Missing a Marketing Plan
Obviously, you shouldn’t start up a company without a business plan, but a marketing plan is just as important. It can provide you with a detailed list of actions that you should take in order to find new business and manage your brand effectively. It is a vital document.Launching your startup without one can be a recipe for disaster. Take this advice on board and you can quickly find yourself on the road to success. Whatever you do, make sure you put some thought into marketing. If developing a strategic marketing plan happens to be new to you, you can outsource the services of Goodman AMC, we can help you develop a marketing plan by conducting a market research that can help you get an in depth insight about your target audience and consumer behaviour.
Taking strategy from competitors
You’re obsessed with your competitors. You’re watching everything they do; from product updates to website changes to what their low-level employees are tweeting. Your first reaction may be to scramble to catch up. Resist that temptation. Use your competitors as a source of ideas, but filter them through your own objectives, priorities and needs. What’s good for your competitor may not work for your business. And what competitors are doing, launching or trying today may fantastically fail. If you’re doing it just because they did it, you’re distracted from the work that will more directly drive your unique business forward.
Choosing Wrong Channels
Effective marketing is not about when you spend more, you get better results; it is about finding the happy point where you spend just enough to drive maximum value. There are many different marketing channels out there and choosing the right ones is the key to success, whilst choosing the wrong ones is a recipe for disaster. Cost is probably the biggest factor so assess what your budget can afford and choose accordingly.You are unlikely to be able to leap in with TV and print advertising, for example, so don’t even think about it. Instead, choose more cost effective options to start with such as networking, social media and blogging.
Trying too many different marketing approaches at once and not zeroing in on the ones that really capture your target market. What is your target market? If you don’t know who you need to be selling to, then how are you going to sell to them? Startups can end up marketing their product and services without any real idea of who they are marketing to.Which means they are unable to target their marketing effectively. First identify your market, then do your marketing!
Inconsistent Marketing Efforts
A Weak Value Proposition can also be dangerous.Startups should be able to identify what makes them stand out from other companies who offer the same products and services. Identify what makes your startup unique from others and let consumers know how they will benefit from it and capitalize on that to market your product or services.
Not Building Relationships
A great product or service does not always equal a great business. Startups need to learn and understand how to get out there and build relationships with their customers and companies and share their passion about the product/service in order to gain initial traction. Marketing is not about just spending money anywhere to get customers. It is about knowing where your customers would look for a product/service like yours and then making sure you can tell them your story really well such that they want to try or buy your product/service.
Not building a “seductive” website.
Most startup websites are not built to sell. Your website has to be the centre of your marketing universe. When a prospect finds you, they have to be presented with a very compelling path that leads them to a place where you can convert them from “anonymous visitor” to “known prospect,” with whom a meaningful relationship can now be started. That means your website should be able to reflect your business in a good way as to make a very good first impression to potential clients.
Not measuring success and creating obtainable goals.
The fastest path to growth is to double-down on what works. There are many marketing measures you can torture yourself with, but figure out the ones that most efficiently guide you toward your goals. Make sure your business is built around those metrics. An example is having an idea of an increase in market share you may want your startup to attain within a specific time period. Let’s say, “In the next 3 months you may you’re your market share to increase by 25%”, with this in mind, it will help you work towards a specific goal.
Source : Goodman AMC