As the owner of a start-up, survival is perhaps the most challenging task that your business will be facing during its initial stages. You will likely be competing against huge competitors who will be willing to remove you from the market by using different resources. To survive, you will simply have to grow your business to have a firm standing in the market.
Unfortunately, growth for a start-up is not as easy as it sounds, especially if you have limited resources, and you have to make compromises while making decisions. But if you give ample importance to the marketing side of your venture, then the success of your business is inevitable. Here are some of the marketing techniques that you can apply for your start-up.
- Do brand evangelism:
If you are not aware, brand evangelism involves spreading information about a product through word-of-mouth. It is an effective marketing technique that many small and medium businesses rely on to increase their customers and improve sales.
You should develop a brand story so that customers can relate and give positive feedback about your product or services to others. Your business is bound to grow if you encourage your customers to share their experience of your product or services and to recommend it to others.
If you can afford it, you can even hire an evangelist so that they can do the necessary work to advertise your product or services. And the best part is that they do not need to be influential people to make it work. As long as they provide people with the necessary information, it will help your business attract new customers.
- Create a cult:
The word cult typically arises negative sentiments. However, when associated with the brand cult, it leads to a positive response for brands. You would have noticed that some brands are more than brands as they have followers who are obsessed with their products. For example, when Apple announces a new iPhone, there is a huge line of customers at their official stores even before the shop opens.
Every business daydreams of obtaining customers with such a high level of customer loyalty, but only a few brands are fortunate enough. It is difficult but certainly not impossible; you, too, can create a brand cult. But how? We will tell you here: your brand should be unique in comparison to other brands. It should always offer a pleasant experience for the customers so that they can become obsessed with your products too. You can also use customer insights to improve the specification related to your products. This way, customers will emotionally connect with your brand and also feel empowered.
- Use Publicity:
You may have heard about the phrase, “There is no such thing as bad publicity.” This phrase fits perfectly into this technique as although many brands are wary of receiving negative responses, the results are surprising.
Even though negative reviews may affect your brand perception, the thing is that it will reach a far wider audience than you would have anticipated. It will eventually boost your sales too. Perhaps you can use this news to your advantage for your start-up.
- Make use of Customer’s Recommendations:
If you ask any reputable businessman, you will hear about the importance of building relevant connections within the market that you are targeting. Many companies reward customers who recommend them to others, which helps to spur growth for the business.
For example, Dropbox increases signups by offering perks in exchange for referrals. You should create a reward system for your target audience with significant compensation and make it easy for them to share your product and services within their social circles. The process should be simple so that potential customers do not leave in frustration.
- Test niche markets:
Although you would be tempted to attract a large customer base to increase your sale, it is not a wise move given the current scenario. As a start-up, you simply do not have the resources to attract a huge customer base or develop a product that caters to different customer segments. What you can simply do is narrow down the target market until you can easily develop and distribute your product to the customer.
You should target groups who are looking for a unique product and how your start-up can help them. It will help you to specialize in that particular product and increase your market share.
To summarize, running a start-up business is a difficult task, especially in current times. Nevertheless, there is an opportunity for you to grow your business and reap the rewards of your hard work. Remember that there are various ways to expand your business and you should follow one which is suitable to your needs. Marketing your start-up needs a lot of patience since results will not be instant, and it will take a lot of effort before you start seeing the outcome.