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The sad thing about new business startups is that 90% of them fail in their initial stages. Business owners are unable to overcome the marketing issues they face to gain new customers.
This is mainly because they are fantasizing most of the time and could not survive ground realities and competition lying out there already. An easy way to earn money is to start investing in stocks and financial instruments by engaging yourself with number of regulated brokers out there.
But if you are going all into the hardcore business, acting smart is essential in gaining profits from your business idea. You just can’t dive first time into the ocean and start swimming. You need to learn from experienced swimmers and figure out how to survive the strong waves.
Here are the 5 Mainstream Marketing Issues that Marketers must overcome to grab attention and grow revenues
Selecting a Market
As a newbie in the market, you tend to go for the kill and reach out to every possible business or individual. This is not a great strategy and consumes a whole lot of time often yielding poor results compared with time invested.
Instead, do research on your product or offering and figure out what kind of traits your customers should have. Then select that market that suits your customer profile. This is also referred to as Market Segmentation. If you keep reaching out to individuals who don’t need your products or services then this will be a time-wasting and demotivating factor.
Differentiate and positioning among Competitors
The positioning of startup up is essential in a way to help potential customers build the perception and differentiate among the competitors. There are two ways in which Positioning Strategy can be defined.
- On the bases of Costs
- On the bases of Uniqueness
If a firm wants to lead the market on the bases of costs, then more value is to be provided at the same price charged by competitors. The Uniqueness develops on the quality of the product not much offered in the market before.
These positioning strategies greatly help in coming up with prices that most of the target customers will be willing to pay. If an entrepreneur fails to develop a positioning strategy and doesn’t differentiate his firm among the existing competitors then failure chances are quite high.
Positioning as a Brand
Here comes my favorite part while executing Marketing Strategies. If entrepreneurs don’t develop a brand for themselves then retaining customer’s percentage is quite low. The cost of new customer acquisition also tends to increase if a business isn’t able to convert itself into a brand.
A business needs to develop the perception of a positive set of attributes with its brand. What comes to the minds of people when your brand comes to their mind is an important thing. The more important thing is how consistently a business fulfills their expectation in terms of quality and value for money.
Selection of Marketing Channels
In this modern world, entrepreneurs often find hard to what marketing channels they should select to promote their business. With channels available from Outdoor Marketing to Print and Internet, it is often confusing what will bring the best ROI.
In honest opinion, marketing channels are to be selected on the bases of the nature of the business. Also, the budget needs to be specified for promotions to get a more clear picture. Above all channels, the online presence of a Business should be done as early as possible.
Maintaining Balance to avoid desperation
One of the hardcore issues in recent promotions of brands is Aggressive Marketing and this has risen to such an extent that everyone is trying to do the same. With the exception of a few successful campaigns, marketing budgets tend to go in flames due to marketing aggression.
A right balance needs to be maintained in promoting products or services that customers don’t feel annoyed by seeing your business everywhere. This kind of desperation needs to be avoided and carry out marketing campaigns at regular intervals with new attractions.
