1st May, 2015
During the start-up process entrepreneurs have to overcome many factors to get their business up and running. However, one of the biggest, and most important challenges of starting a business happens once it is trading – attracting and retaining customers, and growing profit.
Marketing to attract customers sounds simple but this crucial factor, which often gets overlooked by more pressing problems, can make or break your business. If people don’t know about your business, how can they become customers? And if you don’t have any customers, then how is your business going to make money? And if it isn’t making money, how are you going to keep your business going? These issues are not unique to start-ups; existing businesses must have an adaptive marketing strategy too!
In order to enter the marketplace, and stay there successfully alongside the competition, SMEs have to get their name known – and for the right reasons. However, many SMEs overlook marketing and cut it from their budgets because they don’t feel it’s a necessity – but it is! Marketing is vital for attracting and keeping your customers. It is important to make sure you are positioning yourself in the right way and targeting the right companies in the right way.
Newer businesses have to work harder to grow within the market, being careful to not get bypassed by other well-known companies that already have a loyal customer base. Building a solid, positive, reputation is the key to this.
Top marketing tips for start-ups and young businesses:
– Get networking – it is a great way to meet fellow entrepreneurs and potential customers but don’t be tempted to try to sell to everyone you meet. Concentrate on making friends and connections – sales will come later if you offer something that can help them.
– Online AND offline – the world is now dominated by the Internet but do not ignore other options. Put yourself in your clients’ shoes and list all of the places that they are likely to look if they needed your service.
– Word of mouth should feature on the list. It is not just about who you know – who do they know?
– Social Media – join LinkedIn, Twitter, Facebook and Google+. At very least these will allow you to add a link to your but if treated carefully, they can be incredibly powerful FREE marketing tools.
Contribution from Enterprise First
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