Today’s tech startup space is a busy and crowded one with statistics showing that a new tech startup is launched every 48 hours in Chicago alone. Extrapolate that statistic nationwide and there is a lot of competition for both customers and investors! The unfortunate truth is that the majority of startups will fail. In fact, it is estimated that more than 90% of tech startups fail.
Which factors determine whether your startup will succeed or fail? Clearly, a new brand or innovative new business model will encounter, and must overcome, a variety of obstacles. As every entrepreneur learns, there are no silver bullets for success.
The early stages of a startup will most likely be dominated by product or service definition and development, recruiting and managing staff, and possibly funding. However, evidence shows that you need more than just a great product or service to succeed. More often than not, startups fail because of marketing, or lack thereof.
To be sure, most startups are too strapped for cash to afford all the marketing services available to more established businesses, yet this is often who you’re up against when trying to enter a new market. Therefore, we have identified 4 marketing disciplines that startups should focus on to achieve highly effective marketing, while realizing cost efficiencies that won’t break the bank. Startup marketing disciplines include competitive analysis, branding, digital marketing, and ongoing communications.
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