Creating a Marketing Plan for the Long Term
To say that marketing is a key element of building a successful startup might be a bit of an understatement. With the market as saturated as it is right now, the key to a startup’s success may not lie in the idea or execution, but how the startup can keep the world’s interest, and for how long. Marketing can be a big drain on a young business’ resources, and many entrepreneurs can fall into the trap of picking flash-in-the-pan solutions that hurt more than they help.
Sustainability is what startups need to aim for — your marketing plan is something that should work for you over the long term. We’ve previously talked about ‘5 Digital Marketing Trends That Will Get Your Startup Raving in 2019‘ on the blog. Today, we’re going to focus on marketing that goes beyond what’s trendy, and instead focuses on the long game.
Plan Your Next Steps
Building a successful startup is no easy task, and everyone who goes into it needs to know what they’re up against. Unicorns are few and far between, and it’s more likely that you’ll have to put in years of work before seeing any returns on your investments. The Houston Chronicle claims that startups may take two to three years to become profitable, sometimes even more, which makes it doubly essential that you plan out your company’s future. Where do you aim to be in the next few years? How are you going to achieve that? An effective marketing plan is aligned with your long-term business strategy, so you’ll need to make sure you’re prepared on that front.
Focus on What's Effective
While it may be tempting to pick the cheapest strategy, even the lowest cost campaign can be a drain if it isn’t pulling in results. Remember, you’re planning for years in the future. What’s the point of a campaign if it isn’t effective? Choose strategies that bring in engagement and sales. For example, Triadex Services reports that direct mail marketing strategies still yield the lowest cost per lead and some of the highest ROI around. It isn’t necessary to spread yourself too thin when it comes to marketing. Find what works, and make it work for you.
Be Adaptable
While finding what works for you is important, it’s equally important that you understand why. You need to be studying the results of your campaigns and adapting your next steps to them. According to MarTech Today, the new era of marketing requires adaptability — customers demand authenticity and engagement, and marketers need to constantly adjust to meet these needs. Failing to respond to customers and instead falling to cookie cutter solutions is a surefire way to lose your market’s interest over the long term.
Measure Your Risks
Finally, a long-term marketing plan will need to take into consideration the risks. Forbes’ Rob Russini says that businesses need to be aware of their macro risks and competition risks. Macro risks are structural, large-scale risks that could affect the sustainability of your strategy. These include political, economical, social, and technological risks, among others. Competition risks involve understanding your competition, taking into account the bargaining power of buyers and suppliers, threats of new entrants, and threats of substitutes. Keeping all this in mind is essential to playing the long game in terms of marketing.
