The Problem
Marketing is one of the most critical areas that a startup needs to focus on. Most people think there’s not much to it, all you need is some money to fund it, and that’s that. But, while thoughtlessly paying for some online ads counts as marketing, many other factors matter in achieving efficiency and effectiveness. Not knowing the technicalities of successful marketing can be fatal for any business. That’s where 14% of failed startups mess up!
The Resolve
To make sure your startup isn’t among the 14% of failures due to poor marketing, you must understand some essential tips. Good marketing requires in-depth knowledge and research about the market you’re in. Some crucial factors you need to know about include;
• Who’s the targeted audience? What demographic do they belong in?
• How does the product cater to the market?
• What are some key features people look for in this product category? You could use these as strong selling points.
• What marketing tactics are the competitors using in the same market currently?
Once you’ve gained enough knowledge, the next step is to aim for cost-efficiency. Every buck you spend on marketing should bring you the maximum amount of value. You could achieve this by experimenting with different marketing methods: ads, online sponsorships with influencers, promotions, or giving out free samples. Start trying out different techniques that your competition is already employing, and find out which one works the best for your startup.
References
https://yourstory.com/2018/04/startup-failure-why-startups-fail-how-to-avoid-it
https://www.forbes.com/sites/jiawertz/2019/05/01/why-marketing-your-product-is-more-important-than-the-product-itself/
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