With the rapid rise of accelerator and incubator programs, new startups are emerging every day. According to the annual startup report of National Association of Software and Services Companies (NASSCOM), India has added 1600 new tech startups and a record 12 unicorns in 2020. The year witnessed the highest ever new startups added in a single calendar year.
But, unfortunately, 21.5% of startups fail to celebrate their first birthday.
As per a study by the IBM Institute for Business Value and Oxford Economics 90% of Indian startups fail within the first five years of inception.
An awesome idea backed by an enthusiastic team, clear business goals, well-laid plans and a great product or service. Is that all to set up a brand?
The fact is people should get to know about the product or service.
Marketing often takes a backseat in the humdrum of setting up the business. It might seem insignificant at an early stage or feels like an undue demand on time. But it is critical for businesses to thrive.
As per studies, ineffective marketing is among the top four reasons of startup failure. According to a CB insights report, 14% startups fail due to poor marketing.
When it is time to launch a product or service in the market, many startups realize that they neither have the bandwidth nor expertise or ample budget and time to invest in marketing.
To bridge the gap, they opt to hastily put up a website, get some collaterals designed and run a few ads.
In absence of a well-defined marketing strategy, they jostle and end up miscommunicating the offerings to their audience. This can sometimes be extremely detrimental for businesses in long run.
“Marketing cannot be an afterthought”. When paralleled with other significant business activities, it makes a business stand out in face of competition.
As a young startup ourselves, what we understand is that marketing is not just confined to tools and tactics. It is way beyond those.
A well-defined marketing strategy facilitates us to listen to our audience with empathy and deliver offerings based on the buyer persona. Statistics reveal that rather than investing in conventional advertising or digital media, creative, out of the box marketing ideas help in targeted positioning.
Consistent marketing efforts through meaningful stories lead to customer engagement and enhances customer base organically.
They facilitate brands to convey their values and build emotional connect with the audience, leading to brand awareness and loyalty. This also serves as a strong foundation for prospering a business.
The process is certainly time consuming and with one’s hands full with essential business activities, marketing is often sidelined.
At We-Storytellers we aim to handhold you in your startup journey. Establish your brand with our thoughtfully curated Startup Marketing Kit. Talk to our expert, for marketing cannot be an afterthought.