We are living in the era of startups. You can see some of them become successful huge companies and others fail to take their place. Why do some of the emerging companies survive and others don’t? There are no universal reasons as every startup has a unique trajectory of development. However, there are some major mistakes in the marketing strategy that can ruin your business. Here are the most significant ones.
Ignoring the importance of focus groups
There was an interesting case involving one young entrepreneur and his unsuccessful idea for a startup. He wanted to bring the next level of computer wheels to the market and even developed a prototype spending a lot of money on it. The problem was that there was no demand for this product. When he initiated a focus group to find out what was wrong with his prototype, it turned out that simply no one was interested in it. If you have a seemingly great idea for a startup, make sure there is a demand for it. And after you do so, try to find out which features are essential for the customers to buy it.
Asking for everyone’s opinion
The previous point has a drawback. The abundance of opinions can be quite confusing. If you keep asking every member of your team about how they feel about every marketing decision you are about to make, it won’t lead to anything good. Choose the path you want to take and don’t consult with everyone. Sometimes it is better to make a decision quickly than waste time asking the employees for their feedback. A lot of people think that there is nothing difficult about marketing and anyone can contribute. Don’t support this idea and take the responsibility of your decisions.
Spending too much at the very beginning
You can’t be 100% sure that the strategy you’ve chosen will bring the expected results. There is no point in spending everything you have on your business plan right away. It might be tempting in that we all want to get to the top as quickly as possible. However, even if your intuition does not fail you and you will get outstanding respond rate from your customers, it can lead to even more serious issues. What if the demand is too high? Will you be able to satisfy all the clients? And if not, there is a high risk that most of them will never return to you again because of the first negative experience with the brand.
Wrong target audience
It may happen that the target audience you define is not the one you actually need. As a result, you will choose wrong communication channels. Moreover, there is a high probability that there will be more than one target audience. Make sure you know the most effective channels to reach all of your prospective customers. You can mix the channels and measure the results to decide which ones are more powerful. Keep in mind that there might be some unusual ways of using the products your company develops you are not aware of yet. Let your clients give you some insights.
Obsessing over your brand
Being too pushy is never a good thing. Bombarding your target audience with constant notifications and emails will most probably push them off. It is great that you think your brand is awesome but you can’t make everyone realize that within a couple of days. Also, don’t spend all of your time and money thinking about how you can make your brand look better. You need to get some primary results first and analyze the way others see it. Your objective opinion can make things worse.
Not using content management software
Once you know exactly what needs to be changed on the company’s website and overall branding, there might be a serious issue regarding the process. If you decide not to use such content management software as WordPress or Drupal, your marketing team will have to wait for some time until the engineers cope with the necessary alterations. It is a waste of time and money as a company’s website play a crucial role in bringing the revenue. Discuss the options with your partners and team of engineers before it is too late to change something.
Following the steps of the market leader
This strategy is only possible for the second-best player to use. If a small startup starts to copy the behavior of the leader, no one will notice it. Your company has to be different and come up with some unique offers. Otherwise, you will be just a small spot on the map of bigger players that is unnoticeable for the customers.