When you start up your business, it is likely that marketing will play a key role in its success or failure. It is also likely that marketing is going to be another hat you try and wear along with accounts, client services; sales……….the list is endless.
It is therefore essential that you have some sort of plan with a loose budget so you what you should be doing; if you fail to plan, you plan to fail. You must consider elements like the potential market size, the competition, your pricing, where your prospects are, their buying habits etc.
You also need to try and outline what the ultimate goal of your marketing is – geographically, profits & margins, client size or even whether you are seeking an exit strategy.
The plan shouldn’t be just about the volume you want, but whether the brand and reach you are creating is achievable. Knowing these elements will dramatically help you construct your plan.
It is unlikely that, as a start up, you have a blank cheque to spend so getting value for any spend is vital. So, break your budget up into small chunks and identify the marketing needed to get you to each point on your journey.
So……do your research. Knowing exactly who your best customers are will enable you nail your marketing. You’ll also waste a lot less and convert a lot more suspects to prospects using targeted campaigns and the right messaging.
Then make sure you have conducted some thorough competitive analysis. Who are your competitors? How much do they charge? What is their customer service like? What are they doing well? Are they dropping the ball in key areas you can do better on?
This will enable you to craft an effective positioning statement, USP and brand.
After identifying your best prospective customers and the right branding, you will be able to better select the best fitting marketing and advertising channels.
We advocate creating a marketing tool kit containing all elements you might need – a website, SEO work, social media, business stationery etc. However, these elements will be a little different for every start up. Your kit may also include TV advertising, outdoor display advertising, print ads, email, popup shops or live events.
All of this requires budgeting and time. Even if you aren’t doing Google PPC ads, Facebook or other paid campaigns, marketing requires a budget and this budget should be viewed as an investment in the business.
You can never afford to stop marketing. When you stop marketing, you stop having a business. If the big brands like Coke and Apple are still doing it with all of their billions and high market positions, then you had better believe it!
But who is going to devise and implement all this marketing activity? You may be a genius at what you do and believe you have a creative eye, but no matter how good you are, there are many platforms and factors to master in marketing so do not shut the door on getting expert help from a reputable marketing organisation.