Startup has sold their product or service to a new customer, they need to continue to engage them, focus on their retention plan to ensure that they are happy. Customers that are happy will renew their contracts and maybe even spend more.
“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.” – Beth Comstock