A survey carried out by the US Bureau of Labor Statistics identified that 20 percent of startups fail during the first two years of their operation. Likewise, another study discovered that around half of all new businesses fail to survive after the fifth year of their operations.
This means running a startup successfully, especially in the ever-competitive marketing space, is not a piece of cake. Instead, it requires careful planning, consistency, and a lot of hard work.
We have curated a list of some simple yet proven tips that can help take your startup to the next level and help your business enjoy skyrocketing sales.
Tip #1: Pay attention to planning
It is a well-known fact that poor planning is one of the most obvious reasons why many startups fail. This is because effective planning gives your business a sense of direction and facilitates in defining business goals.
Besides this, planning helps decide how much resources are required in different business areas, thus limiting any kind of overspending. Moreover, when you have a proper business plan in place, employees know exactly what is expected of them; this helps them perform better.
Still not convinced why planning should be the first and foremost step while you're starting your own business?
Here's what you need to know:
- Effective planning helps you in delivering amazing customer service because your business is able to meet the expectations of customers in the form of timely deliveries, or well-answered complaints, etc.
- Proper planning means that you have a designated budget for all your projects, saving you from wastage of resources or money.
- Effective planning means that your business has a clear focus and direction, thereby improving your brand image and strengthening your customer base.
So, you need to create a comprehensive business plan that will serve as the basis for all your marketing and operational strategies.
Tip #2: Reach out to your prospects in multiple ways
Gone are the days when your business relied on a single marketing channel for reaching out to the target audience.
The advent of digital marketing and increased usage of smartphones and the internet has opened many new avenues for marketers through which they can interact with their intended audience.
For example, if you run a retail business with no online presence, you can setup a website as a new means of capturing leads, and then ultimately turn them into customers.
Besides this, you can introduce lead magnets on your website through which you can gather valuable customer data. This data can then be used to run engaging email marketing campaigns.
On the other hand, if your business already has an online presence and you're leveraging email marketing as well, you can try and collaborate with industry-relevant influencers for spreading positive word-of-mouth regarding your products and business.
Once you've tested an integrated multi-channel approach, you will be able to determine which channels are working out for your business and the audience that you are trying to reach.
Tip #3: Understand the needs and preferences of your target audience well
If you're a wise entrepreneur, you would know that understanding the needs and preferences of your target audience is the secret formula for success.
This is because your target audience serves as the backbone of your business as they bring sales. Without them, you wouldn't be able to pay for even the expenses incurred in running the business.
For this reason, you should introduce products and services by considering the characteristics, attitudes, and preferences of your intended audience so that they value your product offerings over other options available in the market.
Similarly, brands that do not take into account the needs of their prospects either fail to create products that are successful or are unable to market their products effectively.
Moreover, post-COVID-19, survival for startups has become a lot more complicated. If you want to see your startup growing, you should get to know your intended audience and learn about their goals, pain points, motivations, behaviors, and challenges.
Tip #4: Unlock the power of digital marketing
According to past studies, US digital marketing spend is expected to go up to US$120 billion by the year 2021. This means that digital marketing should be a crucial part of your startup's overall marketing strategy.
Apart from this, digital marketing platforms give your audience a chance to interact with your brand and get to know more about your products and services, thereby helping build lasting relationships over time.
Nonetheless, for best results, it is critical to invest in the right set of digital marketing tools for reaching out to the target audience effectively.
Many growth strategists have identified that startups usually fail because they are unable to leverage digital marketing techniques the right way. So, if you want to take your startup to the next level, then you should make digital marketing techniques your topmost priority. Not sure how to accomplish your desired digital marketing objectives?
Here are a few expert tips for your help:
- Ensure a visible online presence on relevant social media platforms.
- Optimize your content for SEO as it helps in amplifying reach.
- Make sure that your landing pages are compelling enough to make your visitors convert into leads.
- Create and publish engaging content regularly.
- Collaborate with influencers for spreading positive word-of-mouth.
- Leverage an end-to-end email marketing campaign that addresses the pain points of your audience.
- Conduct regular online events, such as webinars, keep your prospects informed and stay in touch with them.
Tip #5 Deliver valuable content
A survey conducted by the Demand Metric revealed that content marketing results in around three times as many leads as outbound marketing and costs 62 percent less. Likewise, Content Marketing Institute (CMI) conducted a study that discovered that content is one of the most promising tactics to promote a business.
For this reason, you should create content that conveys your product benefits and convinces your audience to purchase your products.
However, it is critical to note that you can't impress your audience with any type of content. Besides this, due to the ever-increasing consumer demands, creating unique and creative content can be a tricky feat for many startups.
In that case, companies like Growth Proton can help shed your burden by providing you with effective content marketing services.
Tip #6 Be consistent
We've often heard entrepreneurs say that consistency is critical. This is because being consistent allows your startup to establish brand awareness, build credibility, and deliver your services effectively.
Apart from this, consistency helps ensure that all your efforts are aligned, as every decision you take contributes to accomplishing your strategic business goals.
To sum things up
In a nutshell, the above-mentioned tactics can help your startup in interacting with customers effectively, improving your brand image, and boosting sales without costing you a lot of money.
All in all, don't forget that the markets nowadays are highly competitive, and standing out from the crowd would require a considerable amount of time and effort. Therefore, it is best to take it slow and experiment consistently to figure out which business ideas work out for your intended audience.
