Startups are an important part of the American economic ecosystem. As per data, 32.5 million startups are operating in the US and they contribute to creating 64% of all new jobs. However, we also know that nearly half of these businesses fail by their fifth year of existence. One of the reasons behind this problem could be an ineffective marketing strategy.
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Failure to have a marketing strategy can lead to budgeting problems, low customer retention, and stunted organization growth. Businesses of all sizes need to employ an effective marketing strategy to ensure business growth.
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Here are the key elements that should be a part of all marketing strategies.
A Moving Backstory
People are interested in knowing the origin stories of their favorite businesses. It is a good idea to share with your consumers what motivated you to start a business and how it all begin. This helps create a better relationship with your customer.
Share the principles that govern your organization and the moral values that you hold dear, as people tend to support businesses that their ideals align with. Some businesses dedicate an ‘About Us’ or ‘Our story’ page to this purpose on their website. This allows people to read up on you while researching your business.
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Defining Target Audience
The most important aspect of any marketing strategy is identifying the target audience. This phenomenon is also often referred to as market segmentation. Your target demographic includes individuals that your product/service will appeal the most. This aids marketers in directing their strategies to meet the needs of these individuals and get leads to eventually make a profit. Identifying the target audience means finding the age group they fall in, their hobbies, preferences, needs, etc.
Mass marketing is an interesting phenomenon that does not require defining a target audience. Instead, it works by creating a universal marketing strategy for everyone. This is strictly for products that have universal usage and relevance. However, even for basic and universal products, if the business aims for proper branding, a target marketing strategy is necessary.
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Social Media Marketing
Data suggests that social media influences 82% of buying decisions. It is important to include social media in your marketing strategy, given how it has become an integral part of life. It carries a huge impact on behavior, pop culture, and client buying decisions. Make sure to select the platform that most of your target demographic uses. You can use it to study consumer preferences, get feedback, and great ideas for new products.
Setting Clear and Realistic Goals
When you create a business plan and a marketing strategy, it is important to set realistic and clear goals. Access the current standing of your organization and the available resources to set achievable goals. Setting outrageous goals is equivalent to setting yourself up for failure whereas easy goals will never help you reach your full potential.
Competitor Analysis
One of the biggest mistakes people make is not performing a competitive analysis. It is important to know the strengths and weaknesses of your counterparts. You can use their strengths as examples and goals. Use the weaknesses to identify what the market lacks currently and what you can work towards providing your customers to become the best available option
Content Creation as Advertisement
Advertisement has changed in the past few years. Subtlety is the key now. Those days where ads seem to be pushing products down the throats are gone. Such aggressive marketing would never work in this age. It is important to be discreet about it.
Because of this, many brands have turned towards content creation. They have an entire team that creates videos, posts, and reels to provide entertainment or informational content to create a brand image and promote products.
In Summary
A good marketing strategy can do wonders for your business. With a structured and well-designed marketing strategy, you can achieve better sales, customer loyalty, and a good brand name. Keep these elements in mind while creating a strategy and you will be good to go.
