A recent BBC article has pointed out that recession can be a good time to launch a new business. To demonstrate that they point out successful companies such as GM, Burger King, CNN, Uber and Airbnb which were all started at times of economic turmoil.
According to Dane Strangler, a fellow at the Bipartisan Policy Centre, in Washington DC, a difficult economic backdrop makes companies both tougher and nimbler for years to come. He puts this down to two main factors – lack of finance and reduced demand which the new business has to deal with from day one, contributing to their resilience.
With unemployment in the UK soaring and many experienced professionals being made redundant, new businesses are opening everywhere. We are therefore dedicating our Blog this week to new business marketing considerations. Here are our top four tips:
Be clear on the problems you solve: People do not make changes unless they have to, particularly at recession. To ensure you are successful in launching your business, you need to be clear on the problem you are solving for your clients. To help you understand the true impact on your target market it is useful to question this with people you know in the industry.
Understand your target market: When you start with defining the issue you solve it is easier to identify your target market. All you need to do is understand who will be suffering most from the pain you relieve and delve more into what defines them. Make sure you do your research and investigate the details as it will help you to create the right approach.
Create a strategy: As a new business owner, you will be wearing many hats and will have lots of information cramming your brain. Make sure you create a detailed business development strategy covering the following points:
- Your product definition and the problems it solves
- Your target markets, their issues, what they want to achieve and how they solve their problems at presence.
- What tactics will you use? Can you get referrals and recommendations, is there a special offer you can use as your hook?
- Who is your competition and what marketing tools they use?
Do your own marketing: To start with, I always recommend that you run the marketing yourself, send the emails, make the calls and write your communications. This will not only save you money but also teach you a lot about your target markets and the way your product is perceived.
We hope this is useful to your thinking as a new business owner. We wish you lots of success with your new venture. We offer specialist support to new businesses in the form of strategy and mentoring. You can learn more about it here. We are always happy to have a conversation so get in touch.