14.1 C
Lancashire
Monday, July 15, 2024

Why marketing is crucial to a Start-Up

Every Start-Up needs to make sure that its marketing is right from the very beginning – not least to give it the best chance of survival but also to avoid costly mistakes.

You might not be advertising your services, but you probably do make an effort to know your customers well. Your instincts tell you that figuring out what every customer wants, and meeting those expectations, will keep you in business. You know that you need to improve and extend existing products, and sometimes develop new ones. If this description rings true, you are already doing marketing, but is this kind of ‘unconscious’ marketing adequate? If you don’t understand that you’re ‘doing’ marketing, it’s hard to keep things consistent over time. This isn’t an obvious problem for very small organisations, but marketing on the hoof becomes less feasible as you grow. Applying a simple marketing framework is vital. It enables you to plan your activities in advance, find out what works, then use them again when and where they are most effective.

Find out who your customers are and what they want. Once you know this you have to make sure that you fulfil those needs and make your product or service more appealing than those provided by your competitors. At the same time you have to set a pricing structure that customers will find attractive and will give you a sensible profit level. Knowledge about your customer is worth a fortune so keep close to them and regularly ask them for their comments and views on how you can improve your products and service. Part of this process is ensuring that your offering is available when customers want to do business. With 80% of the UK population using the internet, having your own website enables you to reach lots of customers 24/7 – people of all ages order online because it is more convenient. If visitors to your site can order online using secure payment methods then this again can increase your overall sales. If you have staff, ensure that they are customer focussed and stress to them that no customers means no business and therefore no job.

 

In terms of types of customers you need to define who these are by segmenting your marketing. For example, if you were a cycle retailer, one group could be members of cycling clubs who would be very knowledgeable about your range of bikes, whilst a second group could be families buying for leisure cycling only. With both groups you can start building a picture of the customer by type, how often they order and the value of the order. It is no use having a great product or service is no one knows about it, so you will need to promote your business and products. You can do this in many ways, for example through the editorial columns of both trade and consumer magazines and newspapers, but make sure that your story will appeal to readers and if you have a web address that you include it with your news story. Or you could take a stall at a local leisure show. You never know who is buying; it could be the buyer from a major retailer who then expresses interest in you supplying their company.

But all your marketing efforts will be wasted if you don’t bother to find out if it has worked. Set up a process for recording your marketing effectiveness. That way you can replicate successful marketing practices and more importantly make sure you don’t make the same mistakes twice.

 

Read more from CIM here

spot_imgspot_img

Latest

EURO 2024 Parimatch Sign Up Offer: Get 50/1 on England to beat Spain Free Bet

Football fans are no doubt eagerly awaiting the upcoming...

Spain vs England Free Bets: Betano 50/1 on England to Beat Spain Euro Finals 2024

With England advancing on their journey in the UEFA...

England vs Spain Free Bets: Get 50/1 on England to Win the Euros! – Euro 2024 BetVictor Sign-Up Offer

The country waits in anticipation as England prepares for...

Wimbledon 2024 final: Alcaraz through after win vs Medvedev

Holder Carlos Alcaraz held off world number five Daniil...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Bispham paedophile sentenced to 20 years in prison

Thomas Gerrity (69) of Sandhurst Avenue, Bispham, has been...

Thomas Kneale’s Brett Mendell awarded ‘Advocate of the Year’ award

Brett Mendell - the managing director at bedroom and...

Spain vs England Free Bets: Betano 50/1 on England to Beat Spain Euro Finals 2024

With England advancing on their journey in the UEFA...

A stunning celebration evening for the NHS Apprenticeship Awards

The Lancashire & South Cumbria NHS Health & Social Care...

More News

Legal expert reveals steps to take after personal data breaches

A legal expert has outlined what to do if your personal data has been breached following cyber attacks on the NHS and Ticketmaster. A data...

Tips to make your next business meeting a success

Meetings are crucial for almost any business, allowing employees, managers and executives to share ideas, provide updates and discuss goals that are relevant to...

Should UK firms outsource their financial management?

The UK has thousands of financial adviser firms that can help firms of all sizes and types with their financial management needs. But just...