Entrepreneurship has tremendous opportunity to be a driving force in 2017, while more multi-million and billion dollar retailers and manufacturers are filing bankruptcy and going out of business. There are unclaimed customers in the market looking to engage with new businesses. Having a better marketing strategy for creating brand awareness communicates value to the potential customers. The U.S. economy is unsure of the immediate future. The internal uncertainty has raised concerns about what has become common business practices such as outsourcing and technology investments, which are expensive investments for startups, making competition more difficult. Because the internet has given rise to brand building strategies and engagement with more access to small-business, niche-markets customers, the digital age is filling the needs quickly. Digital marketing and social media offers small businesses the ability to compete in a broader market by increasing the amount of ideal customers while also giving businesses the opportunity to reduce marketing costs for communicating value to unqualified customers. The loss of larger firms provides an increase in expertise in the market and it is up to the entrepreneurs to develop the relationships and strategies through team-thinking for problem-solving in the changing economy.
Marketing Strategy utilizes the information about the industry, the firm, and the competition to form a plan that operationalizes the value proposition of the firm. Marketing is an essential business function that is often undervalued by small to medium size businesses. This is easily identified by the lack of distinguishable brand awareness for products offered by entrepreneurs. While only a handful of brands can effectively communicate their value to qualified customers, every downtown street and industrial complex in America is saturated with small businesses that are not maximizing their content to their greatest ability. As a result, brand equity is left in limbo for the digital-savvy business owner to profit while the other businesses are forced to wade through the trenches of increasingly obsolete marketing practices.
Digital marketing and Social media
To increase Brand Awareness, businesses need to develop relationships with influencers in the industry. Each social media platform is different and shares various content on social media profiles. To ensure the consistent usage of linking images or content, the businesses will distribute consistent content in accordance to the specific platform’s purpose. Social media requires constant monitoring and fine-tuning. To drive brand awareness, it is key to set up regular meetings to analyze metrics and go over the performance of the brand development strategy. Through an initial investment in time and utilizing apps the long term strategy will save the company time and money consistently as the business grows and increases the ideal customer base.
Ideal customers are educated about the firm’s offerings while being early adopters, brand promoters, and ambassadors who actively seek to improve the experience through partnerships with the firm. The ideal customer is both willing and pleased to pay full price because they believe in or have a strong connection with the value proposition of the products and services offered. Even at full price, the ideal customer feels like they are getting a good deal.
Greatest startups in 2017
The 2017 entrepreneur does not have to be the cheapest or fastest to market if they can utilize the expertise available in the marketplace and implement a sound marketing strategy. The greatest startups in 2017 that are operating with a “good enough” marketing strategy will win out over the “we are working on it” marketing strategy. At the end of the day, perfection prevents production just as often as “a bad process will beat a good person…” W.E. Deming