7 marketing strategies for a start-up

- BY Sanjana Surbhi
Feature Writer, BusinessEx
- |
- May 28,2018
- |
13 Mins Read
Establishing a business is never easy. You have to wear different hats and understand sales, marketing, taxes and corporate terms. This will also involve interacting with a number of customers and clients regularly. Flipkart, Ola, and many more succeeded because they all have business growth strategies that worked. So, what is a growth strategy?
It is a plan aimed at expanding and winning a larger market share for a long-term success. Every start-up needs to have a growth strategy and market planning. If you are struggling to grow your business then let me tell you, most of the big companies like Uber, Walmart, Facebook started out small in the past. You just need to have a strategy to grow your business.
Why is it important?
Marketing strategies help you to identify your strength, weakness, growth opportunities and threats to your market schemes or any planning. It can save your precious time and money. You will also get a clearer picture of your objective, vision and mission which can help you in attracting consumers. You can promote your business as well as allocate your resources as per need.
So, here are few tips that you can follow and implement to your work strategies:
Research about the competition in the market
When you are going to the market, research about the other companies, their pages on social media, the ads that are running and how long it has been there. Look toward similar businesses that are growing in new, unique ways to inform your growth strategy. This will help you to get an insight into other company’s plans and strategies. It is one of the ways to scale your business. Marketing research is important because a company will need to determine if consumers in the new market will potentially like the new products.
Use social media and make your presence
Blog regularly. Social media is a huge marketing platform. Post to social media and show your presence so that visitors can purchase online, download something or contact you, it's important that every page on the website has an action to take. You have to be active on your page to grab attention and more trafficking.
Be ready to change with time
Always do what will be the best for your customers in the long-run. You must have the ability to adapt according to the customer and market needs. Try to come up with new ideas and keep working to better your product.
Focus on customer relationship
With more business moving towards the online platform, it has made easier to stay in touch with the customers and give them personal assistance through chats, calls or video callings. When it comes to business growth strategies, it is very important for the companies to be pro-active. And work even harder to show their customers that they care. Customers can give you honest feedback which you use in the long-run.
Acquisition strategy
Recently, Walmart acquired Flipkart for $ 16 Billion and it is one of the world's largest e-commerce deals till now. This is an acquisition strategy where a company purchases another company to expand its growth. It can be risky but also necessary to expand. This is cost-effective and established clients and operations. Acquisition strategy can be proved good when establishing in a new location where you lack contacts and local knowledge.
Diversification in your products/services
In order to grow, you need to think about expansion and this includes diversification. In this, you can launch new products in a new market or in the same market. Think what else you can sell to your clients? Identify new opportunities. You need to make a proper plan while going for this strategy. Do a proper market research as well.
Partnership
Another essential growth strategy is to go for partnerships with other companies. Partnerships with right companies can make a difference. This will allow you to reach a larger audience and increase your connections. But, look for companies that are complementary to yours. Don't go for any next-door company. Research, then contact them and after that propose for working together.
Marketing strategies should be based on development and increasing growth of the company’s brand. Now with digital age marketing strategies can be in digital format as well. Everything depends on the company’s brand so you have to protect it, enhance it and try to work for it. In order to be successful you need to implement right marketing strategies. Companies are competing to get more customers. You need to have such a strategy that will reflect the mission, vision and goals of your company.
More from Sanjana Surbhi
5 C’s Entrepreneur must be aware...
Getting a Loan is a difficult task so one must be prepare...
July 11, 20173 Min Read
What incubator provides startup...
Startups need incubators for their overall development...
January 10, 20183 Min Read
When Is Debt Better Than Investment?
An entrepreneur must consider lending as an option...
January 17, 20183 Min Read
8 Food Business Ideas Pick Up Steam...
Seeking business opportunity in the food industry then...
January 18, 20183 Min Read
How to maintain a good business...
A good relation between mentor and entrepreneur builds...
January 20, 20183 Min Read
How online networking helps small...
A one stop solution for all business related problem...
January 22, 20183 Min Read
Why invest in the leisure and entertainment...
Investing in the leisure and entertainment industry...
January 23, 20183 Min Read
Why you should invest in a startup?
Investing in a startup is the fastest way to get a...
January 24, 20183 Min Read
When is the right time to exit...
Starting a business is not a child's play so it is...
January 29, 20183 Min Read
6 mistakes to avoid after raising...
Entrepreneur makes mistakes after raising funding which...
January 30, 20183 Min Read
What Startups and SMEs can expect...
Let's see what experts have to say on this year budget...
January 31, 20183 Min Read
Union Budget 2018: Highlights for...
Union Budget 2018 has revealed some policies that impact...
February 01, 20183 Min Read
Recommended for you
- July 29, 2021
- September 30, 2021
- September 16, 2021
Latest News & Articles
- July 11, 2017
- January 10, 2018
- January 17, 2018