It’s a well known fact that the majority of new businesses will fail on the market. Some reports believe that as many as 90% of companies will fail within the first year. That makes sense of course because for there to be winners in business, the majority must lose.
This is also one of the critical reasons you need to understand why the majority of new businesses fail. There can be lots of different factors at play here. Some crash over their budget and let the costs grow out of control. Others hire the wrong team and many more fail with their marketing tactics. That’s what we’re going to focus on today. We’re going to explore the key factors that you must keep in mind to ensure that your marketing strategy is successful and does provide the demand as well as the support that you want for your business. So, let’s get started.
Choose The Best Agency
First, you need to make sure that you are choosing the right marketing agency from day one. There are lots of marketing agencies operating on the market, but they aren’t all delivering the same level of service. As such, you need to think about how to find the best company for the job. One factor to consider here would be the price. If they quote a price for services before they know anything about your brand, this usually means that they are delivering a cookie cutter solution. That’s the last thing that you want and could damage your brand overall.
As their name suggests, influencers have a huge level of power on the market as a whole. If you use influencers the right way, then you can grow your customer base considerably over time and evolve the position of your company. Your first step here should be making sure that you find the right influencers on the market. Influencers can be anyone from people who have big followings on social media to bloggers with great levels of research. You always need to research influencers carefully. You don’t want your business connected to anyone with controversy.
Another point to consider is the type of marketing campaign that you should run for your business. We recommend exploring an omnichannel marketing strategy. This goes a little further than just having multiple channels. Instead, it ensures that every channel is connected in a cohesive campaign model that is fluid to your business requirements at all times.
Omnichannel marketing is tricky, time consuming, and typically quite expensive. However, it could still be worth it in the long term. There are some great examples of brands who have already succeeded with campaigns like this including large corporations like the Disney company and Apple. However, it’s important to recognize that this can also work on a mucch smaller scale overall.
Another point to consider would be guerilla marketing. Guerilla marketing essentially turns your promotional tactics into an event that customers can latch onto and connect with. One of the most recent examples of this comes from Universal Studios. To market the release of their new movie Jurassic World: Dominion, the producer set up a service so that customers could track dinosaurs roaming in the wild. This is a smart campaign and ties directly into the overall plot of the film.
Think Outside The Box
It’s important that you don’t get tied down by typical marketing tactics when you are promoting your business. You need to go further than this and ensure that you explore new and exciting methods of promotion. For instance, you could explore the latest tech such as VR as part of your business marketing strategy. While this won’t be effective for every industry or type of business, it could still be a great option. For instance, architects and contractors can use VR to showcase what a finished project would look like. This could be useful to gain the right attention from clients as well as investors.
Explore Social Media Marketing
It’s also worth thinking about social media marketing strategies. Social media is an incredibly powerful tool with millions of active users on each network every single day. Even the smaller networksstill gain a lot of attention that could be useful to business owners. One of the ways that you can handle this is by researching the social network where your target audience focuses most of their attention. You should think about creating content with the main aim of creating something that goes viral. If you hit the right mark here, then you could even gain free media attention and additional publicity for your business.
As well as using the right marketing strategies, you also need to ensure that you are keeping track of your progress on the market. This means that you need to make sure that you are measuring the key metrics that matter most for your marketing campaign. If you are working with an agency, they should readily provide you with this data, often on a monthly basis. If they don’t then you can go out and find it for yourself. However, this does take time and a little effort on your part.
What is affiliate marketing? Essentially, affiliates are people who can send traffic to your website. As such, they are very useful tools for your marketing campaign. You can explore finding individual affiliates yourself. Or, you can use a company to complete most of the legwork for you. There are agencies who can set you up with the right affiliates for your business. They will vet these services for you and ensure that they are going to provide long term benefits for your company as a whole.
This is similar to influencers but it provides you with direct traffic. So it can be a little more powerful as a marketing tactic.
Build A Great Website
For many customers and clients, your business website is going to be the first impression that they receive of your business. This means that it does need to tick all the right boxes. As such, you should think about your design. Tempting as it may be to use a template for your design, this isn’t the right decision. A template is going to leave your website looking like all the others that exist from different companies. Instead, a customized design is the better option from a professional web designer. This will help your company stand out and look more professional.
Start A Blog
Finally, you might want to think about setting up a blog for your business. Blogging is useful for any company as it allows you to provide more contacts for the service and products that you are offering your clients. Of course, that’s not the only reason why you should set up a blog. It also allows you to be more engaging and give your company the right voice it needs to reach people.
We hope this helps you understand some of the key steps that you do need to take to ensure that your marketing strategy is both comprehensive and successful. By exploring the right optionshere, you can guarantee that your business does come out on top and at the very least, maintains the spotlight for longer than you might expect.
Don’t forget, your marketing does need to fit your budget. If you overspend on marketing then you will significantly weaken the position of your company. Experts recommend that you aim to spend about 20% of your total business budget and marketing tactics.