The increasing trend of start-up businesses has transformed our lives drastically. Many people who are not able pick up well in the corporate or service sector have started inclining towards the concept of start-ups to make a good earning. We certainly realise that start-ups have a major impact on the customers. However, what we fail to understand is that it also has a much larger impact on the socio-economic growth of the region it is based out of.
For example, Infosys has played a huge role in building Bangalore and on the other hand, Google has changed the face of Mountain View, California upside down. When these companies were at the start-up phase, they contributed to build their own, their owner’s, and their city’s reputation. Fresher got offered with handful of more opportunities and the experienced one started moving to these cities for greater employment possibilities. Now, when they are all big corporate giants, they have generated a larger input in the economic growth of the country as a whole.
A start-up is an organisation that has been formed recently and is committed to create new, innovative and unusual products and services in an unpredictable situation. If it meets a fresh requirement prevailing in the present or broader area, it proves that it has the potential for huge growth in the future. Functioning of such organisations is very much a gamble in the beginning since the ideas are new and the competition is unknown. These start-ups experiment the first model of their business and then transform it more expertly based on the feedback and results.
Importance of start-ups in the economy:
Start-ups might be seen as small organisations but they can definitely play a key character in the economic growth of a country. Their prime role is to offer more jobs to potential candidates. This leads to more employment opportunities in the area, thus boosting the economy of the nation. In addition to this, start-ups can also aid to the economic vitality by encouraging invention and generating healthy competition.
We, by no means, can give the entire credit of great economic growth to the development of start-up businesses. However, none can even deny that the formation of new companies with unique ideas of serving the customers will always have a positive impact on the economy. Start-ups create jobs, encourage new expenditure, and initiate more novelty than the older companies- lifting the economy to greater heights.
So the key contributions of entrepreneurship and start-ups in the economic growth include:
• Generation of capital.
• Employment opportunities.
• Lowering down the concentration of economic power.
• Apt distribution of wealth.
• Boost in GDP, per capita income and export trade.
• Improved standard of living.
Effective Marketing: Strengthening Start-ups for greater sales-
When we begin to set-up a new trade or business, gathering finances and pursuing financial guidance becomes the main priority. On the other hand, communication and marketing is generally ignored and is considered irrelevant in the preliminary days. However, for safer and long-lasting results, the owner of these start-ups should consider marketing strategies of high importance. Always remember that marketing forums such as social media, in-store promotions, digital platforms, or trade motivations are affordable means of starting your business with a bang. Apart from focusing on gathering capital for the business, the entrepreneur must work out securing marketing loans as well.
Marketing plays an extremely crucial role when spoken of establishing your business name and defining the level of its growth in future. Many experienced players in the field of entrepreneurship as well as marketing advice several tips on how to promote and advertise your work in the most efficient way.
Let’s take a look at some of the most useful ways of marketing your product for outstanding outcomes.
Tips for marketing your start-up business:
Strategizing your marketing plans correctly can be an amazing push for your business’s name and overall income. On the contrary, if the same is carried out improperly, the chances of having a fallen down career goes high. Some of the most helpful ways of promoting your new business are listed below:
• Emphasize on how you are different- Showcasing what new products and services you are offering the correct way can take your start-up to great heights. Highlight the benefits of your deals and lure the customer to invest in your products for its uniqueness.
• Start marketing your item much ahead of its launch-Many marketing teams wait for the product to get completed before they begin their marketing campaigns. Remember that this will hurt your business growth immensely. The sales of your product will take off in the markets only when people already know about its launch and are convinced about its quality. To achieve this, you must start creating awareness about your product much before it is ready to enter the market.
• Advertise on all possible platforms- Don’t stick to a single forum. Ensure that your advertisements and campaigns are visible on various promotion platforms such as social media sites, hoardings, TV ads, radio, pamphlets, events, and more. This technique will spread your work just the way you want.
• Build strong public relations- When you have a media house cover your work or broadcast/publish your interviews, there are higher chances of your name and business getting more popular. Local news and small blog posts also contribute massively to meet your marketing goals.
• Create e-coupons for potential discounts on the products- Offering great discounts and offers right from the beginning of the launch of your product gives a push to the customers to try your item.
• Sponsor big and small events under your product niche- Every company hosts major events for its employees. Create joint ventures with them to promote your start-up and offer schemes during the same event to captivate potential customers.
• Engage the customer as if they are a part of your team- While being a good listener and offering great solutions to your customer is a wonderful idea, you must ensure that you make the customers feel that they too are a part of something big. They should relate to your product.
• Social media promotion- Create social media pages on different sites like Facebook and promote your products via Facebook ads on that platform too like a pro.
• Create brand logo- Remember to have an attractive brand logo to endorse your product. This will help the customers in identifying your product.
• Generate emails for communication- Get verbal about your product and spread the word about it through emails. Provide sufficient information for the customers to read when free and thus get inclined towards what you are offering.
• Avail marketing loans on time- It’s always better to arrange capital for any campaign much before time as it spares you from the last minute stress. Estimate well and apply for marketing loans for best results.
Your basic budget for marketing should never deprive you from showcasing your start-up to the world. Powerful connections, superior events, skills and the father of all marketing sources- Internet can give your business an enormous lift. Strategize your marketing plan efficiently and grow step-by-step along with your business for unlimited profits.