Small start-ups should not use the marketing styles used by large and profit making companies. Instead, they must use their advantage.
Presenting your offer to potential customers is important in any business – big or small . Marketing is therefore very important in any business.
However I see many start up firms spending far too much money and time on what they see around them – fancy stationery, sleek brochures, good looking web sites, glitzy booths at tradeshows, buying listing space in target industry directories and sometimes even advertising. They do not realize that these activities are undertaken by businesses where owners are making enough sales and profits already to hire a separate marketing department - or an ad agency - to focus on these activities which improve their visibility, create awareness and attract customers. But the case of start ups is different - and in a positive way.
They are the main (sometimes the only) resource of their businesses and when they go out there and begin talking to their potential customers, their infectious energy and sense of purpose rubs off on their customers. Nothing can ever substitute the power of person to person conversation.
If you are the kind of business I am talking about, you should not come from the viewpoint that you are stooping down to sell. You should speak from the conviction in your value proposition. Speak from the sense that you are serving your customers in a unique way which they have not been served before. Speak like a doctor and uncover the goals and challenges of your clients and tell them how what you are offering; helps. Communicate what your product will do for them.
Before you talk to your customer write down on a card the following (1) your value proposition (2) in what way you will serve them the way they have never been served before (3) what challenges and problems of your customers you will address (4) what success, in their own language, they will get when they deal with you.
Now go out and locate customers. Do not be discouraged if everyone does not buy. Take that as an opportunity to learn in each contact and then use to improve yourself and your activities. You will make progress faster in this way than through traditional marketing of media and materials.
6 comments:
Thanks Prof Palekar!
This is much needed advice offering a very tangible alternative to a common myth, that marketing = spending money on a glitzy marketing drive..
Speaking from personal experience though, I have often felt restricted in having close person to person discussions with my customer, and only because I don't speak their languages - Marathi and Kannada. I have to depend on an interpreter, or staff of our local partner to disseminate the message and decode the response.. and things invariably get lost in translation. Can you offer any advice in this scenario?
Hi Sir,
Thanks for the great initiative, it is very helpful for young entrepreneur , specially startups who do not have VC & experienced KC (Knowledge Capital).
Thanks,
Arvind
syb 04
Conviction...certainly a great tool. And I must say that in addition to selling it to the customer. It helps sell it to your team too. During this phase of the business, if lucky, one would be in position to crack a deal, but getting a team member on board at a price that you can afford and share the dream, Conviction is the key.
great initiative sir.congrats and thanks.
rana ashutosh
emp22/a/37
This is a great advice for start-ups particularly because I have seen many entrepreneurs talking about showing off their products in various media forums, even before they have stamped a foot print on the ground.
sir it was a great!!!
but as a start up we face problem like where to get these buyers and whom to contact. so it might also happen that by these unaimed arrows of advertising some buyers might come up.
Post a Comment