Marketing Knowhow for Startups
Marketing plays a very important role and enables you to focus on your resources better like a business plan. Both big businesses and startups require a concrete marketing plan. It is essential to understand that a marketing plan will not guarantee success, but will certainly help you understand your strengths, weaknesses, your target audience and your product/service’s unique selling propositions.
The first step towards creating a strong marketing plan is to brainstorm and ponder over your business plan. Through brainstorming you are likely to land upon your unique sell point, your target audience, and allocation of resources. Your product might appeal to a lot of people, but it is not viable to pump in money to please everyone at one go. This needs a lot of customer profiling and this will enable you save a lot of money and target a narrow set. A narrow set of audience not only guarantees loyalty and credibility of your product, but also experience to expand in greater territories in the future.
Amidst customer profiling and USP mining, comes the SWOT analysis of your startup. SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. It is essential to determine your marketing objectives around SWOT analysis. The strength and weakness components of SWOT predict your internal environment while the opportunity and threat of the analysis predict your external environment.
Once your SWOT is in place you need to have Set objectives which should be specific, measurable achievable and realistic. Specific objectives revolve around your short-term goals which need to be achieved. Your objective needs to be quantifiable and measurable. Upon quantifying your objectives, you need to learn how to achieve your targets and the same should be realistic in nature.
In order to be successful, your objectives need to be time bound and tactical in nature. Upon setting your marketing tactics, budgets and deadlines need to be created which will give you a detailed plan of your business spendings. Upon implementation of budget, constant reviewing needs to be done to prioritise, increase or decrease your budget allocation for certain areas and components. This also enables you to understand your success metrics and where is the gap.
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