When you are starting a new small business, there is one thing that consumes almost every waking moment of every day. That would be fear of the competition. Although we don’t like to admit that we are afraid, there is nothing to be ashamed of. If you weren’t concerned with the competition, you are not looking at launching a new business realistically. Knowing what the competition is doing is important on a number of levels. That being said, if you know that your products and/or services are superior and that you have exactly what consumers are looking for, then it’s just a matter of marketing. It’s a matter of announcing your presence to the world and this is how it’s done.
1. Define Your Market
The very first step, since you are worried about the competition, is to define your market. Will you be catering to a local market area, or will you be more of an eCommerce site? You really can’t go any further with marketing strategies until you know who you are talking to! It would be like practicing your Spanish lessons in a group of people who speak only Mandarin Chinese. If you want your market to hear you, you need to speak their language.
2. Set a Budget
At this point, it is imperative that you set a realistic budget. While it is vital to allocate as much as you can to marketing, you don’t want to set aside so much that you can’t pay for your actual operating expenses. You can always revisit your budget later, but at this point, be realistic as to what you can comfortably afford.
3. Create a Proactive Brand
Today’s consumers want to identify with the brands they deal with. That said, today’s consumers are more proactive than in any previous generation. Build your brand around key elements that are important to them. One of the most common elements in a proactive business is to build a payment platform that includes one or more cryptocurrencies. They especially prefer Bitcoin and Ethereum because they are the most advanced, the two oldest, and the most secure as well. Give this feature of your business more weight in your marketing strategies and perhaps link them to sites like OKX with tools like an Ethereum Price Index where they can learn more about current values within the payment option that they are interested in.
4. Build Relationships
You will also note that many marketing firms offer social media management because today’s consumer is often found on one or more social platforms. The key to being effective with this strategy, however, is staying active. Don’t just post once in a while and then ignore comments your followers make. It is imperative that you build relationships by answering any questions or comments they might make. For example, in today’s world, a growing number of people are interested in blockchain technology and cryptocurrencies. Direct them to sites where they can learn the basics so that they know which cryptos they would like to begin investing in.
5. Be a Visible Presence at Industry Events
You might never believe the number of referrals you can get at industry events. Also, it never hurts to build B2B relationships with other small businesses. Quite often, partnering with other small businesses can help both companies to reach consumers they wouldn’t have otherwise reached. Much of this is due to the trust factor, another important element consumers expect in the businesses they deal with. If store X, for example, down the road has hundreds of clients that trust them and you are just starting out, any referrals they make is like money in the bank.
6. Focus on Organic Traffic
Here is one last marketing tip that just might be something you hadn’t known. With the creative use of SEO keywords and a few LSI phrases, you will reach a larger audience than you might expect. Organic traffic, when well crafted, can land your site within the first few results when anyone is searching for keywords associated with your company. Few people hardly ever click through to the second page of the SERPs (Search Engine Results Pages), so you will have lost them if you don’t rank highly. Google loves organic search so if you perfect your strategy, you can land on page one from the very beginning of your marketing strategies.
As a startup, you will have a good deal of competition but that is nothing to fear. Just buckle down on your marketing and you will be amazed at your results.