Despite the growing popularity in entrepreneurship and new start-ups, data tells us that unfortunately, over half of businesses do not succeed beyond the first three years, with 20% failing in their first year^.
While there are varied factors that contribute to this statistic, Marketing is often one of the key reasons.
What many businesses owners don’t realise, is that successful marketing requires solid elements in a campaign.
Here are 5 things that you need to do before you start marketing:
1) Why your Business?
This might seem like a simple question. However, if you cannot think of how you are providing a solution, then you cannot build a strong campaign. Why should people choose your business? What makes you better than others, and how are your products or services helping people?
2) Who are your customers?
It goes without saying, a business can not continue, without customers, but it’s super important to determine your target market so that you can direct your marketing efforts towards them. Is your business serving the local community, or do you have an online business that cover a wide area? What are the characteristics and demographics of the audience you want to reach? Be specific and come up with a ‘typical customer avatar’ that you can envision buying your product or service.
3) Communicating to your customers
Now that you know who and where your customers are, what message do you want to communicate? How would they typically receive your key messages, and what channels would be the best way to reach them? This will help you formulate your marketing strategies for your campaign, and also keep you on track and focused on building your customer base.
4) Intentional Marketing
Reactive marketing tends to be a default for many business owners, which causes them to fall into the trap of spending money unnecessarily on marketing avenues that may not be the best fit for their business. This is like taking a stab in the dark and having a scatter-gun approach. While it’s a good idea to try different marketing methods, nothing beats intentional, proactive marketing.
A solid marketing plan that has been developed for the months ahead prevents the pitfalls of reactive marketing and causes you to take a purposeful look at your marketing and the avenues that are best suited to your business.
5) Marketing Strategy Mix
Again, while your marketing campaign should include a combination of strategies, they need to be the right mix for your audience. Even if your budget is limited, you need to consider the extent of your resources, and identify the best strategy for you to be focusing on. For example, if your business is serving a local area, then a combination of social media marketing, local SEO/ Google My Business, and word-of-mouth referral strategies may suit.
Not sure where to start? Concept Designs & Marketing can help. We specialise in Marketing Campaigns to enable your brand and business stand out in a busy and noisy marketplace. Don’t become just another statistic and let us help your business succeed. Get in touch today.
^ https://fundsquire.com.au/business-startup-statistics-australia/
