Most businesses are faced with a myriad of marketing challenges in their early phases. Of course, it’s more difficult marketing a startup than an established corporation.
Stiff competition and a plethora of marketing options are some of the top marketing challenges startups face. And the ability to rise above these difficulties and stay focused is what makes a successful business is the
So this article highlights the common challenges startups face in their marketing and how to overcome them.
1. Stiff competition
Over 600,000 businesses are created yearly in the United States alone. Without a doubt, hundreds are in the same industry as you, vying for the same prospects. So how do you ensure customers choose you above the rest?
It’s your job to convince them. The ball lies in your court to convince your prospects that they’re better off spending their hard-earned cash on your product or service.
That involves portraying yours as different from others rather than making it sound the same. Don’t just look at what your competitors are doing; find what they aren’t and leverage such loopholes. Don’t just blend in; stand out. And offer freebies and mouthwatering discounts to lure customers in.
Lack of marketing capital is one of the greatest challenges startups face. These new companies often operate on a shoestring budget, and when it gets stretched, their marketing campaign suffers. At the end of the day, they have to report to their investors how much ROI they got from every penny spent.
The solution to this is to leverage free or cheap marketing tools. Digitalization has put so many opportunities at our fingertips. Rather than paying heavily for a digital marketing expert, you can leverage social media to advertise your brand. Don’t know how to? Want to up your digital marketing skills? Simply invest a little time on Google!
3. Too many marketing options
Having a plethora of marketing options may leave you overwhelmed and confused. In the end, you may choose the least favorable option or attempt using all, thereby depriving you of the opportunity to focus your energy in one direction.
The solution to this marketing challenge is to find out where your target audience is and what appeals to them. For instance, location based marketing should be your ideal go-to if your product or service is geographically-limited. It would be useless if New York users saw your Denver-based restaurant when searching on Google.
On the other hand, if your target market comprises Gen Z and millennials, Tik-Tok and other new entertainment apps may be your best marketing strategy. Also, using social media to target nursing home residents would be rather ineffective.
4. Maintaining focus
Staying focused is a challenge startup entrepreneurs face, especially when they have outside jobs or responsibilities. How do you keep up with your social media marketing round-the-clock when you have kids to care for or some academic pursuit you’re into?
Failing to focus your time and effort on your marketing will leave your startup lifeless in no time.
The solution? Learn to outsource tasks when you struggle for time. Never neglect your marketing for anything, as it is crucial to your startup’s success.
The sooner you realize startup marketing isn’t for the faint at heart, the more effort you realize you need to put in. The competition is fierce, and only those who can leverage the right strategies and stay focused will make it out alive.
By leveraging the solutions to the challenges discussed above, you position your startup for growth.