Initiating a startup is not at all an easy business. They fail at an earnest high rate in the first year, even for entrepreneurs who know what they’re up to.
The only way to make hay when the sun is bright is to learn from the mistakes others have made. Marketing is an important part of any successful startup, but marketing mistakes can also be a hem in that sinks the business.
Here are the 10 most common mistakes that startups make in the first year:
Going In Big On Marketing Campaigns
Using the marketing budget to enhance the customer’s experience and investing the same effectively and efficiently. Focusing on keeping the customers happy and the business will grow steady and strong for years to come because the market goes by the phrase, “Customer is the real King”.
Focusing Too Much On Competitors
Startups have a keen interest in knowing what their competitors are up to, and keeping track of them is essential to stay one step ahead of the game. However, too much focus on your competitors can choke the business with distraction.
Going In Blind With Blogging
Every startup needs a blog to get off the ground. But without a solid blogging plan, startups could be shedding money on useless endeavors and missing out on crucial capital from skeptical investors.
There are numerous companies that help savvy entrepreneurs outsource blogging responsibilities in order to pay pin to point attention on the core activities in the initial year.
The entrepreneurs want their businesses to be perfect at every step of the way. But hesitant over branding decisions (large and small) can be debilitating to the startup’s growth.
Trying to Appeal To Everyone
A proper STP should be followed viz., Segmentation Targeting and Positioning in order to right know what market the startup will cover because we live in the age of targeted advertisements and branding.
Choosing the Wrong Channels
There are a variety of marketing channels out there for budding entrepreneurs to utilize. With varied choices, it might be hard to make the ideal decision on what channel or channels would be most effective for their startup.
Looking into the target audience and finding out where they have their eyes glued to. It may be various social media platforms, banner ads, newspapers or magazines, TV advertisements, or even billboards.
Not Gathering Feedback
Taking heed of the customer’s feedback is one of the most effective ways to improve the product and service to gain consumer trust. Because being in the initial phase, you as an entrepreneur may still face imperfections in your product or a service that you and everyone within the organization might have possibly left unnoticed.
Feedback is essential for pointing out those faults and areas that you may have missed to pinpoint.
Having Inexperienced People As Executives in the Marketing Department
People in a startup and their inherent quality matter the most. They are the most valuable assets of any startup. Marketing on the web is an always changing landscape. What works today might not work tomorrow.
Entrepreneurs need experienced marketers who can quickly adapt to any marketing changes.
Failing to Include Influencers in the Draft of Marketing
Influencer marketing is the new marketing strategy that works. These days, the young generation is quickly influenced by personalities around them. Entrepreneurs need influencers to help their startup go viral. Just a single tweet from an influencer could send thousands of users on the go.
Impersonating the Competitors
It is not that facile to simply imitate the strategy of one of the surrounding competitors. It could lead to confusion in the market and make you appear synthetic.
Many of the problems startups face are the result of not putting their customers first. Although it’s tempting to go all in on viral advertising or the perfect brand identity, what really matters is finding your ideal customers and keeping them satisfied.
Be astute with your money and judicious with your time, and you’ll take your business at the right place with the right pace.