When it comes to running a startup business, your main focus should be spreading brand awareness. According to Forbes, about 90% of all startups fail within their first few years. There are many reasons why a startup could fail. Too many to name here, in fact. But one of the mail reasons startups fail so often is because they spend all their money on bad marketing that gets them nowhere. A great way to save money while marketing your business is to use social media platforms. This allows you to appeal to, and build loyalty among, your intended target audiences for free.
While you don’t want to simply blanket the market, you do want to come up with a tactical approach that allows you to reach your entire intended audience. Just because Facebook has over a billion users, it does not mean that Facebook is the right platform for you and your business. There might be a more specific options that could be more effective for you. For example, if your startup business is one that sells baby products, maybe a site like Cafe Mom, which is for moms and moms-to-be, would be the best marketing option for you.
In general, social media platforms have become an integral part of the marketing mix for new companies. Here are three reasons why social media can be beneficial to you and your startup.
- Marketing on a Limited Budget
There are great amounts of pressure put on startups to be able to maximize their marketing dollars without stretching them too thin and losing quality. Spending too much of your small budget on your launch campaign, while hoping it gives you some kind of an income surge, can ruin your business from the jump. This is where social media comes in. It's free to create profiles on most social media platforms. Free is good. Free is actually great, especially when you are a startup. While not all aspects of social media platforms are free (i.e. advertising) most of the features are.
- Credibility and Relationships
As a startup, you need to hustle to create a buzz, or even be a bit relevant in your industry. Social media is where fresh, new companies go to distinguish themselves from whomever they may be in competition with. It is where you should go to share the new, creative, and relevant content you create. Doing this will set you apart from others in your field and show your qualifications.
Social media is also about relationship building and giving your followers unlimited and unrestricted access to your company. People love to learn the ins and outs of a company and if you can do that creatively, you will not only be showing them who you are, but you will also be showing your ability to market yourself.
- Customer Feedback
Social media marketing offers a unique aspect of research that most other market research cannot achieve: access to a wide-range of market feedback, and at a low cost. Listening tools found on the platforms represent a fraction of the cost you would normally incur for traditional market research. Not only do they offer extensive amounts of insight into what your target audiences wants, they allow your customers to tell you what they think of your products or services and how they can improve.
So, before you go blowing your entire year’s budget on one marketing venture, think about what you can do for yourself without spending money. Social media platforms are a great way to get your name out there, to gain loyalty among your peers, to connect with your target audience, and to market yourself for free.
As a startup company, you’re probably experiencing some down time. Just because people aren’t bursting through your doors and buying you out does not mean the potential isn’t there. Rather than sitting and waiting for that to happen, hop onto your social media accounts for an hour a day. Share what you’ve got going on with the social media realm and business will come to you.
