An interesting thing we’ve noticed in working with startup companies over the years is how often they are headed by entrepreneurs, business owners, and executives who are incredibly driven people. This is mostly a good thing, of course, but it can also create some important challenges.
For example, a lot of the most ambitious people have problems with patience. In other words, they want to get their companies moving, and want to do so right now. That can lead to impulsive decisions, or committing to marketing schemes and plans before they are actually ready to move forward.
And so, our device today is to commit to doing some research before you get into the specific elements of your startup marketing plan. You want to have at least a basic framework of what’s going on with your new business, the market, and the industry as a whole. For example, you might examine:
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How many competitors you have, and what kinds of marketing messages they’re using
Which sales channels (like direct mail, magazine advertising, or e-commerce) have been most successful at attracting new customers. The keywords and phrases that potential customers are likely to use on Google and the other search engines.
How informed buyers usually are about products and solutions
These are all just quick examples, of course, but the idea should be easy to follow. The more you know about your business when you begin your marketing plan, the less likely you are to launch it using the wrong assumptions… and the easier time you’ll have correcting any mistakes you might make later.
New businesses don’t have the margin for error that established companies do, which makes information even more important. Is your startup really ready to go ahead with a new marketing plan?