How to create a marketing plan for your startup that'll surely succeed!
A marketing strategy to be effective one requires a strategy and strategy requires knowing what you want to do but also why you want to do it. Before you go ahead with any of your marketing initiatives, it’s crucial to understand the challenges you are going to face and define your goals lest all your efforts, time and money will in vain.
So, here’s how it works:
Step 1: Establish your objectives
Start out with defining your short- and long-term goals with respect to marketing. Defining your marketing goals is also about identifying what is your position right now and what steps you need to take in order to achieve your business goals.
Step 2: Know your target audience
Knowing where and when your target audience spends its time, what they do, how they consume media and how they can reach your product or service is important. If you don’t know these things about your target audience, you need to stop and evaluate your goals.
Step 3: Selecting your platform
If you’ve gone through the above steps it’s time to choose a channel that’ll help you reach your target audience. Every platform has its own pros and cons, you need to invest in a channel that you believe will give you the required results. Social media is an obvious choice for most of the businesses to start with but very often it's necessary to know which platform you should be on as each platform serves a different purpose. For instance, it’s pretty easy to run ads on social media but if you’re running an ad on Facebook and your target audience spends its time on Instagram the whole point of ad gets lost.
Step 4: Use KPIs and Tools for measurements
In order to know the actions taken have created an impact, you need to use measurement tools. Key performance indicators (KPIs) are the indicators that will tell you if your marketing efforts are taking you closer to your objectives or not.
There are lots of tools out there which can help you measure your results but the crucial part is understanding what your analytics are telling you whether the number you see is actually adding any value to your business or not.
Now that you’ve read all the steps, you have a basic idea of what you can do to create an effective marketing plan. Do your research and take professional help wherever required it’ll surely help you reach your marketing goals.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.