The first year of starting a new business is incredibly difficult. You’re aware that your position is tentative in a market that’s already saturated with competitors and it feels like the rug could be pulled from under you at any moment. Luckily, there are steps you can take to stay on top of things and make sure that the startup gets through the first year. The most important step is to invest more effort into digital marketing.
It’s More Than Content Creation
Having daily blog posts, social media updates and ads are all great, but you need to make sure that the content is reaching the right audience. It won’t be worth the effort if you’re attracting viewers that won’t need or purchase your products/services. You need to have that content get to the people you want to see it. You need to do market research.
Practice Market Research
The term market research refers to the investigation and analysis of the current and potential customers of a business. Through the research, you can figure out what demographics your content is reaching at the moment.
It’s clear that conducting market research will help your business get to know their customer base better. What’s more impressive is that it can show you gaps in the demographics. Those demographics could be vital for the growth and overall success of your business. Finding out about the problem quickly gives a business an opportunity to tweak its methods and work harder to get the audience it’s looking for.
Get Some Assistance
Getting your employees to sift through this market research isn’t the best use of their time, especially if your startup doesn’t have a massive staff to rely on. You can turn to a lightweight Enterprise software like Morphio to conduct digital marketing research and insights. They use AI to collect crucial marketing data from various online platforms, analyze it and then draw conclusions that can push your business closer toward its goals.
One of Morphio’s greatest features is audience segmentation. You can find the age brackets, interests, countries and genders of the people behind your website’s traffic. That way, you know the demographics you’re drawing in and what ones you’re lacking. You should click here for more info about the other features that could be useful for your business, like anomalies and competitor tracking.
Ignore It at Your Own Risk
In a poll of failed startups, 14% blamed poor marketing as one of the reasons why the business didn’t succeed. Poor marketing means that your business has little online visibility and it’s not actively trying to reach their targeted demographics.
Think of it like a store that has no display window or signs. There’s no indication that the building is a store to the people walking by. Naturally, the business isn’t going to do well because the customers don’t even know that it exists. You have to put the work in. After investing more effort into your digital marketing research and outreach, the business will make its first anniversary.