Starting a new business is always exciting, but at the same time, it is also a very challenging prospect for even the most experienced of entrepreneurs. The term “new” is not something that is generally looked upon favorably in the world of business, as established old names will, in general, get a preference over new names in the same field.
That doesn’t mean there is no opportunity for new businesses though, because they bring in fresh ideas, perspectives and innovations all the time, which is what keeps any industry fresh and evolving. Nonetheless, marketing is the most important part of establishing a new business as a brand and here are four tips that will help you get there faster.
1- Create an Online Presence
Creating an online presence is a vast topic that is impossible to explain with just a few sentences, but as you might imagine, it involves building the company’s own website, SEO, launching social media channels (Facebook, Twitter, YouTube, etc.), blogging and most certainly, communicating and interacting with your target audience via social media posts, contests, targeted ads and much, much more.
As already mentioned, this is just a gross simplification, but there is no denying the fact that the very first step to online marketing involves building an online presence for the company.
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2- Combining Marketing with Networking
Business networking is an inevitable part of any business on the planet, because unless you have the necessary contacts and rapports, a business cannot progress. As you go about trying to build rapport with the most significant and influential people in your field, there is also a great opportunity to market your brand while you are at it. For example, corporate gifts are common and they are seen as a nice gesture when somebody is trying to build rapport, but with something customized such as a lapel pin of your logo, the gift will double as marketing merchandise as well. Give them out to all your important contacts, employees and even customers on occasions to market your brand with one of the oldest and most successful methods in the book.
3- Stand Out
When someone hears that a certain business is new, adjectives such as inexperienced, unestablished and unproven are often attributed to it, but you can turn it in your favor as well. Instead of being just a new business that’s doing the old thing, stand out by marketing your business as something that adds innovation and uniqueness to the services/products that carry your brand name.
This is how new businesses create their own identity. In other words, design your marketing campaign in such a way that it highlights on what sets your venture apart from the rest of the established businesses that you are competing against. One of the easiest ways to distinguish your brand is through storefront advertising methods, such as with aluminum signs. These can help foot traffic and interested parties understand your business better and relate more, often helping you stand out amongst your competitors
4- Identify and Focus on Your Target Audience
Be it online or offline marketing, identifying and focusing on your target audience is essential for a new company because a smaller and more focused campaign will inevitably be cheaper and more effective for a small, new venture. For example, Samsung manufactures and sells mobile phones in every price segment of the global phone business, while OnePlus have mostly been targeting just one particular segment, to which it caters and markets every year. As a result of that approach, the company has grown significantly with a loyal following of customers.
Wrapping it up!
Just like growing a new business in general, the rule of thumb with marketing is to take it slow initially, until you are in a position to expand your business and your marketing accordingly. Don’t overshoot the budget right away in short term campaigns, but keep making sustainable long-term investments to your marketing efforts.