Business is the only thing that you can pass on to generations. In addition you as a business get a lot of recognition after being successful. Due to this, many people leave their jobs to start working on new business ideas. Not just this one but there are many other reasons to start business. These reasons push people to work harder to achieve their goal. But before you start, you should also know that the business failure rate is also very high. Most common reason for business failure is lack of funds. The simple solution to solve this and minimize risk in business is to focus on marketing. If your product has strength and your marketing is good, no one can stop you. Therefore, in this article we will discuss a good marketing strategy for startups. In addition, we will also try to get answers for some complicated questions in an easy manner.
Marketing Strategy Definition
In simple words marketing strategy means a plan of action designed to promote and sell a product or service. This plan may also involve few sub plans or a set of strategies to meet specific goals. To name a few, increasing social media presence and brand promotion both are very important. The ultimate goal is definitely to make money in business. The plan to achieve this goal can be termed as a marketing strategy.
Parts of a good Marketing Strategy Template
The objective of creating a marketing strategy template is to draw a path for business promotion. Some of the important parts of a marketing strategy template should include these.
Understand the demand
First of all, you should do research on the product that you want to sell. One of the primary reasons for business failure is that the product is not in demand. As an individual, you may believe that your product is wonderful. I have no doubt in your capabilities. But when you are running a business this really matters less. The best product in the market is useless if there are no takers. Therefore, you must research the product demand and what customers are looking for. Compare your product with the best one available in the market. Find the USP (unique selling proposition) of your product and create marketing strategy around it.
Pricing is an important part of making marketing strategy
Once you are sure about the demand, the next step is to have the right price. No matter which country you are selling, people want the best quality at minimum price. You can also research about pricing of competitor products or services. Additionally, also check what all they are offering in the price. I am not asking you to sell at a low price. Just make sure your customers get the best value. Maybe in terms of feature. Adding some features is good if you want to sell digital products. If your pricing is right and marketing strategy is good you can do good.
Target marketing helps you stay focused
Which market you choose is important. Because this may change your marketing strategy, pricing, everything. For example: if your target market is India and your product is automobile, your pricing should be aggressive. However, if you are selling in European markets then quality is a more important parameter.
Define clear goals (expected outcome)
When you create a marketing strategy for startups, make sure you define clear goals. I say this because when you are running a business, you have a big responsibility. It is to survive the odds and keep moving. If you don’t know where to go, your chances of business failure are more. Therefore, define your marketing goals. These goals should be based on three important factors.
- First of all, how much business you are expecting in a given time.
- How much you are capable of handling in that duration. You can discuss with your team members.
- What all resources (including finance) you need to achieve this goal.
If you are able to strike the balance, it becomes the best marketing strategy.
Consider Budget while creating a marketing strategy for business
It is applicable for all kinds of businesses . Planning itself is not enough. Whatever you do in business, there is a cost. Therefore, estimate your total budget. This will give you a clear idea of what medium you can choose for brand promotion. For example: if you are low on budget, you can go for social media promotion. If your budget is medium then you can go for Google ads. If you do not have any limitations of marketing budget, you can go for TV commercials. This gives you the best reach and brand visibility because every household has a TV.
Why do we need to increase social media presence?
Simple answer for this question is that your customers are on social media. Due to this, you must have a Facebook page to communicate and connect with customers. You can also answer their queries and use it as a platform to share latest information. Obviously you can also use it to promote a brand.
What is the difference between sales and marketing?
Many people believe that sales and marketing are the same but they are not. Before you create a marketing strategy for startups you should know the difference. The primary focus of sales is to increase revenue or make profit in business. On the other hand, marketing a business involves a lot of departments including sales. To name a few, brand promotion, social media presence and understanding customer needs is among top goals of marketing.
What is a target market?
A target market is a group of customers that you serve or you can obtain. It is a group of customers within a business’s serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service.
Why create a marketing strategy for business?
First of all, marketing strategy tells you if your product is relevant in business or not. If your product is good, you can increase sales in business with the help of a good brand positioning. In addition, this also ensures that you remain competitive in business. This is because you not only focus on your business, but also analyze competitor business.