In the crowded global marketplace, companies and organizations everywhere are vying for attention. When launching a new venture, gaining exposure and brand awareness is critical to getting your business off the ground.
Southeastern Oklahoma State University’s online Master of Business Administration (MBA) with a Concentration in Entrepreneurship program prepares you not only to start and run businesses but also to broadcast branding messages that rise above the noise. The ability to market your emerging company effectively is one of the most crucial skills you’ll need in the early stages of starting your business.
Start With Marketing Strategies for New Businesses
The first place to start when marketing a new venture is to devise an effective strategy. What are the business objectives? What are the marketing objectives? Are you trying to reach individuals or other businesses?
Once you know what you are trying to accomplish, you will have an easier time finding ways to market your business that align with the company’s vision and objectives while successfully engaging your target audience. If you do not develop a strategy during the start-up phase of your new venture, you can quickly find yourself floundering in the common noise of vague and inefficient marketing.
Developing a marketing strategy gives your venture focus and clarity by revealing which marketing methods will be most compatible with your overall goals. Conducting research and carefully defining your strategic approach will also help you avoid ineffective and inefficient marketing methods.
Networking Is Key to Marketing for Entrepreneurs
In the early phases of establishing a company, one of the most effective ways to market your business is to network. Networking builds connections that will serve you throughout your venture’s growth cycle while also helping you understand how similar ventures became successful.
Through fostering partnerships with leaders and innovators in your industry, you can discover ways to support each other. By learning the needs of other companies and identifying potential customers, you can build mutually beneficial relationships that lead to great word-of-mouth marketing.
Engaging New Customers and Beta Testers: The Power of Free
Another vital component of marketing a new venture is getting your product out into the marketplace. You should set aside a portion of your budget to pay for samples or giveaways so customers and beta testers can try out your product at no financial risk to themselves.
Trade shows, conferences and direct interactions with potential contacts are all great opportunities to put your product into customers’ hands and get them talking. As you build relationships with those customers, you are investing in their loyalty and their desire to share your product with others. Enthusiastic customer support fosters a positive brand reputation and can drive exponential growth in brand awareness and engagement.
New Venture Marketing in Social Media
Using social media sites like Facebook, Instagram, Pinterest, Reddit or TikTok can be a free or low-cost method of creating name recognition for your new venture. Your company can share links, photos and videos related to your product through various social media channels. Similarly, posting articles and links related to your industry can help you establish yourself as an authority in the field. Social media is a great low- or no-cost way to build trust and develop relationships with customers.
Engaging consumers with personalized content and direct communication fosters the customer relationships and loyalty businesses need to succeed. Additionally, engaged customers can support you by sharing your posts or creating user-generated content that authentically builds awareness of your brand in their circle of influence, broadening your reach and exposure.
Email Marketing Is Still a Powerful Tool
Building an email list of your customers and prospects may seem old school or outdated, but email marketing is still an excellent way to stay in close contact and market your company at a relatively low cost. If people opt in to your email list, you have the opportunity to reach out on a regular basis and let them know more about your existing products, upcoming product launches and your company culture.
You can send a weekly or monthly newsletter with helpful information related to your industry, or you can notify recipients when new products or pricing are available. You may offer email list subscribers the chance to preorder products before they are released to the general public, generating interest and excitement. Email lists are also a great way to offer exclusive coupons and special promotions to drive sales.
Hone Your Marketing Skills With an MBA in Entrepreneurship
Southeastern’s specialized MBA in Entrepreneurship provides you with the in-depth study of cutting-edge and tried and true marketing tools available to new ventures. You will learn the best practices for building awareness in busy, multi-touch marketplaces, preparing you to market your ventures in the most efficient and effective ways possible.
Comprehensive coursework helps you understand how to integrate emerging analytics technologies, modern-day social media marketing and traditional methods of engaging with a target audience. With the skills and expertise you gain, you can build the long-lasting customer relationships that help new businesses flourish.
Learn more about Southeastern Oklahoma State University’s online MBA in Entrepreneurship program.