Know The Marketing Plans That Can Make Your Startup Soar
Market analysis is the key to staying ahead of the competition. Knowing the latest market trends and understanding the strategies adopted by the competitors can also help the companies readjust their marketing plans
India is home to one of the largest numbers of start-ups in the world. Thousands of start-ups in the country have achieved a tremendous amount of success in their respective fields. Some have brought disruptive changes to their sector while a few have carved an entirely new market niche for themselves. More than 100 start-ups in the country have turned into unicorns and have been successfully transforming the lives of millions of people. However, not all start-ups have met with success. Several start-ups, despite promising beginning and receiving funding, have failed. Some have even been forced to shut their shops. While there have been various reasons for the failure of the start-ups, not having a proper marketing game plan tops the list. In the subsequent paragraphs, we will discuss how start-ups can create an effective marketing strategy that can help them establish a long-term sustainable presence in the market.
Define your target market
Before starting the marketing efforts, the company first needs to understand who is the target audience. Defining the market could be based on age, sex, location, or any other parameter. This helps the company to effectively utilise its resources and maximise the return on investment. In today’s world, where digital marketing is dominating the marketing landscape, it is possible to target customers based on pre-specified characteristics. Defining the market helps the company assume a focused marketing approach and avoid wastage of efforts.
Define your value preposition
Making the customers aware of what makes your company or its product or services unique is one of the most effective means of establishing brand identity and improving sales. However, the company first needs to internally sort this matter and should be convinced about its own value preposition or USP before communicating it to the outside world.
Analyse the market
Market analysis is the key to staying ahead of the competition. Knowing the latest market trends and understanding the strategies adopted by the competitors can also help the companies readjust their marketing plans. Staying informed about the market could be the real difference between the success and failure of any marketing plan.
Set up a budget and the performance indexes
Like any other endeavor, marketing also requires capital. Organisations must keep track of the amount they are spending on marketing initiatives and measure the return on investment on each marketing activity. This helps them understand which activity to focus more on and which activities to go slow with. Defining the budget also helps organisations avoid overspending on marketing activities. It has been observed that many organisations overspent on their marketing efforts and later did not have enough budgets to focus on their core competencies.
Set realistic, achievable, and measurable goals
While every organisation wants to set up high goals for itself, it is also important to set goals that are realistic and achievable depending on the resources available at hand. Setting unrealistic goals
negatively impacts the morale of the team. The targets should be measurable so that the leadership knows where they stand in terms of achieving the targets after a certain period of time.
Make an extensive digital marketing plan
In a world where a majority of people are connected through the internet and using smartphones, having a thorough digital marketing plan can help organisations reach the right customers. Email marketing, Social Media Marketing (SMM), Search Engine Optimisation (SEO), Content Marketing and Pay Per Click (PPC) can help companies reach the right audience fast, effectively, and affordably. Every organisation is different and has different digital marketing needs. Therefore, understanding what is right for your organisation can save a lot of effort and investment.
Good old-fashioned PR still holds good
The value of PR in marketing cannot be discounted. PR can help an organisation establish a personal touch with potential customers and leave a long-lasting impression. Even today in the world of digital marketing, PR is one of the most effective means of establishing a brand identity.
Understand that marketing is not just about asking people to buy
Marketing is much more than merely asking people to buy products from you. An effective marketing strategy has a mix of efforts that sell and provide value to the customers. This value can be in form of interesting videos, relevant information, trending updates, tips & tricks, etc. Anything that can help a customer to recall your brand name is an effective marketing practice.
(The given article is attributed to Jaspreet Singh, Head of Marketing and Public Relations)
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