Although startups are companies just like any other company, they’re also a different breed of business. For one, many of them are inventing something-sometimes a product but most oftentimes a service or technical application-that many people may not even know was possible. So there are hurdles that are different from someone selling, say, a traditional product like a car.
But even so, some of the same rules apply when it comes to startups generating interest and market share. Take, for example, buzz: Startups need to generate it, and to do that they need to find their market and discover that market’s influencers. And they need to convince their market that the service or product they’re offering is more than just a way to spend money. It’s a chance to learn and to grow, and to do that the startup needs to offer compelling content.
What else can startups do to generate buzz? This graphic can help! Check it out (or read the full story here) to see what 5 things you can do to introduce your new company to the world:
1. Identify your key audience and influencers
Before you take one step, first identify where you will market your product. A staggering 42 percent of founders cite a lack of market need as the number one reason for failure. Even if you have an outstanding product or an excellent service, it is absolutely useless unless people actually want to use it. (Read more about market identification here!)
2. Analyze and plan accordingly
Entrepreneurs often hear that the majority of startups are doomed to fail before they are even conceived, a notion that is supported by hard statistics. In fact, 90 per cent of startups inevitably fail for one reason or another; that’s a fact every person in the business has to face.
The first step is to make a cohesive plan. As any entrepreneur will tell you, plans are also prone to failure. The turbulent nature of business will render a lot of them useless by the time they are supposed to come into fruition. (What do you do if you fail? Find out here!)
3. Craft targeted and engaging content
Some of the most effective B2B marketers spend 39 per cent of their marketing budgets on content, and there’s a general trend toward creating relevant, targeted content for specific audiences. That’s why ignoring content creation is a bad idea. After all, the majority of consumers learn about a company through content rather than ads. Though this takes into account a number of different services and ways to serve content, as a startup you may be limited on the type of content marketing that you can create and push. (Most inexpensive way to create content? Find out here!)
4. Make sure you’re on social media (your competitors already are!)
In this day and age, you have no excuse for not keeping up with social media platforms. Traditionally, Facebook and LinkedIn are the most popular platforms for businesses to use. However, as the popularity of social media grows, there are more and more platforms becoming used my millions of people around the world. Instagram, Twitter and even TikTok all provide opportunities for businesses to exploit. You can even increase your TikTk likes by paying for some, which will make your page even more popular on the platform, allowing you to directly reach more of your target audience. They are all great places to promote your brand, explain how your product or service works, and keep your startup in the spotlight for as long as possible.
When you first start, social media management can easily be done by one person-often you, the founder. (Who runs things as you grow as a company? Find out here!)
5. Maintain engaging and interactive social media presence
In addition to being social, being interactive is of equal importance. If you maintain a social media presence that is faceless and cold, consumers will turn their backs on you. In the digital age, users expect their questions to be answered and companies to interact with them on a personal level. (How fast should you respond? Find out here!)
Overall, introducing and generating buzz for your business is tough, but by reading through these studies and knowing what you can do to create excitement around your company, you can be successful! Please do not hesitate to reach out to me if you have any questions about starting your own business or raising capital.