Startup business marketing is something each business needs no matter how big or how small. Many people fall into the trap of thinking only big businesses need a startup marketing plan. This is a huge mistake. You need a plan to help understand your customers, your business, and to have a viable strategy for your business’ success. A startup business marketing plan is more than just advertising or PR promotion. It includes the products and services you will offer, understanding the market, and what tactics you will use to reach customers and grow your business.
A good startup business marketing strategy includes the following sections:
A summary or overview that describes your business and the major points of your marketing plan; this should be no more than one page long.
Compile a detailed and honest evaluation of your market, competitors, challenges and opportunities for your business. This is commonly called the situation analysis.
Formulate a marketing strategy based on your situation analysis. It will include specific revenue goals, and ideas to overcome the challenges and take advantage of the opportunities in the market.
An action plan for implementing your startup business marketing strategy is called marketing tactics. These include steps you plan to take based on the previous sections of your plan.
Sit down and seriously take into consideration your budget. Plan a marketing budget and timeline so you can keep on track and measure your success.
In an effective startup business marketing plan the situation analysis is the foundation to build the rest of your plan on. It will give you a basis for your marketing efforts and business. You will need to identify your potential customers, current market size and expected growth, your current and projected market share, competitor’s market share, and a market segment focus for your products. A brutally honest assessment of your own business with its strengths and weaknesses will help you to formulate a plan to overcome weaknesses and build upon its strengths.
Once you have your situation analysis done, you can then work on your marketing strategy. Outline your startup business marketing plan by outlining what your business offers customers. Identify the four “Ps” of your business; Product, Price, Place, and Promotion.
Your next step is to formulate your marketing strategy. Brainstorm marketing campaigns like print, online, and radio campaigns. Events and trade shows are another excellent marketing tool, as well as viral marketing campaigns, email, and grassroots efforts. Remember to keep within your startup business marketing budget. Keep track of expenses and tweak your budget if necessary. Implement these steps and your startup business marketing plan will be a success as well as your new business.