7 Things to Consider in Your Marketing Plan for a Successful Start-up
Marketing is one of the most important steps for a start-up business to be successful. A great marketing strategy can decide the fate of your company. It helps you to set yourself apart from your competition.
To create an amazing marketing plan, you do not need to spend a lot of money. All you need are time, creativity, and consistent effort. A structured plan while keeping some important things in mind will allow you to boost up your sales like never before.
Based on the journey of several successful start-ups, we have created a list of 7 things you need to consider in your marketing plan for a successful start-up.
1. End Goal
Whenever you start on a journey, knowing where to end is as important as knowing from where to start. If you start your journey without stopping, you will keep on roaming without any destination in mind until you are out of resources and time.
The same thing is considered when it comes to marketing. You need to define your business and market goals. You need to understand what your goals are. You also need to know how much you want to accomplish in a given time, say, two years or five years.
There are two primary goals in marketing strategies. Either you raise awareness about your brand or acquire new customers.
If you want to increase brand awareness, then you need to make your potential clients and customers aware of your goals when you are introducing yourselves to them. You need to tell people about yourselves, your goals, and your strategies. This will make people recognize your brand.
If you want to acquire new customers, then you will need to think about how to encourage people to buy your product. To do that, you can design an effective marketing strategy that focuses on grabbing the attention of people and convincing them to engage with your business.
It does not matter whether you have a small start-up business or an established company; maintaining consistency in the brand is very important. You will need to set up goals and policies, and you will need to stick to them. You can do minor changes; however, you will need to consider customer feedback.
Being consistent in your goals and policies gives credibility to your company, and your customers are confident about your products.
3. Understand your Target Audience
In any business, defining your target audience is an important task. Unless you know the right people to whom you will need to sell your product, you will have to roam around and offer your products to people until you find a group that is interested. This can lead to an increase in expenditure in marketing, and that is not helpful. So, when you are sitting to create a structured marketing plan, you will need to know to whom you are going to sell your products.
There are a few things that you need to keep in your mind when choosing your target audience. You need to understand what products you want to offer to your potential customers and how you can advertise them as unique. You will need to understand your competitors and what are the factors that may cause your potential customer to choose their products.
You also need to understand the age group, location, gender, and needs of your target audience so that you can pinpoint your potential customers. This will allow you to save a lot of money on your marketing strategy.
4. Promotion of Products
Television commercials and newspaper advertisements are still some of the best ways to make people aware of your products. However, the cost of advertising on television and newspapers is too high. For a start-up with a limited budget, it is not possible to buy slots to promote your product. Thus, to reach out to a large audience while saving money, you can rely on social media.
The present generation spends a lot of time on the internet browsing articles and social media websites. Due to the current pandemic, the average daily traffic for social media websites like Facebook and Instagram has increased drastically (source). In fact, even the older generation has come to social media. This allows you to approach a greater audience and gain lots of potential customers.
There are two primary ways you can use social media for your marketing strategy. You can either hire influencers to promote your product or create your own social media handle.
People trust influencers most after their friends and family. Using them to promote your product is a great way to reach out to your target audience. Based on what the influencer does, say if he/she’s a food blogger or a travel blogger, you can advertise your products to a specific audience only unlike television and newspapers where you show your products to a broader audience and the probability of them to be not interested in your product is high.
Another way is to directly approach your target audience. You can open your own social media accounts and promote your products. You can promote as much as you want on your personal channel. Also, people can reach you on those accounts in case they have any questions or complaints. To increase your sales, you need to make people on social media aware of your presence. You can post consistently to increase your followers. There are websites that help you to increase your growth on Instagram. They promote your products and increase your organic audience.
Whenever you are opening a start-up, you will need to keep a proper budget in mind. It is important that you spend your money wisely. You will need to determine a solid goal and spend money on the methods that can help you achieve that. You can always make some adjustments in case one of the channels is not helping.
Like we said before, you do not need to spend an enormous amount of money on marketing if you can wisely choose the methods. A structured marketing plan and a well-planned budget will be fruitful.
6. Proper Advertising to Appeal to Customers
Whenever you are advertising your product, you will need to convince your potential customers to buy your products. A well-planned advertisement will not just give information, but it will also impact the buying decisions of your target audience.
A great way to put an impact on people’s minds is to make advertisements more emotional. Advertisements that are based on emotion perform better than logical ads, and these ads have been highly successful. You can use happiness, fear, or anger as emotions to promote your products.
If you are able to make your ads emotional, then people can relate to that. This can help you to manipulate the buyer’s mind in a positive way.
7. Creating the Right Team
In a business, individual talents and skills are important for growth. However, gathering some skilled individuals and working as a team improves the result. When you are developing a structured marketing plan, you need to ensure that you have a proper team of skilled personnel who will help you achieve the end goal.
You can hire a professional marketing team or outsource it to other contractors. You will need to make sure that the team you have assembled has the necessary skills. You also need to determine for how long you will need them.
Gathering funds to hire professionals can be hard for start-ups. You can try out other methods like using social media to promote or hire part-time interns who can help you do the job.
With this, we conclude our list. We hope that this has helped you. If you keep all these points in mind, you can build a cost-efficient marketing plan.