The cost-effective and flexible nature of digital marketing makes it the obvious choice for new businesses and startups that are seeking to establish themselves. Avoiding the most common and costly mistakes can be difficult for new business owners who have little experience crafting a marketing strategy. A little insight can help to ensure that your marketing will provide superior results.
Treat Marketing Costs as an Investment
Creating an accurate budget for online marketing can be difficult, especially when you’re attempting to project future costs. Treating a marketing budget as an expense, rather than an investment, is a very common mistake, and one that may have serious and long-lasting repercussions. The flexible nature of online marketing means that an adaptable budget is required in order to create and implement a more effective strategy.
Complete Planning Efforts and Pilot Programs Quickly and Efficiently
While proper research allows you to test the waters in order to find the most effective strategies and opportunities, beta testing and trials could create problems when they overstay their welcomes. If you continue in pilot mode for too long, you run the risk of interfering with gainful marketing efforts. Over-planning may also keep you from creating a reactive digital marketing strategy that provides the greatest flexibility and adaptability that a fast-growing startup needs.
Multiple Platform Strategies May Fail to Deliver Focused Results
Look before you leap. Cross-platform marketing strategies offer access to a wider range of potential customers and may be critical in terms of all-important remarketing opportunities, but investing in platforms that under-perform, or implementing programs that your strategy may not be currently equipped to handle effectively, will do little more than dilute your focus and require additional expense. Start with a narrow focus and scale your efforts up to allow for a digital marketing strategy that grows organically, ensuring an optimal balance of cost and results.
Remarketing and Cross-Channel Advertising
Extend your efforts to new platforms and services to connect with a wider demographic. Remarketing creates an opportunity to attract and acquire individual customers who may not have been receptive to platform-specific advertising when you choose to market in a different context. Cross-channel marketing is also an asset in terms of brand recognition, as it allows startups to create the image of a larger and well-established business.