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Marketing for Entrepreneurs & early stage Startups - Are you ready?


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'In the UK, Entrepreneurs are starting new companies at a record pace.  The number of tech startups in Britain has more than doubled since the EU referendum in June 2016, according to new research.'

Analysis of Companies House data, by auditing firm RSM, showed the number of operating technology businesses reach 5,995 by the end of February 2017 – 3,670 more companies than the figure recorded in the days after the Brexit vote.

London remains the dominant home of digital businesses in Britain. In the eight months following the referendum, 1,741 new firms were incorporated. According to Tech City UK, a tech startup is now founded every hour in the capital.

London also has over 30 accelerators and 48,000 people employed in the digital economy, and is the beating heart of the European startup scene, and Europe’s number one start-up hotspot. The city supports a culture of creativity and innovation that allows new businesses to be born and to flourish, and creates opportunities for individuals to grow and develop into game-changers and industry leaders.  


The Importance of Marketing for a Start Up or new venture

Marketing is like the heart of your business. For your business to survive, it needs marketing, and the stronger it is, the healthier your business will be, along with its product, service, message, sales and PR.

However not all businesses and new ventures are ready for a full-blown marketing plan and its important to get the basics right.

WHEN IS TOO EARLY?

When you talk to people / the market about your company, do they get excited about it? Do they get it? If there’s no immediate demand for what you want to offer and few discussions about the need for a solution like yours, you probably need to dig a little deeper.

Sometimes tech entrepreneurs have an idea or concept so advanced that it doesn’t yet fit into the habits and expectations people already have.

You also need to make sure the supporting technology and infrastructure that your product would rely on are fully baked. Appreciate it may not be the finished article, however it must work!


getting your entrepreneurial venture ready for outsourced marketing.

 

1)Can you explain your unique value proposition?

B2B marketing is only as effective as the substantive facts it can communicate. Some businesses need to try (and fail) a little before their niche is truly defined. If you don’t know your product or value proposition well enough to explain where it excels and how it’s different, then this should be the first area to tackle. You value proposition is a statement that communicates the UNIQUE VALUE provided by your business to your TARGET CUSTOMERS.

 

2)How well do you know your market, customers & end users?

At the heart of any marketing effort is understanding your target market. Many startups fall into the trap of identifying their target audience as “anyone interested in our product/service.” Not only is this too general, but it’s simply not realistic.

Know your Customers & Future Clients Between omni channel and the Internet of Things, we can know more about customers than ever before. Question your assumptions and be prepared for your best customers to not be who you thought they were, or perhaps who they used to be. Once you have a 360-degree view of these customers – their common interests and characteristics – you can find more like them, or develop new products and services.

Know Your Product/Service
It’s vital to be able to view your product/service in terms of its benefits and to ask questions like “What problem are you solving?” Getting to the heart of this question is where you will find your target market sweet spot. This question will help you get away from marketing to “anyone,” and instead focus on only those people with the problem your product solves.

Understand Your Competitors
When is the last time you did any research on your market landscape and competitors? Market share and trending? Do you know where you sit by way of price comparison? Feature set competitiveness? Do some research into who’s buying from your competitors. Who are they targeting and why? Who are they missing? You may discover some niches.

Once you have done all of this, you can build a marketing strategy that is targeted to those people who are most likely to buy (and buy again) your product or service. Do some further research into how and where to reach your target customers. What websites do they frequent? Do they read certain magazines? Is there a professional association they are members of? Don’t be shy to ask your current customers some of these questions, as well. Where/how did they initially find you?

 

3)Are you open to new ways of doing things?

Entrepreneurs can be control freaks! The nagging suspicion that you’re miles ahead of everyone else in the room?  It’s probably true.  And it’s partly why you started your own venture.

But when it comes to marketing, being brilliant and getting found don’t always jibe. Your expertise will often need translating. Your message will often need truncating. And your sales pitch will almost certainly need layering, with approaches tailored to different buy cycle stages and markets.  Basically, you’ll need someone who thinks differently than you do!

 

4)CAN YOU COMMIT QUALITY time?

Yes, outsourced marketing services do save time for entrepreneurs and their startup teams. 

But not right away.

In the early stages of any marketing plan you’ll need to be accessible and willing to invest a set amount of time which is AS important as the willingness to invest a budget.

 

UNBOX LONDON specialises in audience building and outsourced marketing services for entrepreneurs, startups and innovative teams. It’s exciting to partner with talented, ambitious individuals executing on a vision!

Are you a startup that is scaling and need extra resource to open up a new market?

Do you want to apply some 'out of the box' thinking and power up your existing team?

Could UNBOX LONDON be a good fit?

Drop us a line and lets have an exploratory chat!