Marketing Planning for Startups in 2020
Research suggests that an essential step in marketing planning is to build brand identity, according to an April 2020 article from the Journal of Marketing Management. Startups should be working on developing communication and differentiation of their brand following success stories from large established companies.
In the digital era, you can access several sources that you can then use to structure your successful marketing plan. There are major marketing trends that you should adopt from startups and small business owners, such as creating word of mouth, a proven marketing tool that provides efficient results. Social media marketing has also been booming in the last few years, especially in the technology-oriented world of 2020.
5 Recommended Marketing Planning Steps to Follow:
1. Understand the Marketing Funnel
Marketers can start by taking baby steps. It is first necessary to do your research and understand how the customer journey works.
The funnel is made up of different stages — it starts with awareness, followed by the interest and consideration stage where you direct your customers to make the purchase decisions, and proceeds with the conversion and retention stages. The last stage of retention is critical because you need to retain your customers after they complete the first purchase. The customer journey will help you create a reliable marketing strategy and boost your sales.
2. Know Your Target and Build a Persona
What is your business without valid customer segments? You need to identify which is your target audience and concentrate on creating a persona around that.
For this step, you will need to do market research and gather data based on your potential customers’ demographic and psychographic characteristics. You can conduct research and collect data such as age, sex, income, location, hobbies, most preferred social media platforms, etc., and get to know your actual target audience. By doing that, you will be able to recognize the features and needs of your audience and provide products and services that will appeal to them.
For example, knowing your audience's most preferred social media will help you launch your advertising campaign and increase brand awareness.
3. Do a Self-Reflection on Your Strategy
It’s important for all businesses, regardless of the size of the company, to carry out a self-reflection and figure out potential issues and concepts they can improve by building a new marketing plan. Startups, which are at the beginning of their journey, should especially know if they are on the right path or if they need to change a few things.
Self-reflection is vital to understanding customer feedback and comments for your business products and services. Identify potential errors so you can structure a holistic new plan and improve your services. Marketers suggest “A/B testing.” Create a testing marketing campaign and launch it to discover your audience’s reactions and avoid future mistakes.
4. Choose Your Digital Channels
Why is this important? Because businesses without a social media presence have a short-term lifespan and usually either don’t survive or have low profits. Doing business in 2020 means you launch on different digital channels and get consumers to know you and develop a preference for you. Having created a persona helps you recognize the best possible digital platforms to launch your work on. Use internet marketing strategies, build your business profile, and expand your reputation.
Today’s most popular social media channels are Facebook, Youtube, Twitter, Instagram, TikTok, and Pinterest. According to statistics, more than 3.5 billion people use these social media platforms.
5. Launch Your Innovative Strategy
Following the steps mentioned above means you have started to build your marketing plan successfully. However, there is one more step to finalize it.
You have created the perfect marketing strategy, and now you need to be creative and launch your business as an innovative concept in the market. Do your homework again. Conduct research and find out the market’s demands. Ensure that your startup marketing plan will be as dynamic as possible in order to succeed.