Starting a business is very tempting for most people for many reasons. It is true; you have a bright idea, and a wonderful opportunity you wish to make the best out of. You want to create an extra source of income for yourself. It is actually a nice idea to be a boss of your own; as you will have the freedom and time you want to do anything.
Well, in as much as you would like to start a new business, it will do you great to have basic knowledge and have a better understanding of the business. This article aims at providing those aspiring to start a new business a marketing to-do list for launching their businesses successfully. There are many things you need to put into consideration, however, we well talk about two of them in this article.
- Map out the differentiation strategy
Every successful business builds a solid foundation around differentiation, and they go about making research, looking for a feature that will make them stand out from their competitors, yet be amazing and beneficial to their customers. Look for that missing gap between your prospective customers and your competitors, and fill in the gap. Offer something that will make your prospects wants to leave established brands and do business with you.
Make thorough background check about your competitors; know what makes them stand out, and what they are lacking. The very vital thing to look out for as you run a background check on your competitors is to know how their customers view them; this is important because these same consumers are your target. Take time to visit the websites of your competitors, checkout their slogans, read what customers are saying about them, and also search the web for more information about them. If you have the finances, why not hire a marketing research company to carryout a Brand Audit study?
After carrying out a thorough research about your competitors, you should now build your differentiation idea by strategically going the opposite direction. Going the opposite direction means you should make your brand more focused on a specific word, as this will enable you attract more customers. If your target competitor is “old and established” be “new and fresh”; if your competitor is a “one-stop shop” be the “specialist”; if he’s “multinational” be “local”. Just make your brand unique, something prospects will love.
- Come up with a unique slogan
You should pay more attention when choosing your slogan because a bad slogan might be a setback for your business. Try to make your slogan a shortened version of your differentiation strategy. Express your ideas in plain languages that everyone will understand. Also, avoid slogans that are too short, as this is bad for a new brand that is not yet recognized. A short slogan is meaningless for a new brand because prospects won’t catch your idea once. Avoid slogans that have one word or just two words because such slogans will make it difficult for your prospective customers to identify you easily. In choosing a slogan, you should follow examples of great slogans such as:
Better ingredients-better pizza (Papa John’s pizza)
“The ultimate driving experience”-BMW
“A crown for every achievement”-Rolex
“The best or nothing”-Mercedes-Benz
In conclusion, these are some elements you need to critically consider in the marketing plan of a new business. In subsequent posts, we will discuss about other vital elements.