- February 12, 2020
- Posted by: TRWCBlogger
- Category: Marketing
Marketing startups is a whole lot different than marketing a known business or corporation. There are many reasons why, but the most obvious is the lack of brand identity of a startup. There is also the case of a limited budget and you have to do a lot with whatever you have set aside for marketing. It is almost like you cannot afford to make mistakes in your marketing efforts. But still, many startups make marketing mistakes they end up regretting over a period of time.
Here are some marketing mistakes startups make:
- Spending too much: Sometimes we are tempted to want to hit the market with a bang! This is a startup, a new product or service and we are eager to get the message across to various people and so we spend a large chunk of our marketing budget on different channels like TV, Billboard, Social Media, etc. There are two things that can happen when you do this. Either you waste your limited resources and your marketing efforts fail or your efforts work too well and you cannot meet up with the demands that follow. The wise thing to do is to vet every marketing channel to see which one works best for you. Spend small amounts of money on hyper-targeted marketing and if it does not work for you, move on to another channel.
- Setting unattainable goals: Success is defined by the goals you set so when you set lofty and unattainable goals, you end up failing. This can be very discouraging and detrimental to your early days. Make sure your goals are reasonable and attainable. Focus on creating visibility for your startup that can lead to engagements. You might not start getting leads immediately, but the more visible you are, the more likely you are to get leads that can convert to sales. On the other hand, do not set goals too low that can make you miss out on your growth potential.
- Trying to be like your competition: You can analyze your competitors and set a benchmark for your marketing efforts, but do not be tempted to copy them. If you mirror what your competitors are doing, why should their customers leave them for your products or services? You will be seen as an inferior alternative at best. What you should do is look for what your competition is missing out on and focus on it. Maybe they are not social media savvy, or maybe they have not explored Email Marketing. But be careful, your competition started before you, so do not be quick to explore channels they have not. It might just be that those channels do not work for your kind of business.
- Ignoring Results: The best startups have a keen eye on their marketing results because this informs their marketing approach. You cannot continue to waste resources on a channel that did not work for you. So, it is important to check and measure results as you vet different marketing channels. Analytics will help you determine what you are doing wrong which might be your approach or the channel itself. Some important data to pay attention to includes Unique Visitors, Page Views, Bounce Rate and Conversion Rate.
Avoiding the four mistakes above will get the marketing for your startup to a great start. You can put these into practice or you can contact us here at TRW Consult and we will get your startup to its target market.