Three Marketing Strategies for Starting a Business
The constant challenge for the entrepreneur involved in the marketing of the products / services is adapting to change. Whether in the technological environment through the accelerated progress of digital media, in the competitive environment through the emergence of new entities adopting disruptive strategies, or in the social environment by changing trends and public interests, all these factors determine the need for new marketing strategies.
In the context of a new business, the moment of launch is influenced by the type of strategy adopted for the optimal communication of a unique offer for potential customers. Differentiated by addressing the challenges, vision and tools used, there are three types of Marketing strategies that should be considered when launching the business, namely Creative, Professional and Digital. Although the three, on their own, can only prove successful in the case of market niches, they can be combined to form three viable pairs for the reality of the current business environment: Professional-Creative, Creative-Digital and Professional-Digital.
The Creative strategy is based on originality of ideas when presenting the products / services, on the uniqueness of the message intended for the public and the potential clients and on the differentiation from competition. This strategy perfectly aligns with the principles applied by large advertising agencies, namely the creation of a voice that stands out from the over-crowded channels that consumers come into contact with and establishes an emotional connection with them. The potential disadvantage of applying such a strategy is the level of costs required to transmit the creative message across many channels.
An example of applying a Creative strategy is the launch of the Magnum brand by the Unilever corporation on the US market and internationally. By creating an image of elegance and refinement for a simple product such as ice cream, Magnum has gained immediate recognition and a unique identity on the market.
Applying the Creative strategy certainly requires the entrepreneur to have a vision for innovation, stretching limits and exploring new ideas. The business must go beyond the existing patterns and create a dialogue with the customers, propose a high level of brand awareness and constantly invest on its image.
This strategy is characterized by the conventional element in Marketing, by the optimal management of the processes necessary to carry out campaigns and by the careful planning of the financial, physical and temporal efforts aimed at communicating to the clients. The Professional strategy is applied especially in the large companies dealing with FMCG (Fast-Moving Consumer Goods) that manage several brands and whose movements in the market are planned in detail to diminish or eliminate any potential risk for the success of launching a product.
Procter & Gamble is known for setting trends in terms of launching new brands and products. An example of the Professional strategy encountered in P&G history is the introduction of Crest Whitestrips, tooth whitening strips, on the market. Their marketing department made the following decisions, based on real data gathered progressively: the new Whitestrips product was launched under the existing brand, Crest, to reduce costs with distribution in stores, the promotion campaign was made after collecting feedback from a limited segment of clients and a network of dentists were contacted to recommend the patient’s product, thus giving the bands as much credibility as possible.
A marketing strategy like this requires the entrepreneur to have analytical capabilities, in order to be able to identify precisely the advantageous or disadvantageous characteristics of a campaign before its execution. Cost tracking and achieving a realistic budget for promotional actions are also a priority in the Professional strategy.
Paired with the last decade of business digitization, the Digital strategy focuses on the principles of Online Marketing and the use of as much data as possible for real-time adaptation of communication with customers and potential customers. Naturally, such a strategy is applied by companies that either operate with services in the digital environment or offer products with an identity that resonates with the public always connected to one or more Social Media networks.
In the case of Airbnb, a Digital strategy ensures that the majority of the tourist accommodation market is covered. The promotion of their online accommodation platform is primarily provided by their own users: they publish on various social networks (Facebook, Instagram, Twitter) photos, videos and articles containing both the properties to be booked by tourists, as well as tourist locations and cities often visited. Thus, the company manages to integrate its digital service with the Marketing strategy.
For the entrepreneur who launches using a Digital strategy, the measurable results through analytical tools for online content are the most important. The decisions for the next step in the promotion process are always supported by constantly recorded data, and the most important resources are the company website for presenting the services and the Social Media pages, whose popularity, at least locally, must be imperatively increased.
Three viable pairs of strategies
- Professional-Creative: This is the right pair for a start-up whose brand image and identity must be constantly developed to ensure market share and customer loyalty, but within which the entrepreneur prefers careful planning and reducing risks and costs. In this case, the entrepreneur can be assisted by an expert in the field of Online Marketing so that the products or services can efficiently reach the public connected to the Internet.
- Creative-Digital:It is the right pair for the start-up that follows the disruptive business model, since a product or service that seeks to innovate and change the direction of development of the industry will certainly benefit from an intense marketing in the digital environment and a unique message for customers, focusing precisely on the ambitious vision of the business. The entrepreneur may lack in this case the pragmatism of the Professional type strategy, but still, consulted by an expert in operations and strategy, he can diminish the risk of exceeding the budget or the negative reactions of the addressed public.
- Professional-Digital: This is the pair that can be used by a start-up that, although focused on online business, is organized with discipline and attention. This option involves the controlled and carefully monitored performance of the Online Marketing campaigns, as well as the constant adaptation of the promotion techniques so that the conversion forecasts are met every time. The risk of adopting this strategy is the vulnerability of the brand, as the entrepreneur (on his own or consulted by an expert) must ensure that a certain level of loyalty is obtained among his clients.
There is no perfect marketing strategy, especially in the context of starting a business. The options presented in this guide emphasize the importance of the promotion style, the channels used and the target audience, but developing a Marketing strategy and applying it is rarely a job for one. If you want to launch your business and send a powerful message to your future customers, contact Idea Perpetua team, who can help you through effective methods to develop a successful start-up.
About the author:
Junior Business Consultant
Octavian is pursuing a BBA (Bachelor of Business Administration) program at the Academy of Economic Studies in Bucharest. At Idea Perpetua, Octavian implements projects in Entrepreneurship Consulting, Consulting in Online Marketing and Consulting in Branding. At the same time, Octavian is oriented towards reaching the clients’ objectives related to the increase of the turnover, the increase of the client portfolio, the development of the relationship with the stakeholders and the increase of the brand awareness in the online environment.