Are you committing any of these 3 common Marketing Mistakes as a Startup?

As per a GEM Global Report, over 100 million startups are being launched worldwide, every year. This points to a stunning statistic — 3 new businesses are being found every second.

Now, that is an encouraging number for an enterprising person. But then, another report by Startup Genome points out that over 90% of startups actually fail. Are the 21st-century markets so adverse to startups? Well, if that would be the case, we wouldn’t have 100 million startups being launched every year. The reason for failure is to do with the things that these startups are doing wrong.

Markets are not to be blamed.

There is no doubt that the markets are a lot more dynamic today, the competition a lot more fierce, and the consumers a lot more wanting. However, these conditions remain the same for all and the outcome is only a level playing field for all those trying a hand at running a startup.

It is solely the responsibility of the startup to gauge a way out through all the prevalent challenges and make a place for itself in the markets. And if they do it the right way, their business is set to thrive.

Where you can go wrong

Running a startup, or any business for that matter requires you to factor in a lot of aspects, and while we appreciate your entrepreneurial spirit, you also need to be mindful of the things that you might be doing wrong and amend them so that you can fall in that 10% category of startups that experience long-term success.

Here are some of the common marketing mistakes that we were careful enough to avoid to power Specscart into one of the fastest-growing startups in the UK.

Failing to understand the market

The market is a complex beast and you mandatorily need to know it inside out.

Do you know your target audience and how are you going to target them with laser precision? Have you done a thorough analysis of your competitors? Is the timing right for you to enter the markets?

You need to have crystal clear answers to the above-mentioned questions, and many more, before you even set your foot in the market. Otherwise, you are bound to feel like a fish out of water, struggling to make your presence felt.

After you have taken your business to the people and are now operating in practical market conditions, your market study still needs to be on point because when it comes to the market, change is the only constant.

Created a solution. What about the demand?

If you think that by creating a solution, demand will follow, you probably need a rethinking.

We come across a lot of new businesses who project themselves as problem-solvers and how their solution is going to revolutionise their target market. Well, there is nothing wrong here. In fact, introducing something new in the market can give a startup the much-needed edge that it needs. But there is a catch here. Do your solutions have a reasonable demand? If not, you are putting your business in a dicey situation.

Well, you are offering a solution because you have identified a problem. But is there a large amount of existing demand for the solution to the identified problem? You need to understand that you are not a large corporation and don’t have the wherewithal to create demand.

Wait! Offering a solution to a problem with large demand is not where your work ends. It also matters — big time — how you are taking it to the people. Yes, we are talking about marketing, the next thing in the discussion.

Your identity might be blurred

You have a powerful vision, a passionate team with a drive, an in-depth understanding of the market, a product that can give you a competitive edge, and various other critical aspects that have the potential to fuel your growth to great heights. But, what many small businesses fail to do is to craft an effective marketing strategy and stick to it.

You have truly arrived in the marketplace only when your identity is crystal clear to your target audience.

Whether it is establishing brand awareness or to project how you stand apart from your competitors, or even building customer relationships and loyalty, marketing is your most powerful tool.

As a small business, there will always be certain limitations to your marketing strategies. You may not be able to exploit the benefits of conventional marketing to the fullest due to reasons such as a limited advertising budget. But, who says taking the conventional route is the only way to go? There are many other effective ways to get the word out with regard to your startup.

By using social media, nontraditional marketing techniques such as guerrilla marketing, and focussing on building relationships with your target audience, you can eliminate the advantages that large corporations hold and stand out in the marketplace.

The markets are always welcoming to startups, provided you understand it. To master your target market, it is imperative that you avoid the mistakes mentioned above.