Marketing Strategy for a New Business
The number one reason why new businesses fail is that they don’t attract enough customers. The fact is that many businesses go through other stages such as coming up with a brand name, coming up with a brand, even building a basic product or service. But unfortunately many of them fail when it comes to attracting prospects and converting those prospects into customers.
So that’s the whole focus of this article. We’re going to go through a simple four-step framework called the Bullseye Framework. This is from Traction by Gabriel Weinberg. Berg and Justin Mayer is an excellent book for beginners who are looking to attract customers to their business. And this is as simple as I say, a four-step process that you can use to attract customers.
Now, I mentioned earlier that I recently published an article about several ways to get more customers. You can go through that article. That’s just one of the different marketing tips covered in that article. And the idea here, even though we don’t want to go all thirty at once, we’d spread ourselves very thin.
The idea here is to bring realistic situations to each and every one of them, as an exploration process. For example, if you scroll down the list and see content marketing, you want to come up with a realistic scenario of how you can improve your business using content marketing. What kind of articles can you create,
What kind of podcast should you create? You want to explore exactly how you can get that opportunity if you absolutely have to. And then you want to do the same as you go down the list for search, advertising, social media, hosting, live events. You might consider, you know, hosting a local meeting, a small group meeting with passionate customers or you could try to put on a big fancy event and invite other speakers.
Whatever your marketing may be, the idea here is to simply explore the possibilities and get your mind off of what you could do if you absolutely had to pursue the various marketing opportunities out there. The reason this is important is because many times businesses are stuck in a rut where they really just follow the marketing channels that all their competitors follow.
So if you see another potential competitor using search advertising, you might be tempted to say OK search advertising is the way to market this type of business, and really limit your options. Unfortunately, when you follow such a strategy, you are actually playing to your competitor’s strengths and looking for a channel that is already going to compete properly.
So by definition, the most popular channels may not be the best options. once they are, yet, never. So that’s the whole point of this first step is to really explore what you can do if you have to look for different channels to come out and see what’s possible.
The second step is to select promising channels. So this is a very important step where we start to narrow the field. Instead of searching all the channels, we want to narrow it down to three of the most promising opportunities. And when I say commitment, because you are a startup, your first priority should be speed. So you want to find channels that are likely to generate results for you quickly. Of course, you also want to choose channels that are likely to provide more customers, right.
So you’re talking about both the volume of customers and the speed at which you can attract them. Of course another consideration will be your ability to attract profitably. So since the channel can bring in more customers and do it faster, you know it’s not cost effective to continue.
So that’s kind of what you want to think about. Once you’ve narrowed down the field to the most promising channels or the most promising opportunities based on your initial brainstorming, then it’s time to move on to step three. And the third step is something that I think many businesses naturally skip when trying to pursue marketing opportunities. The third step is to conduct inexpensive tests.
This is important because even if the opportunity seems promising and when you go through it as you are looking for it, it seems attractive and may be interesting. The truth is, not all marketing channels are equal, and sometimes you may be really surprised to find out which channel is not effective. And if you don’t compare its results to another channel, then you’re never really going to be able to make that difference and know, hey, this might be a half-good chance, but here’s a much, much better chance,
