Marketing for startup companies is essential to survival. However the issue is always down to cost.
The danger being that if you invest unwisely, or on a shoe string, the lack of success will really have an affect.
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New businesses face a difficult problem. They have a great idea or a great product, but no funds for marketing.
Very often it takes money to make money and even though the banks are supposed to help new companies it is not always the case.
New businesses therefore need to rely either on external support or they need to be very shrewd with the money they do have (making every penny count) in order to see a return quickly.
The Princes Trust was set up to help new businesses, but only ones that have not yet registered. So you need to contact them before you set up. Also you have to be under 30.
For a startup company, it will help to prepare a business plan (which any business development/marketing strategy company will advise). This is in order to get a clear idea of what is to be considered.
Looking at the maximum budget and the prospective timescales for the marketing to become effective.
Every advertising guru will say that you need to have a plan.
However as a new company, sitting down and putting together a marketing strategy is low in the list of priorities bearing in mind all the other things that you are handling.
A plan does not have to be a complex binder of information complete with all outlines, strategies and precise budgets.
Just something simple is fine to give you a feel for what is needed and include all of the options available. Also getting things onto paper helps bring clarity.
The marketing tools will vary depending on what type of company you are, but will include the website, brochures, PR etc.
Websites for small and new businesses are pretty much essential.
Finding a good website designer is half the battle, getting them to produce the right sort of site for the right price is the next step.
Not every new company will need a brochure, but it depends on what your business does.
If you need company brochures, deciding on the size, material and number of pages will help in getting an idea of how much they will cost.
Shopping around for brochure designers is wise, brochure design prices do vary considerably.
PR for new companies can be very effective.
Some would argue that PR is the most important thing for a new business (mainly PR companies). But getting exposure is key, which PR can achieve.
PR is a very effective low cost form of marketing for startup companies.
Telemarketing for startups and new companies can really make a big difference in those all important early days. You can pick up new enquiries or actual orders within a few hours.
The main thing is to be realistic.
If you can only afford £500 for a website then tell the agency this.
Marketing is not cheap so being realistic about the amount you have to spend is important if you are going to get the best value for money.
Marketing for startup companies needs to be done wisely. Very often new businesses expect instant return.
However marketing does not work like this. It takes time, patience and constant effort (no matter what form of marketing is being used).
All businesses are different therefore the forms of marketing that need to be utilised will also be different.
The best advice that can be given to a new company is to talk to a marketing agency about putting a plan together, setting budgets and getting the marketing right.
Marketing for startup companies will make or break you.
Get it right and you will grow and develop. Get it wrong and you will waste a lot of money and possible need to close.
One important thing for startup companies is price.
Finding a good agency that can deliver results at a good price is hard, so shopping around and getting quotes is important.
The most expensive agency will not necessarily deliver the best results.
Many small businesses rush into marketing with unrealistic expectations and unrealistic budgets and get unnecessarily frustrated with the marketing not working right.
It does work, if it is properly planned, properly used and properly implemented.