Recent research studies found out that 90% of all business startups never get to their second birthdays. They all collapse within the first year of establishment and operation. The primary reason for this trend is the stiff competition they face from their competitors, who have been in the industries for quite a while.
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According to Luke Lazarus, the only way they can manage to thrive in such market environments is by putting in place strategic marketing procedures. These would assist them in penetrating the market in the quest for more consumers to subscribe to their services.
Finding the right reporter to cover your startup https://t.co/rifCJ1D7k9
— Luke Lazarus (@LukeLazarusAU) January 3, 2020
With the advancement in technology, startups and declining businesses can leverage social media to advertise their services, hence reaching more target markets.
One of the primary platforms of which entrepreneurs have been taking advantage is Instagram. This social media platform has more than a billion users globally, who consume content from content creators from all corners of the world. On Instagram, entrepreneurs can tell stories about their products and services, trying to move the emotions of their audiences.
This way, they can convince a lot of potential customers and convert them into consumers of their merchandise. This is a brilliant way of winning the hearts of potential customers through inspiration. However, it is vital that the message you send to the audience be synonymous with the products that you contemplate selling to them.
Recently, Instagram launched IGTV, a feature that allows users to upload long-form video and audio content. This will aid entrepreneurs in sharing their stories and cultures with the target market.
Market research is another determinant of business success, as Luke Lazarus highlights. Startups need to analyze the markets before venturing into business. This can only be done by observing the markets, collecting relevant data, and performing various analyses on it.
The statistics from this data can inform entrepreneurs in their decision making regarding multiple aspects of their business. For instance, by studying the market segmentation, startups can know the kind of products that would sell quickly in the market.
They would also understand the type of marketing messages that they should craft to promote their products in the market. Selling to young individuals requires a different set of messages from those that one would use while marketing their products to consumers over the age of 50.
According to Luke Lazarus, many businesses require partnerships at their startup stages. This is when they need a lot of support from both clients and investors. However, the support is not served to them on a silver plate.
They have to share their objectives and vision with these stakeholders so they can convince them to participate. Luke argues that the best way to woe these partners is by crafting a compelling business plan. Through a business plan, a company portrays transparency and honesty, two traits that partners always seek from any business.
In the business plan, an entrepreneur may add the financial projections for their startup. This helps potential partners in assessing and evaluating the economic viability of the business undertaking. From this assessment, they can decide on whether or not to partner with you.
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