5 Pitfalls to Dodge when You're a New Start-Up
Starting a new business can be an exhilarating experience. You are your own boss...you can have more freedom...you make the decisions. But getting it off the ground can also be hugely challenging, especially when it comes to marketing. Here are some of the marketing-related pitfalls we see all too often:
Lack of a Defined Target Audience: Successful marketing requires the delivery of the right message to the right audience at the right time. However, many start-ups fail to define their audience effectively, resulting in diluted messaging and marketing efforts. There are loads of great activities you can do to brainstorm and research your target audience. -For example, you can run surveys and interviews with people who fit your ideal customer profile, or simply observe what they like, what they don’t like, where they hang out online and offline, etc. to build realistic buyer personas.
Inefficient and Ineffective Marketing Strategy: Not having a realistic and cohesive marketing strategy is another common mistake that can derail a start-up’s progress. It's important to have a clear plan of how to reach your target audience and achieve your marketing goals. Without this strategy, it's difficult to coordinate your efforts and make sure you are spending your marketing budget effectively. You may not have the right mix of channels or the right messaging.
Spending Too Much Too Soon: In their enthusiasm to kick start the new venture, start-ups often spend large amounts of money on marketing in the initial stages. This can quickly drain funds and result in an inadequate return on investment, lack of motivation and in some cases, collapse. The best way to avoid this is by starting small and testing your marketing strategies before investing more money.
Ignoring Market Trends and Feedback: Start-ups often neglect monitoring market trends and customer feedback which can be critical for modifying their marketing strategies and product offerings. There's a lot to be said for following your heart, but in business, ultimately, you're selling to your customers, not yourself. If you're not paying attention to their needs and wants, then you're going to fall behind pretty quickly. You can't take a "build it and they will come" approach in today's competitive market. You need to be proactive about learning what customers want, testing new ideas and making sure your product stays relevant to them.
Underestimating the Value of Branding: If start-ups are experiencing rapid growth, they often focus on performance marketing and overlook investing in brand marketing, which is essential for long-term growth. It may seem like a waste of time and money at first, but if you don't have a strong brand to fall back on, then it will be harder to attract new customers and get them to build loyalty with your business. Your brand is what people think of when they hear about you or see your logo—it's the reason someone chooses YOU, rather than one of your competitors!
In order to succeed, start-up companies need to be cautious of these common marketing mistakes. It's easy to get caught up in the excitement of growing your business, but it's important to remember that there are many other factors at play. As a start-up, you need to take a step back and think about what will make you stand out from the crowd. What do your customers need? How can you provide that for them? Is there anything unique about your brand or product that would help people remember it?
If you need help kickstarting your start up and you want to side-step some of these pitfalls, give us a call - 01793 200227 or leave us a message https://www.thekopykat.com/contact