Why Digital Marketing is Essential for the Success of your Start-Up Business
In recent years, there has been an upsurge of Start-up businesses in India. Whatever be the product/ service, companies are focusing on ever changing demands of customers and bringing online solutions to the plate. Today users want to order food from a touch of their finger tip on mobile phone; more & more companies are going digitally for success! Off late, we read this news, how ‘Dominos India’ has upscaled their sales digitally to the tune of 3X in Q1 profits (ref: ET News). “The strong growth comes on the back of Superior product, Value for money delivery and Growing Digital contribution” – said chairman Jubilant FoodWorks.
To ensure success of your startup, you may consider factors like good innovation, funding, effective management, strong marketing strategy, latest technology and many more.
Stats from a recent survey – ”77% of venture capitalists surveyed believe that Indian startups lack new technologies or unique business models. “Source https://bit.ly/2n0xVL1
But, having said that you don’t have to panic if Digital marketing is a part of your marketing strategy. Other key reasons for unsuccessful start-up business are lack of proper business strategy, lack of product quality and innovative ideas.
People start their business with just the traditional way of marketing (ex: road side-hoardings/Banner ads, Newspaper ads, etc). In today’s digital world, reaching out to local or global audience is possible at a click of a button. But with traditional marketing mindset you cannot succeed in your business. As they say, a good product is worth nothing if marketing is not done properly and vice versa.
Key reasons behind the startup failure:
- Product Quality and Demand
Quality and Demand are always key factors of success of any business. Having deep product analysis, enough QA and knowledge related to the product is necessary. Entrepreneur’s biggest mistake is their product that is not made according to the customer requirements or non user-friendliness.
Correct product pricing is also a challenge. Making product that have value for money is very important. Product pricing affects in every stage from your manufacturing cost to end stage of final product.
- Lack of Marketing Strategy
Marketing trends are changing every day. There are many competitors existing in the market. It is high time for online marketing. Traditional way of marketing can’t reach your desired customers and is not enough to beat the competition.Here are some point for effect digital marketing strategy:
– Brand awareness: – Online brand awareness is very important for customers. Most of the time customers are not aware about the brand and its importance so it is also a cause of its failure.
– Online Promotions: – Doing the traditional way of product promotions is not successful these days. For example newspaper, road-side banners, radio ads, etc. these all things are not worth for your business as compare to online marketing.
This was part 1 of this series. We will cover the rest of the discussion in the next part of this blog. So stay tuned…