It isn’t easy to start a company. There are many hurdles entrepreneurs face—from figuring out the needs of the consumer, to actually making a living wage from this endeavor. Marketing can help spread awareness of the new business and hopefully, generate customers.
Infiltrating a brand new market without any name recognition can be costly. Check out these tips to learn how a new business can save dollars and maximize ROI.
Start with the Fundamentals
Before going through with media buys or press releases, know your company and its competitors. Create your internal process of the 4 P’s (Product, Place, Promotion and Price) and the internal and external variables of the SWOT (Strengths, Weaknesses, Opportunities and Threats) Analysis. From there, create a flow chart on every single negative variable and how you can convert it to an opportunity.
Know Your Audience
In order to find where to best spend your budget, understand what media your potential customers are using most. If your product or service is geared towards younger professionals, look into a media mix of social media marketing, digital ad space and public relations. If your product is targeted toward a geographically-specific but broad audience, event marketing and print ads might be the way to reach them.
Define your Budget
Time is money! It is so important to stay on budget and know exactly how much money is devoted to each marketing tactic. If you overextend yourself, it could have dire consequences, like compromising your ability to serve the customer. Plus, having a firm number might help you negotiate better rates or frequencies when dealing with media vendors.
Consistent Messaging is Key
Create a voice for your company and stick to it. Are you professional, edgy, or funny? Whatever it may be, make sure it’s consistent throughout all of your marketing strategy.
New businesses are popping up throughout the country faster than ever before and the numbers are continuing to grow!