Marketing is a crucial part of any organization or business. As a matter of fact, marketing is just as important as any other department in any organization. In my opinion, it’s the most important part of any business because marketing goals will often influence your entire business model.
However marketing has been seen by most startup companies as something you do later in business when you have enough money for it. Often enough, I meet young business owners with great business ideas and when I ask them how they intend to market their new business, they reply “Oh, I just want to start first. Marketing will be later”. This mentality is the number 1 killer of startup companies.
Marketing is something you commence even before starting your business. It’s unfortunate how people think that marketing is all about creating awareness and getting customers when in the real sense, marketing does way more. For example, marketing is the most important tool in product development as it gives you an idea of what customers want so you can modify your business model to suite customers preference.
A Great Idea And A Sell-able Idea
A great idea and a sell-able idea are two different things. A great business idea does not guarantee the business would be successful. However great the idea might be, if it is not sell-able, your business is going nowhere. It has to be modified to suite customer behavior and preference for it to become a sell-able idea and marketing is the tool that helps you know how to adjust your business idea/model to make it more sell-able.
You could start off your business as a great idea and not a sell-able idea which is the reason why a lot of startups don’t last up to 4 years before crumbling. As a matter of fact, according an article published on Forbes. 90% of Startups fail.
In fact, of all small businesses started in 2011:
- 4 percent made it to the second year
- 3 percent made it to the third year
- 9 percent made it to the fourth year
- 3 percent made it to the fifth year
This jaw dropping failure rates could be upturned with insightful marketing which helps you adjust your business idea into a more sell-able one.
In subsequent parts of this article series – Marketing for Startups, I would be sharing how you can effectively market with little or no budget and gather information from customer behavior to build a more sell-able business.