First Class Marketing Tips That Will Make Your Start-Up Business Grow – Many businesses have really become creative in attracting customers and also retaining them. These enterprises have seen the need to have a good marketing strategy as it tends to give you an edge over competition. Apart from having a strong team, marketing is one of the most powerful and efficient tool to help your start-up business grow and excel in the face of competition.
You might have a fantastic idea but having a good marketing strategy will help create a strong customer base for your product. Every successful business had a good marketing strategy that expanded their customer base and also retain existing customers. It is very important that you have passion for what you do and be good at it but this is just one aspect of growing a new business into a successful business; you will have to know and understand how to generate sales and engage your customers or audience to grow your start-up business.
Marketing goes beyond talking to your prospective customers; that is why we have compiled this article. If you are a new entrepreneur or a student entrepreneur looking for marketing tips for your start-up business, then be glad you came across this article. You might have everything set for your start-up but the wrong marketing plan or strategy could hinder or delay the progress of your business.
So in this article, we will be taking time to enlighten you on some marketing tips for your start-up business whether you are a salesperson or not and it can also be useful to someone that already has a business but is not doing so well.
We will be dividing our discussion into:
- What is marketing and market research
- Understanding marketing concept
- First-class marketing tips that will make your start-up business grow
Let’s get started…
WHAT IS MARKETING AND MARKET RESEARCH?
Marketing is defined as the activity that directs the transfer of goods and services from the producer to the final consumer or customer. Marketing involves all the activities that facilitate the exchange of your product or service.
Marketing is different from selling your product. With marketing, you create time, place, form and possession utility. This means that in marketing, goods are made available in the right place at the right time and in the right form. Here, you are aiming at meeting the needs of the consumers and satisfying them.
Every start-up business or new entrepreneur has to do this right so as not to disorganize the flow of your product or service and satisfy your customers better.
With the digital era, marketing has been made easy and there are many marketing strategies that have proved effective to some businesses today.
So importance of marketing in every business especially start-up businesses cannot be understated as new businesses need to penetrate the market and gain a foothold in the market.
Market research is studying your customers’ or prospective customers’ needs and also the market for your product so as to be able to deliver quality product or service and also have an advantage over competitors.
The market research will help you gather information about the market for your product and guide you on the best way to penetrate and operate in the market. Every start-up business or prospective entrepreneur wanting to start up a business has to conduct a market research so as to know what to produce, how to product and also for whom to produce.
With the changing demand of consumers, market research has become very important so as to meet their needs. There are several benefits of conducting market research and some of them are listed below.
- It helps to provide information to help make decisions and solve problems.
- It helps you develop ways to promote your brand.
- It helps you know the right marketing strategy to implement for your product or service.
- It helps you know the best way or technique to create awareness.
- It helps to give you an advantage over your competitors.
- It gives you information on how to start up your business.
- It helps you to understand your target customers and also existing customers.
- It helps you know the best way to meet the needs of your existing and new customers.
DO YOU KNOW ABOUT MARKETING CONCEPT?
Maybe you should try answering this question yourself before I give you the meaning of marketing concept. We have discussed what marketing is, enlightened you on market research; do you know about marketing concept? Well, without further ado, let’s tell you what it is and also make you understand it.
You must have heard the saying that “the customer is always right”. Well the marketing concept is about the customer. It is the idea of treating your customers as “kings”. In the marketing concept, the interest, desires, taste and needs of your customers should be taken into consideration when you want to start up your business.
For every product you want to sell, the needs of your customers must be considered so as to produce a product or service that sells. For your start-up business to be successful, you must try to meet an unmet need and sell what your customers’ needs.
The idea behind marketing concept is “consumer orientation”. The creation of your brand and establishment of your business must be built around satisfying your consumers or customers. The sovereignty of customers or consumers makes them the cynosure of your business. Adopting the marketing concept in your business will help you develop marketing strategies, satisfy your customers’ needs and also achieve your business goal.
FIRST CLASS MARKETING TIPS THAT WILL MAKE YOUR START-UP BUSINESS GROW
Like we have said earlier that having a good marketing strategy will help your business to excel and also when you do your marketing wrong, all your efforts and resources become a waste. The success of any business depends on how well it meets the needs of the customers and also the relationship with customers. it doesn’t matter if you are a salesperson or not although people that studied business have an advantage because of the knowledge but that is why we wrote this article.
We will be revealing some first-class marketing tips that will make your start-up business grow.
Let’s jump on it…
- Conduct a market research
Like we have discussed earlier in this article, the importance of market research in a business cannot be understated especially for a start-up business. You have to study your customers and the market for your product or service. This will help you create a brand that is unique. A market will also help you know the channel of distribution that will suit your product.
