It is very important for any startup to try and capture the local market so that the revenue increases to build a sustainable business model.
As time passes by, many aspects that surround us change. Most of it, at least in the human society, can be credited to the uses of technology and innovation. It is tough to group these changes as negatively or positively, but most people admit that innovation and creativity usually add up as a boon to our society than a bane.
One of the greatest concepts of the late 20th century in the field of business was the idea of startup establishments. With an extraordinary boom in the cellular network and Internet, business has taken a whole new role in our society.
No longer can you call a business slow and painful process of accumulating customers. Rather, business is one way to prove to the world that the products you are selling are worth buying. Once the world realizes that, you will not have much work to do. Startups were shaped based on this principle.
Unlike many other conventional gigantic companies that are globally popular, startups are efficient tools to make sense of the inception of an idea you suddenly come across. Startups provide an ideal way of marketing the ideas of almost anyone who is talented and can design great concepts that might one day appeal to the whole world.
While startup companies are quite easy to create, many people struggle to reap any benefit out of it. Even though there has been a surge in both the development of information technology and economy, there still exist many problems in the form of misinformation and lack of information.
People dream of creating companies that run worldwide and spend much money on unnecessary advertisements. What they all forget is the fact that every painting entitled to being a masterpiece begins with a dot. They ignore the interesting prospects a product holds to the local public and are fixated with the idea of creating a worldwide brand.
Most of them are also unaware of several optimization techniques that can convert our business strategies into million dollar ideas.
In this article, we highlight some of the key techniques that can attract the local market to a startup product offering.
Know How to Market Your Startup
Contents in This Article
- 1 Know How to Market Your Startup
- 1.1 Selecting a market favorable for the product to thrive
- 1.2 Assessment of the product’s potential in the market
- 1.3 Naming the product and its keywords
- 1.4 Simulating the thought processes of the ‘common man.’
- 1.5 Knowing the reasons for why your product is unique
- 1.6 Fruitfully using social networking and media
- 1.7 Read Next
Selecting a market favorable for the product to thrive
The first and foremost goal of any startup should be to develop its importance to a specific target audience who are most likely to welcome it. The world is filled with people with different perspectives, and not everybody has the same amount of enthusiasm for a specific startup product.
The most successful startup would be one which has a clear objective of attracting the people who best support it. It is not very difficult, given the number of social networking sites there are for specific groups of people.
It is very necessary to advertise the startup product to these few enthusiastic customers who will be able to conceive the importance of this product in their minds. If this stage is complete, it would not be very hard finding potential customers as the first generation of customers also act as your advertisers and promoters. This is one advantage of targeting a specific ‘genre’ of people.
Assessment of the product’s potential in the market
One of the major mistakes that most startup companies commit is keeping very high hopes on products that do not deserve it. It is true that almost everyone in this world dreams of the product they created becoming a mass hit, but not everybody understands what makes a product so desirable in the market.
Assessing the startup product’s potential in the market before launching it is a very necessary step to be taken by any entrepreneur to avoid unnecessary losses and market risks. It is rather better to spend a few bucks on something worth buying than to invest on a ‘dream project’ that has no significant demand in the market.
Besides testing the potential of a product, it is also essential to assess the intensity of competition the market provides to products of a similar nature. It is quite customary for most companies to launch new products just because another rival had overnight success with a similar product.
This, usually, doesn’t end up as a profitable venture. Rather, several companies selling similar products will only neutralize the market making it profitable only for the seller of the best product.
Naming the product and its keywords
Language is one aspect that holds the whole world together. This medium of communication is necessary to master to express your ideas in the best possible way which is appealing enough to your customers.
While most people rule out the importance of using keywords to describe the product, it has become quite evident that many startup companies are losing potential customers just because they are not acquainted with the product.
Most products with fancy names and descriptions but without any keywords that match their actual purpose usually end up being ignored both on the Internet and in advertisements. There is a certain level of innovative ‘fancy’ that can boost up a product in the market, but too much of it can lead to the product not being recognised in the potential market.
Simulating the thought processes of the ‘common man.’
It may seem funny, but it is undoubtedly one of the most important and essential aspects that can bring any startup company to the top of the charts. Most potentially exciting startup companies are fixated with a need to appeal the elite audience that they completely ignore the most important customer category in any market – ‘The Common Man.’
By this, we mean a large population of the audience who usually have a similar thought process and would love to buy products that sound promising in the market. Assessing and understanding how the customers think and trying to match the products with their needs and perspectives can take it a very long way in the market.
Finally, it all reduces to pleasing the customer which is the prime objective of every marketing strategy.
Knowing the reasons for why your product is unique
In a country like India, where many startup companies are known to be selling similar products, it is quite difficult to find out the best product out of a string of competitors. However, if you are self-conscious of the special features that your product has, you can use this as a weapon to advertise your product and win the hearts of your customers.
It will also assure the significance of your product as compared to your competitors. What makes your product stand out from the rest will also make your startup company stand out from your competitors. If there are similar selling products in the market, the criteria for selection reduces down to the product that has the most desirable specifications.
If your product is very similar to the rest but has one unique feature that most others do not possess, then it is obviously your product that will succeed in the keen eyes of a customer.
Things have changed ever since social networking became a common way of conversing across the globe. Even though during its inception, it was only restricted to sending messages and browsing, social media has now become one of the strongest tools used for running any business idea.
People enjoy searching for desirable products on social networking sites rather than in busy markets across the street. The conversion of the world to a global village due to the recent boom in technology has also assured the potential that social media possesses in optimally advertising a product.
Using social media to advertise a product is currently one of the most affordable and dependable methods. It is growing in popularity globally and is, therefore, expected to further optimize marketing as time passes by.
If all these concepts are paid special attention to, it is obvious that a startup company can thrive in any market irrespective of how competitive and sophisticated it is.