The Top 6 Market Must-Haves For Startup Success

 

Here is a (little-known) fact that is vital for all startups to understand: You can have the best product in the world, a true game-changer that could help millions, but if you don’t know how to market your product it’s going to get lost in the crowd. (That is why, in the ‘80s and ‘90s, you had a collection of VHS tapes and a VCR instead of the superior Betamax system.)

As technology changes, so does our way of seeing the world. The marketing plan of 50 years ago is radically different from today’s marketing plans. (After all, the marketing plan of 15 years ago is very different.) This means you can’t just rely on the tried-and-true methods of the past if you want your startup to survive and grow in today’s busy marketplace. That being said, there are some facts that remain true regardless of how the marketplace shifts.

Timing Is Everything

If you want to succeed, you have to strike when the market is hot. Launch at the wrong time and your product will be ignored by disinterested consumers. As the interest in FinTech is steadily growing, now is the ideal time to show the market what you can offer.

Understand the Need in the Market

The most successful products are game-changers, items or services people have been yearning for to make life easier. If you want to make an impact on consumers’ buying habits, you have to relate your new product to one of their pressing needs. This will require research (potentially a lot of research) and you will have to obtain direct feedback from clients—enough feedback to uncover what the greatest common issues are. Use your marketing to prove that your unique product will improve their lives and you will find you have created a loyal and happy customer.

Define Your Purpose

Once you understand the needs that are in the market, start to analyze how your product can make a meaningful difference in the world and how it can make life better for your clients and society at large. Corporate social responsibility is a major part of the modern business world and a minor donation at Christmas is not enough to cultivate a good image in the marketplace. Socially-conscious companies now have their purpose aligned with their strategies, proving at every step of the way that they believe what they are producing is helping their clients and the world at large. By solidifying this purpose you will draw like-minded clients and partners towards you and help you build your base.

Connect With Your Audience

Do you know your target market? Do you know the best way to reach them? This is vital information to uncover before you start any promotional planning.

There is no one-size-fits-all solution when it comes to marketing—and this is especially true today. The methods needed to reach teenage girls are radically different from those needed to reach the senior generation. (Chances are high no seniors ever downloaded iAllowance.) If you put your marketing weight in the wrong area with the wrong marketing technique, you damage your brand reputation and lose money in a failed campaign. That being said, when you find the right voice and the right spot, your customers will come running.

Leverage Technology

One of the primary reasons today’s marketing plans differ so radically from past plans is because of the advances made in technology and the changes in human habits that came with it. If you don’t know the new technology and you don’t know how to properly reach your target market, your promotions will not have the impact needed to keep your company above ground. For example, according to Demand Metric, content marketing can generate three times the leads of traditional outbound marketing while being 62% less expensive. If your company is devoting its attention and marketing budget to a series of print and TV commercials, you could find your efforts won’t see the needed return.

Show Innovative Leadership

If you want your startup to thrive, you need to ensure your team is being properly led. And if you want to succeed in our ever-changing diverse world, you need to be ready to meet the different needs and work habits you will encounter in the marketplace. Innovative leadership is what will lead your team to tap into their creative prowess and create the perfect marketing plan for the next big startup—yours.

After putting all the effort into the creation and launch of a new product, no company wants its efforts undone by a substandard marketing plan. And with FinTech still being an unfamiliar player in the game, your marketing efforts need to be even stronger to impart your value to customers. Ensure your strategy is strong and your message is clear. This, when combined with a growth mindset, it the best way to ensure your startup will thrive.