If you’re thinking of launching a brand-new business, you’ll already know that there’s a lot to think about. From shaping your business idea to securing funds to get your business off the ground, there’s a lot of work to do before you even start to run the business itself.
One of the most important things you’ll need to consider when it comes to launching a new business is the marketing aspect. Marketing your business can involve a lot of time and money and can be essential for making sure people learn about your business in the first place.
Knowing what’s involved in marketing your business can help you make some important decisions for your venture’s future. So what do you need to know about marketing your business to help you get it off the ground?
Not all marketing strategies are alike
Most people can learn the basics of marketing, and one of the first things you’ll learn is that not all marketing strategies are alike. A local florist is going to have a different approach to a clothing brand, for example.
When it comes to your own business, you’ll need to think carefully about how you’re going to create a marketing strategy that works for your business. You’ll need to do your market research, consider your audience and your advertising channels, as well as the ideas that will put your business out there.
Creating a marketing plan can be one of the most enjoyable parts of running a business, but you need to make sure that what you’re doing makes sense, and that you have the capacity and the knowledge to bring your plans to life.
Good marketing takes time, patience, and creativity
What makes a good marketer? The answer isn’t as straightforward as you might think. Most marketers today are multi-skilled and have expertise in multiple areas to enable them to work on campaigns easily and effectively. Some of the key skills and knowledge required include:
- Graphic design
- Social media management
- Being a strategic thinker
- Understands audiences
- Knowledge of branding
- Strong research skills
- Web skills
Amongs many, many others.
If you don’t already possess these skills, you may need to start learning fast, especially if your new business is a solo operation.
Good marketing takes time, patience and creativity, which can be boosted by having some of the skills listed above. A good knowledge of marketing will help you determine which routes to target, the tone and visuals needed to make an impact, and how you’re going to measure that impact in line with your business’ performance.
Who are you selling to?
Some people come up with a great idea for a business or a product, but can draw a blank when it comes to identifying their target market. Researching your target audience is an essential step for your business, helping to set the direction for everything you do, but also to underpin your marketing activity.
Audience research is a very important part of launching a business, and you’ll want to make sure you get it right before you go too far down the line. You might need to consider competitor research, as well as spending time running focus groups and test exercises to make sure you’re pitching your product/business to the right audience.
This part of the process takes time, and if you skip this at the beginning, it could lead to some disappointing results for your business.
Budget isn’t everything, but it helps
In the world of marketing, having a budget can have a big impact on your success.
Big brands pay big celebrities to promote their products, building on the popularity of something that’s already there. The celebrity becomes the advertising space, usually at a huge cost for the brand behind the campaign. It can be a gamble, but when it pays off, it can do big things for a business.
For smaller or lesser-known businesses, that sort of budget is out of reach. Many businesses start with next to no marketing budget, taking advantage of free marketing methods to spread the word.
However, if you can secure a budget for your marketing efforts, you can help spread the word about your business faster, and to more people, making them more likely to take notice. But even if you have money to spend, would you know how to spend your marketing budget? Having the money is one thing, but knowing how to spend it wisely is an entirely different thing. You may need to consult with experts and agencies to ensure your advertising budget is being funneled into the right places.
Working with marketing experts can help ease the pressure
So far, the above seems like a lot of work. This is in addition to producing products and services, hiring employees, finding suppliers, managing the money, and everything else you need to do as part of your new business.
This is why many people choose to outsource their marketing. While there is a cost attached to using an external marketing agency or consultant, their knowledge and experience can be extremely valuable, especially to a brand-new business.
As you prepare to launch your business, having someone else take the marketing reigns can free up your time and help ease the pressure, allowing you to focus on the business itself. You will need to have enough budget for this from the beginning to ensure you’re able to balance running your business alongside your promotional efforts.
Marketing is an ongoing process
While there is a lot of marketing activity that happens in the lead-up to running a business, it doesn’t end there.
Marketing is an ongoing process that you will need to work on to grow your business, promote new products, engage existing or previous customers, and much more. You’ll need to factor in an ongoing marketing strategy that supports your business’ aims and objectives.
There are some useful marketing tools to help you grow your business. And while these tools can save you time and even save you money, they’re not always a suitable substitute for a marketing team. If growth is something you want to achieve, you’ll need to think long-term about whether you can continue to managing the marketing yourself, or if you can afford to bring in some dedicated employees to ease the load.
Marketing is always growing and evolving, and it’s important to stay on top of the latest marketing trends to help you come up with new ideas for your own business. Even if you enjoy a successful launch, it’s an ongoing battle to stay relevant and maintain an edge over your competitors.
Alternatives to marketing a brand-new business
As you can see, there is a lot of thought and work that goes into marketing a brand-new business. The reality can be off-putting for a number of would-be business owners, so what alternatives are there to help you ease some of the pressure of marketing? Some of the best options include:
Invest in a franchise
Investing in a franchise helps you build on an existing name and brand, which can make it much easier to get your business off the ground. You’ll also benefit from the franchise’s own marketing efforts, allowing you to focus on your local targeting. There are a lot of exciting things you can do with a hotel franchise for sale and other businesses that will allow you to run a successful venture without having to do it all on your own. Buying into a franchise can be a fantastic investment, helping to secure your future.
Buy into an existing business
Instead of starting a brand-new business, could you buy into an existing business instead? Many businesses are looking for investments or want to sell up, and by taking over an existing business, you won’t have to worry about the initial launch marketing that can take up a lot of resources.
It’s worth investigating investing in a small business to see if it could be a more suitable solution for you.
Launch through an existing platform
Launching a business doesn’t have to mean completely starting from scratch. There are some incredible platforms that are allowing small business owners to become successful quickly, as they are run through platforms that are already established. Platforms like Amazon, eBay, and ETSY are some great examples of marketplaces you could launch a selling business before seeing if it’s worth branching out on your own.
Partner up with someone who knows what they’re doing
If the prospect of launching your own business and being responsible for its marketing is deterring you from going for it, then maybe you should consider partnering up. If you can pitch an idea to an existing entrepreneur or someone you know with marketing knowledge and experience, you could feel much more secure about starting your business. Partnering up is a great way to share the load, and could lead to some amazing things for both partners.
While marketing is just one part of launching a new business, it’s a significant part that can be overlooked. Understanding what your business is going to need to reach your target market is important, and may lead you to consider other options for owning your own business. Effective marketing is vital for ensuring business success, so make sure you give it the attention it deserves.