Some startups prefer launching in stealth mode to allow for extended development time. Others, however, choose to start off with guns blazing, letting the world know what they have in store for the future.
Approximately 540,000 people become small-business owners on a yearly basis. This number is not to be taken lightly – each of these business owners represents potential competition to your venture.
What exactly is marketing for a startup, and how can you make the most of it? What are the potential benefits and occasional pitfalls you should be aware of?
Let’s dive right into it. Benefits of startup marketing
For the sake of argument, let’s say that you have a killer new idea in the pipes. You are developing a product or a service that doesn’t exist on your local market and are planning to make money out of it. Selling your product to potential customers and clients can only be achieved if you are visible to the public eye through proper marketing.
According to Smart Business Trends , 51 per cent of people agree that the best way to learn about entrepreneurship is to start your own company. But why go through all the hoops of creating a marketing campaign and spending precious money that you can use for your development team’s needs? What are the benefits of marketing your startup? Image source: v12data.com Early exposure
Startups are ‘early bird’ companies by nature. They are small firms and enterprises with big ideas about the future.
Marketing that idea to the public and attracting an audience early on can be beneficial for your brand. You can gain early exposure through social media, conference attendances, PR interviews, customer reviews, and other public showcasing opportunities. This can create an audience for your startup that will stick around throughout your development cycle and beyond. Potential investors
Marketing your startup through adequate channels will let potential investors know about you.
Some startups have predetermined budgets and incomes without needing to look for additional resources. However, startups that do need extra resources can easily attract potential investors and partners looking for bright young minds to work with. Increased buzz and hype
You want people to talk about your brand, products, and marketing materials. The more people know about you, the more they will become interested in what it is you are actually doing. With over 1,100 small business owners interviewed, only 40 percent of them believe that there is revenue growth in building hype and customer anticipation.
This leaves a good amount of freedom for you to explore different ways to approach your customer base. Creating hype around your upcoming products and services is a great way to boost your launch window sales.
Read also: Leveraging The Changing World Of Marketing Outsourcing vs. in-house Now that we have somewhat of a better understanding of why marketing is important, let’s talk about the elephant in the room – who do you hire?It can be difficult to determine whether you should hire a marketing agency […]