Starting up a company is a challenging feat. Apart from the risks of a new business, competition is also fierce in every sector, with new businesses constantly emerging. Despite the looming threat of the Covid-19 pandemic in 2020, the Peterson Institute for International Economics (PIIE) estimated that there were about 4.4 million business startups. However, there is a chance to succeed even with all the competition. The key to growing a startup is through extensive and well-planned marketing.
Reaching Out to Customers
Online platforms can allow your company to have access to a widespread audience, making them extremely useful tools for marketing. With how easy it is for someone to search for something of their interest, creating an online presence can increase the chances of potential customers coming across your company. Having an online presence can also ensure that customers can easily find information about your company online. This is important in making your startup seem more trustworthy and reliable.
One way to market your company online is through sending emails. This might seem like a rather old-school method, but it is still a relevant marketing tactic today. Firstly, funds might be rather right for startup companies. Hence, a benefit of this method is that it is cost-effective. Through sending emails, your company can reach out to the potential customers and promote your business. This may be better compared to taking a shot in the dark by promoting on a single online platform available on the vast internet. However, it would also be useful to come up with innovative ways to promote through emails, apart from simply sending advertorial emails. If receivers lose interest and unsubscribe from your emails, this method will become less effective.
Another option is to create a Wikipedia page for your company. This might sound surprising, since Wikipedia pages are usually used for scholarly or informative articles. However, there are many benefits to utilizing a Wikipedia page. Firstly, Wikipedia is one of the largest sites on the internet. This means your company’s Wikipedia page can be viewed by many. It can provide a condensed article where customers can easily find information about your company. You might question that a company website may serve the same purpose. However, a Wikipedia page may seem less biased compared to a company website, making customers place more trust in the information available on the site.
Lastly, if possible, you can create a challenge out of your service or product. People enjoy attempting challenges and sharing them on social media platforms such as TikTok and YouTube. Many companies and artists use this method to promote themselves, as there is the likelihood that the challenge might go viral, which would serve as great marketing. In 2012, Codeacademy challenged people to learn code as a New Year’s resolution, which attracted many people to their website.
What’s the Big Deal?
Due to the many forms of marketing available, it might seem like a complicated and effortful process, especially for a startup at early stages. However, there are many reasons as to why marketing is important for a business.
Firstly, and most importantly, it spreads the name of your company. This allows potential customers to be aware of your product or service, and have it at the back of their mind. This way, when customers require a product or service your company provides, they might choose to give your company a try. There are many possible opportunities that could arise from this.
If customers enjoy your product or service, they may continue to use it. If you manage to sustain their interest and favor, you can build a loyal customer base. This is critical as it will ensure that your company will not fall behind new and trendy businesses that are constantly popping up. Furthermore, customers may introduce or recommend your product or service to the people around them. This way, your company can gain traction through word-of-mouth. As Seth Godin, founder and CEO of Do You Zoom, once said, “The secret to marketing success is no secret at all: Word of mouth is all that matters”. Word-of-mouth is extremely valuable to a startup. It can boost sales and enhance your company’s reputation.
Marketing also allows your company to establish a brand identity. Brand identity refers to how your company presents itself to consumers and how it can differentiate itself from others in the market. This could refer to a color, design, or logo that is unique to your company. A brand identity can exhibit the core values of your company, which may resonate with customers that are aligned with these values. It also sets a clear vision for the company and creates a goal the company can work towards. A clearly recognizable brand identity can also ensure that your company stands out, which is important when your company is being pitted against many other startups and even large corporations.
Marketing is undeniably important for startups to gain the attention and interest of potential customers. It can truly make a difference in the success of a company. Luck and timing may be important aspects of marketing, but the first step is to make the effort to put your startup out there.