What can lead to business stagnation or even demise for a start up market share? One might think of funding, team, product, timing and so on but the reality is something different according to our research. At present, start-ups are forming at an alarming rate and these businesses are chasing a very limited customer base. Businesses like these needs a very specialized marketing strategy in-order to acquire new customers and retain the existing ones.
Fundamentally all business owners expect to double its customer base over a fiscal year and reduce cost by 20% if not 50%. To survive in a competitive industry, one must think differently and not look at competition and try to do better.
In the midst of gigantic firms and other smaller competitors who have significant market shares, what do you think are the best approaches to adopt in order to wrestle the limited customers out from your competitors? It’s simply marketing. Here are five major marketing avenues to increase your start-up’s market share:
1. Hire a Growth Hacker or Marketer.
Good things do not come easy neither do business successes happen by chance; they are adequately planned for, using the necessary resources.
As an owner of a business start-up, one thought that usually run across our head is ‘it is still early to hire, and besides, there is no financial resources to hire’. In fact, the simple reason that your business is at a tender stage necessitate that you hire a marketer(s) that will bring in the customers.
The sole purpose of your business is to provide services and maximize profit. By hesitating to hire a marketer(s), you are simply depriving your start-up’s the opportunity of winning more customers, increasing sales and earning more profit.
2. Use your friends and relatives as marketers.
Close friends and relatives could serve as important marketers to your business start-ups. In 2015, I started a consulting firm in a domain filled with top and experienced research firms. Presently, my firm is among the successful research consulting firms.
How did it happen? It’s quite simple. My cousin made it happen. She was pulling the strings by informing her colleagues about my services. Her marketing instinct did not only end in my business. She also showcased my sisters’ beauty and makeup outfit to her colleagues.
How did she manage to do this? Each time my sisters made her hair, which are most often admired by people, she quickly handed them my sisters’ complementary card.
Guess what, clients and customers started trooping into our respective businesses to the extent that we needed more hands to meet business deadlines and provide satisfactory services.
3. Use digital marketing.
One good thing about our contemporary society is that you can advertise your products and services online with little or no cost at all. That is what digital marketing can bring to the table for business startups.
Social media platforms like Facebook, LinkedIn, Twitter, Google Plus, WhatsApp, YouTube, Pinterest and Instagram to mention a few, are vital and effective in advertising ones business.
SME surveyed 3,700 marketers with the goal of understanding how they’re using social media marketing to grow and promote their businesses. A significant 90 percent of marketers indicated that their social media efforts have generated more exposure for their businesses.
There is a significant impact of digital marketing on business startups. An impact business owners should properly understand.
4. Let customers serve as your marketers.
Customers are valuable assets every business startups should strive to have. This is usually beautiful when they are loyal customers willing to introduce their friends and relatives to your business.
Most times it is not ideal for one to fold his/her hand and expect loyal customers to assist in marketing the business. Rather, a business owner should be able to motivate his customers to knowingly and unknowingly assist in the business marketing plans.
As a research consultant, I usually encourage my clients to bring more clients to my firm in return for a fixed financial reward. As a result, clients who are so impressed with my services didn’t hesitate to blow the trumpet as loud as they can.
As more and more clients were seeking my services through my loyal clients, they were equally smiling to the bank. Strike a deal with your loyal customers, and you will suddenly witness influx of new customers.
5. Let your goodwill speak volumes.
Business is like a mirror, what you sow is what you reap. The imperativeness of customers’ relationship has made the field of management to pay adequate attention to relationship marketing.
A single act of love to customers can leave an indelible impression on them forever. While on the contrary, poor customers’ relation is inimical to business growth.
Business startups are supposed to be built on integrity and trust. There is no gain involving in dubious activities and being hostile to customers in your business. Rather, your apparent goodwill build over the years is a crucial competitive advantage and a marketing avenue to increase your startup’s market share.