Might be you could have the best start-up idea in the world, but it might it don’t grow if you don’t have right market strategy. Failing of start up in digital marketing is because either the concept is not clear or there is a mistake when making channels.
Well known or established companies spend nearly 10% of budget in marketing projects, but if we talk about start-ups the story is something else.
Every entrepreneur knows that 9 out of 10 start-ups get fail. Major thing that makes the start up to terminated, that is recognition that company is failing to achieve. This recognition creates death spiral where the investor stops to invest and start up don’t get any fund to pay its bill- even if demand product or service is somehow good.
So, it is common for the start-ups to spend more than 50% of the budget only on the marketing and sales in order to tackle the high risk phase in start-up.
Now almost many companies are shifting their marketing budget on digital marketing as the customers are increasing going online and away from traditional media like newspaper, radio or Television. We can see more than 50% of media is now online globally, but this figure can be higher in term of specific audience like youngster and residents of developing countries.
Some reasons why failure occurs and how it can be avoided.
- No consistent Messaging
Sometimes the company is not good in describing their product or services, so the customer has to search on google or on Wikipedia in order to know about the company, Unfortunately, some start-up take thousand words to describe the company work, while some start-up keep the description in stylish slogans or images.
So it is better to know the best keyword about your company that can help you to pitch in market and on which you can rely every time.
- Not Understanding target audience
Sometimes the start-ups are using digital marketing in wrong direction, that means you should know where are your targeted audience so that you can display yourself to them who are interested in your product or services.
- Continuously talking about yourself
Many start-ups are using digital marketing and just doing continuous post about their product and service, that makes the thing quite dull.
It is very important for business not to be anti-social on the social media platforms. You have to be expertise in it. They post about the genuine subjects that is suitable for the interested targeted audience and offer their valuable insights.
- No Success Measurement
Sometimes the companies are not measuring the success rate that they are getting from the digital marketing that makes the bad impact on the business that start-up don’t know.
So it is very important to monitor the success rate of the digital marketing.
- Using to many digital channels
Start-ups are using wide range of the digital channels, in which many of them are useless and just taking time and money.
So before selecting the digital channel for digital marketing start up should study the audience and the digital platform and check whether it can help them to reach the targeted audience.