As a student entrepreneur or new entrepreneur, you have to be thorough with your market research as the information you get from the research will guide you on how to start up your business and also expand it. You cannot go into an industry without understanding the industry and how it operates. It is just like going to hunt without understanding the forest; where to go and where not to go.
A well conducted market research will guide you on what to do and what not to do for your enterprise to grow.
- You should know and understand your customers
This is the reason for conducting a market research. You have to know who your customers are. You shouldn’t see everyone as your customer or target customer because it will lead to establishing a product that doesn’t meet a need.
In knowing who your customers are, you have to identify an unmet need in the market and try to know the people that would benefit from you harnessing that opportunity. We have said that your customers are the cynosure of your business; therefore you should know who they are and the best way to meet their needs.
You ask yourself some questions after conducting a market research for your product;
- If your customers are male or female?
- If they are young or old?
- If they are rich or poor?
You should also try to know where they are and how to meet or reach out to them. The general public cannot be your customer so therefore you must know your ideal or real customers. You can also consider a market segment like dividing the market for your product into identifiable sub-markets so as to reach your target customers.
- Product development
This is about you creating your brand and developing a product that will suit t6he needs of the customers or consumers. When your business is consumer oriented, it will turn out to be a long lasting business because it focuses on meeting the needs of the customers.
Many failed start-ups didn’t excel because their products didn’t meet a need and some others tried creating new demands instead of identifying an unmet need in the market and channeling their resources to meeting that need. This is a way to create a unique brand just like Apple Inc.
Your brand should have a competitive advantage as through your brand, you tell your customers to choose your product or service over your competitors. It is your business identity so it needs to be unique and bond with your customers’ needs.
- Have a marketing goal
For everything you do in life, when you have a goal(s), you tend to have a direction and focus and that is how it is in marketing. In order to give yourself and your business direction, you have to set your marketing goals and when you want to achieve them.
Your goals should be specific, clear, realistic and measurable. This could be after you have studied your market and also prospective customers. Setting goals will help you organize your effort.
So as a start-up business or new entrepreneur, you should have a marketing goal alongside your business goal. Marketing goals and business goals are quite different. Your marketing goal could be having a large customer base by 2023 while your business goal could be generating a high profit or ROI (Return on Investment) by 2023.
- Carry out SWOT Analysis to understand your business better
For those studying anything related to business, you must have heard of SWOT Analysis. It stands for strengths, weaknesses, opportunities and threats.
- Your strengths are internal factors that place your business at an advantage when compared to others. The strengths can be your marketing strategy or your fantastic idea.
- Your business weaknesses are also the internal factors but they place your business at a disadvantage when compared to others (competitors). It could be lack of funds to invest or support from people around you.
- Your business opportunities are the external factors that place you at an advantage when compared to others (competitors). The opportunities could be adequate power supply, large number of target customers in your business area or even the location of your business.
- Your business threats are also external factors that place your business at a disadvantage when compared to others (competitors). The threats could be inadequate power supply, high crime rate in your business area or a new competitor coming into your business area.
As a start-up, you have to perform a SWOT analysis and play to your strengths and opportunities. They will help you grow your business. Understand your weaknesses and threats and see the best way to weather through the challenges they may bring.
- Use the 4Ps of marketing
For you to run an effective marketing campaign, you have to understand your marketing mix or the 4Ps of marketing and how to use them to your advantage. The 4Ps of marketing include product mix, price mix, place mix and promotion mix.
This marketing mix will help you know how to put the right product in the right place and at the right price. The marketing mix is combining the elements such as price, product, place and promotion of your product or service so as to influence the behavior of your customers in order to satisfy their needs and achieve your business goal.
So your ability to develop the right product (product mix) at the right price (price mix) with the right promotion tool (promotion mix) to get the product to the right place (place mix) will help in promoting your business.
- Engage your customers and listen to them
All business ventures want to make a lot of sales and generate profit and this is not bad though but you should not be after selling, give your customers quality and make them feel like a part of your business. They are your customers and they are your business also.
They are the people that put money into your business and so you should talk to them, seek their opinion, recommendations and reviews. Frequently listen to them (customers) as we have said earlier that the customer is always right regardless of the situation.
This will help build customer loyalty and also turn your existing customers to your referrals automatically. When they feel that you have interest in their opinion and also implement some of the feedbacks they give, they would always want to stick with your brand.
