Startups have a serious financial disadvantage for marketing. These tips will help Founders bridge the gap
When advising new businesses, I often remind them of the challenges they’re about to come up against. We like to recall the exploits of entrepreneurs after they have been successful, but that shouldn’t fool you into thinking the market loves new businesses. It doesn’t. After all, who wants more competition?
Startups should never wait to be invited in. Instead, they must force themselves into the market by making noise, which isn’t always easy with few initial connections and even fewer resources.
From my experience starting businesses, there are five ways you can be small, but still be heard:
Get in front of the customer
We can all sit behind a computer and tweet out to a crowded space saying, “Look at me.” But the greatest battle facing any business today is getting the customer’s attention, the market’s most valuable commodity. To get your customer’s attention, you have to be in front of them.
Nearly all of my businesses have arranged events and groups just out of the basic drive to be in front of the customer. These included product launches — a way to generate some immediate energy and word-of-mouth excitement around a product just ahead of launch — to focus groups, where we would invite a group of targeted customers into the office and ask for their opinion on particular products.
My publishing company, Legend Press, also launched Legend 100 at the end of last year: a group of customers who receive advance copies of books in exchange for posting reviews online.
Be minutely focused
No one likes general noise. There’s no point in telling everyone that you’re a great business and are going to change the market and be the next big thing. Pick a product, campaign, outlet, customer, or whatever it may be, and aim your attention and resources there.
As a book publisher, we would highlight a particular book, market or even retailer and focus there for a headline. Break through with precision, and each breakthrough thereafter will become easier.
If you don’t aren’t big enough to make an impact on your own, work with someone who does. Some of the most high-profile campaigns we have run have been in partnership with established brands and organizations, like Virgin, Guardian, Benugo and Prince’s Trust.
Have an opinion
Advertisements cost money, but being a thought leader costs nothing. Customers are used to being bombarded with advertorials disguised as neutral pieces of writing and can be quickly put off by it. But that doesn’t mean they don’t love opinions.
Talk about your industry, your ideas and the future as you see it. I have always taken the time to make necessary connections and write across numerous publications.
This sounds obvious, however, I am amazed by the number of startup founders I meet who print their CEO business cards, start living the image and wait for success to happen.
Starting a business is hard, and pretension is usually a period ahead of going out of business quickly. When I had my company’s first book printed, I packed a box of them and visited every independent bookshop in London within walking distance.
One of the best generators of noise is the build up of relentless hard work.
Customers, focus, partnerships, opinion and hard work are the factors that will help startups go from shouting from a distance to building up a deafening roar.
Tom Chalmers is the founder and Managing Director of seven publishing and publishing-related companies (including the Legend Times Group).
Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. YEC members generate billions of dollars in revenue and have created tens of thousands of jobs.
Photo courtesy of 123rf.
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