Build the start-up and they will come – right?
Launch the website and sales will start pinging through – right?
Have a great product and you’ll always have customers – right?
Wrong!!
One of the most common mistakes made by start-ups is to run out of cashflow and not leave enough money to actually launch their product, so they take a chance and do it anyway. This often leads to disappointing results and makes it an uphill struggle!
Many businesses are forced to develop their start-up product or service on a shoestring budget and this, I think will never change. It’s sensible to shop around and find good value for your needs – market research, product development, IP, trademarks, packaging, graphic design all cost money so a budget is needed. But what is most important it to plan your marketing strategy carefully and ensure you allocate funds from your budget to actually execute it once you’re ready to launch.
Fortunately, there are a number of ways you can get the word out about your business without it breaking the bank. Here are my tips on developing a marketing strategy for your start-up:
Save your money on website development
Use one of the many eCommerce offerings that provide website templates. You can have a snazzy looking website immediately and make changes yourself – even if you’re not tech-savvy. Shopify and WooCommerce are good places to start.
Create your social media accounts before you’re ready to launch
This gives you the opportunity to start building an audience that will perhaps buy once you’re ready to launch. Start with asking your friends to follow you and get them to share content. It’s important to build excitement! I took people on my journey with me – I shared photos of my prototypes, the state of the office, pictures of my visits to China, talked about my challenges. These things start getting followers invested in you as a person and your business. Then it’s up to you to convert them to buyers once you’ve launched.
Collaborate
Research all the companies that you think have a similar target market to you and approach them to do a collaboration. Remember when you pitch these ideas to potential collaborators, there has to be a win-win for both parties. Don’t just ask them to shout your name to all their hard earned, loyal customer base. Work out how you can help them, too. (Hint: Giveaways and prizes are great!)
If you’re product related, get some retailers on board before your launch
Put together a proposal with great images, pricing, minimum order quantities and launch dates. You may be able to bag yourself some pre-sales so you have income as soon as you launch.
Consider putting some budget in to PR
A good PR consultant can often find angles you’d never think of for your marketing strategy. They pitch ideas to TV, radio and print magazine and you may be lucky enough to get massive exposure for a fraction of the real cost. You must keep in mind with PR that nothing is guaranteed – it can be a little bit like kissing frogs, you may have to kiss a few of them before one of them turns in to a prince!
Paid advertising
There are plenty of ways to make a few dollars go a long way in a marketing strategy. Consider Facebook advertising, Instagram ads and Google AdWords. A word of warning – it’s not a dark art, but there is a fair bit to it and if you don’t take the time to learn or outsource, you can end up wasting your cash.
Emma Lovell, Founder, CoziGo