So do well to interact with your customers and treat them as “kings”
- Be professional when relating with the public
For someone that is starting up a business, you should always be professional when addressing the public. You are a public image and every attitude you portray has an effect on your business. So when relating with the public, always have a positive attitude, say the right thing and do the right thing.
You should market yourself to the public. For all your social media platforms like Facebook, Instagram, Twitter and all others, try to be professional because your attitude and professionalism will make people respect and trust you and this will go a long way in helping your business grow.
Be honest and open, approachable and welcoming.
- Use every available means to create awareness for your product
One big boost for a start-up business is the ability to advertise your product or service. This certainly brings in high sales and conversion.
As a start-up business, use multiple advertising channels to create awareness about your product or service. When your customers get to know about your product from different advertising media, they begin to gain confidence in your product and eventually accept your product.
Do not limit your advertisement to only one channel; diversify your means of advertisement as it will even help you reach out to a large number of target customers. even if they do not have a need for your product as at that time, when they do, due to the consistent awareness and the confidence they have gained in your product from seeing it on most advertising media, they will want to try your product or service.
- Take advantage of technology and online marketing strategy
The advent of technology led to the introduction of digital and online marketing and this marketing strategy has proved effective as many businesses use the marketing strategy. It is easy to use and doesn’t cost much to operate.
Employing online marketing for your business will help you grow your online presence and also expand your customer base.
You can use the following online marketing strategies:
- Social media marketing (Facebook, Twitter)
- E-mail marketing
- Video marketing
- Pay per Click (PPC)
- Open a website for your business
All these will help you build your brand and increase your sales. The online marketing helps you reach out to a large number of target audience. Always give quality contents on your social media platforms and business website and try to interact with your customer through this means. Respond to every feedback whether good or bad.
- Be creative and differentiate your product from your competitors
Thinking outside the box is one quality of an entrepreneur and so in starting up a business, you must be creative in creating your brand. There might be competitions in your product market before the establishment of your enterprise, you have to think outside the box and come up with a brand that fills in the lapses of competitors’ products.
For you to be creative in setting out a unique brand, you have to identify an unmet need in the market or research about your competitors and find the lapses in their product so as to fill it up. You can also be creative in developing a marketing strategy that makes you different from competitors. This will allow you to easily penetrate the market as a start-up and also make you gain a foothold in the market.
Your creativity will help you both in your start-up and also in running your business.
- Build the right team and involve them in your marketing plan
Having a fantastic idea and a good marketing plan is good for your business but having a good workforce makes it easier for you to achieve your business goal. For you to excel as a start-up business, build the right team and include them in your marketing plan.
Enlighten them on what you intend on doing and also allow them to contribute. When they are allowed to voice their opinion and generate ideas, they tend to bring out their best and also do their best. Your workforce helps you grow your business especially when you delegate responsibilities and listen to the opinion of your team members.
Do not be a control freak and even if it is your business idea and all, allow others to show the stuff they are made of and encourage them also. This will make them want to put in their best and also their all.
- For every customer you get, know how to keep them
The success of your business is not only about attracting new customers; it is also about retaining existing customer and it is mostly about this. When you know how to retain every customer you get, they will do the networking for your business. Once they love what you offer, they will do well to advertise your product or service. In your bid to retain your customers, you can:
- Get to know your customers very well and build a relationship with them
- Ask them how they see your product or service and what improvement they would recommend
- Analyze their feedbacks and implement them
- Provide a great customer service
- Sometimes, offer them free services or product
- Also offer post-sales or after sale services so as to ensure your customers’ satisfaction.
- Always do more than your customers expect
Even after conducting your market research and coming up with your marketing strategy, always deliver more than your customers anticipated. Give them quality products and this will certainly build their trust in your product.
Go the extra mile to satisfy them and deliver more than their expectation. This will also give you an edge over your competitors.
- Be open to learning and also read books
One way to grow in life is to learn continuously. Nobody outgrows learning and so it is very important that in starting up your business, you should educate yourself on the industry or market you want to operate in.
Read books and articles on how to run a successful business and also attend seminars and event in your industry. You will have a thing or two to learn from reading books. Attending events and seminars will also create an avenue for you to sell yourself and your product to interested people.
You can also organize seminars and event in your industry or niche, it will help create awareness for your business and also create a good name for your business.
Every business needs an effective marketing plan and strategy and also the implementation of this plan too. As a start-up business, your product development is very important as it will help you create a brand that will satisfy the needs of your target customers.
Properly conduct your market research to know what to produce, for whom to produce and how to produce. When you run a successful business, it becomes a legacy even for generations to come like Apple Inc., Samsung Electronics Co. Ltd., Berkshire Hathaway and many others.
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