The game of marketing for startups

Understanding the game of marketing is more important for a startup than for an enterprise that is already in a stable position. Still, we see top-rated companies are more engaged in marketing activities compared to startups.

Many of us may think established companies spend money in marketing because they earn a lot. This might be partially true but the actual truth is they know the effects of marketing activities and want to keep that on to sustain their position. The effects of consumer behaviour and keeping the growth average are essentially significant.  

Many startups see marketing budget as burning capital. This is unfortunate. Yes, it is true that we can't claim to achieve better growth than our competitors just because we outspend them, but the art of marketing seems to be confusing for many startups or the product and services that they are dealing with might not be market competitive.

A super competitive product or service might get a mileage for their superiority but it will get into consumer mind as a brand through effective marketing activities, strong content and proper marketing plans. Big brands are made by the proper understanding of marketing games.

Behind every successful startup, there is a goal-oriented marketing plan. It must address the route the company will take, along with the marketing plans we will use to do so. To put it another way, we need to think the marketing strategy as a road map to our business journey. 

Well, the good news is we don't need to spend all our bank balance to communicate about our startup venture. In fact, the greatest marketing thoughts are often simple and inexpensive. We just need to think out-of-the-box and be innovative.

Constructing a brand is an ongoing process and having a creative strategy is needed to reap the benefits in future. When we start working on our startup business plan, we must include a comprehensive marketing strategy so that it remains as the centre in our preparation and is not just added as a random topic as we move forward. The importance of marketing strategy for startups can't be disregarded.

A startup can consider a number of ways when it formulates its marketing strategy. After completing a proper market research, building a reputation will be the core of the plan. The issue of visibility and ensuring product or service quality will proceed side by side.

Enterprises need to think how they can be treated differently from others and what will be the unique selling propositions. After setting these initial columns properly, money can be used to gain traction. Unfortunately, startups always go through a fund crisis, so we will have to find the middle road that combines money, creativity, out-of-the-box thinking, and innovation.

The role of digital and social media marketing can't be excluded in the marketing efforts. It is important for any startups to get in touch with the targeted audience. The spending in digital space and in other areas such as referral programmes, bonuses, customer loyalty packages, search engine optimisation, influencer endorsements, affiliated programmes, sponsorships, visibility enhancement measures, and publishing press releases has to be identified properly.

Startup marketing ideas can get a bit complex at times. But if we have the right approach, understand the key metrics and think creatively, we can achieve success with a low budget.  

The writer is a senior banker.