There seem to be a plethora of people that think that their business idea is the next billion-dollar one. And also that potential investors will gladly want to invest in it.
On the other hand, there are people with some proven experience under their belt. It may be in the form of knowledge about the industry they are going to start the business in, or just skills that helps instill faith in their ability to be able to run their business effectively.
And to your surprise, most potential investors will be more inclined toward the second group of startup investors, than the first one. And a well-known Indian entrepreneur Anand Mishra, explains why.
The thing is, the business ideas that people are so enthusiast about are usually not that great. Either there are already many businesses based on that or a similar idea, or the idea is just not practical enough to be turned into a reality.
However, when it comes to people that are actually skilled in the industry they are looking to start a business in, then most times they know exactly what they are talking about. They know what’s possible in that particular industry and what’s not. They are likely also aware of the potential hurdles and roadblocks.
Hence, they may also be much better-equipped to get around those hurdles than someone with zero experience about the industry they are looking to get into with their great business idea.
This is not devaluing the importance of a great business idea. They certainly do exist, but far less than what people think. Also, even for people with a great business idea, things are not as easy as they might think as they are usually breaking into a new market.
We all are aware of the struggle of the startups when trying to raise capital. Despite a lot of efforts, not many new entrepreneurs are able to raise enough capital for their startups and have to work with whatever they manage to raise.
Kartikeya Sharma of iTV, is aware of this and has hence some great suggestions for new startup owners with respect to their marketing strategy. Let us take a look at them below.
#1 Social Media
With there being no other platform that’s frequented by more people than Facebook, social media is an obvious marketing platform for startups without a lot of initial capital.
A startup owner can start by making well-described profiles of their business on all the major social media platforms like Facebook, Instagram, Twitter and more, as well as constantly share news and updates with their followers.
He/she also needs to make an effort to engage with their potential customers to build a following.
With more and more people using the internet to take their shopping decisions, SEO has become a marketing strategy startups just can’t afford to ignore.
The great thing about SEO is that it’s usually a one-time expense, although there may be significantly lower recurring charges to maintain the rankings and the inflow of new potential customers.
#3 Paid Advertising
If you’re selling something that appeals to a large number of people, then advertising on websites in your niche may turn out to be a very effective marketing strategy. You may be able to get thousands of potential customers to your site in no time while spending a fraction of what you would do when using the traditional advertising platforms.
What’s more, these visitors are likely also going to be much more targeted, meaning much better conversions and the ability to get the revenue ball rolling as soon as possible.