Top Marketing Techniques to Make Your Business Sustainable from the Start
Friday, November 16, 2018, 6:00 AM | Leave Comment
There’s a statistic that claims that for a startup to become self-sustainable, it may take between 6 months and two full years.
The problem with this statistic lies in the fact that A) the discrepancy between 6 and 24 months is huge and B) there are startups that don’t fall within this time frame.
Depending on the industry, business model and business promotion techniques that are used, some businesses take less than six months while others take more than two years.
Now, while the industry may not be something that you can control as easy, the choice of marketing moves that you make is yours and yours alone.
With that in mind and without further ado, here are several marketing strategies that can make your startup more sustainable.
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Supporting local economy
There’s a myth that larger suppliers and partners always offer better terms. Namely, they usually do have a way of offering a lower price and a better supply system but this is where all of this convenience ends. Namely, with a local supplier, you can customize the partnership and the service in more ways than you could with a larger conglomerate.
Think about it, a massive business has to automate and uniform some of their services, which means that they have a more rigid structure than a smaller local business.
Most importantly (from a marketing standpoint), when trying to market yourself as a local business and collaborating with another local business, you can share their list of contacts. This way of improving your networking skills is particularly useful.
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Unique selling proposition
The next thing you need to understand is the fact that in order to triumph over your competitors, you don’t necessarily have to offer lower prices or better shipment options.
Let’s face it, as a small business, you won’t be able to compete with much larger enterprises in terms of prices, at least not for long. Instead, you can make something different into a selling point.
For instance, you can market your products as safer, eco-friendlier or add an additional feature or service into the mix. The reason why this is sustainable is due to the fact that it doesn’t increase the overhead, which also means that it doesn’t move you further from your break-even point.
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Showcasing your products in person
Another notion that you should definitely try out is showcasing your products in person in order to establish a personal connection with your audience.
The reason why this is sustainable is due to the fact that the ROI of such a method is much greater and that the conversion rate is higher and more reliable. Namely, all you need to do is find a suitable event, look for adequate exhibition stands and print some promotional materials.
We’re talking about leaflets, brochures, branded t-shirts and other, similar, items. Sure, the cost of this may still pose a challenge to your budget, yet, it’s still much more frugal than the majority of other old-school marketing techniques.
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Emphasizing your corporate values
In the past, all that people cared about was the idea of what a product is capable of doing for them. Nowadays, we live in a different world, a world where going viral may change your company overnight and where being in the center of controversy can make or break your brand in a matter of days.
In other words, people care about more than your product and service. Millennials are aware that by giving you their money (in exchange for products/services) they’re supporting your organization.
Therefore, they need to know that your values are in an alignment with those of your own. As far as the cost-effectiveness and the ROI goes, it all depends on the methods or rebranding efforts used.
In conclusion
The last thing you need to understand about the above-listed four suggestions is the fact that the key to success is putting this equation down on paper and doing some thorough analysis.
While some may be skeptical towards the fact that this can be decided by simple math, the key to early sustainability lies in the idea of getting as much value as possible with a low overhead. With these four techniques, you might be able to get just that.
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Mike is an Australian IT support professional. He’s working with companies that outsource their IT maintenance. He often writes about technology, business and marketing and is a regular contributor on several sites.
