How important can Marketing be, to a start-up?
Mick Holloway
Strategic Marketing delivering constant, reliable growth. Helping you, grow your business through Market Oriented, Customer Focused Marketing. The Marketing team a growing business needs to deliver that growth
I'm pushing hard for my clients, associates, and my connections/network, to pay attention to their Marketing, to their Brand. And to be aware that getting this right is as vital to their business as ANY other aspect of the business, arguably more so, including Finance. If you have a Financial Director, make sure they work with your Marketing Director, note the assumption that you will have a Marketing Director, reasonable from my perspective otherwise, you risk the financial forecasts being based on guesswork or worse a 10% uplift on last year's figures - nooooooo, all that growth missed, the risk and all that money left on the table.
The point sits well with more mature businesses. I struggle most with convincing startups, especially if they are time-rich cash-poor, "there's so many other higher priority's". Fast forward 3-4 years and for those that get that far (often sales or product-led businesses, often built around a founders network, skills and vision) there's a lot to be sorted to get the business into a market-oriented mindset and footing, ready to plan for sustainable, predictable, low risk and managed growth.
So, to my struggle, with just how important marketing is to a start-up, and I share some research carried out by CBInsights, The top 20 Reasons Startups Fail
The image is a hyper link to the CBInsights article.
Descending that list and I can see 11 reasons, risks that I believe would be mitigated, in the least highly informed by paying 'some' attention to Marketing. Starting with "No Market Need", day zero you have an idea - at least consider the Value Proposition before betting the farm on your wonder project.
So - here's that list with the "reasons" - I feel Marketing could help you avoid shown in RED
How important is Marketing to a startup? I think it may be vital.
Mick
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3 年As a serial entrepreneur for over thirty years, it is my view that marketing follows sales. Even though it is usually considered the other way around. Semantics. If you don't have a customer, you can't be sure why people buy. With just one customer you might at least discover why they bought. Then marketing can follow, based on discovery. Actual customers are the only judge worth taking account of.
Empowering Hotel Leaders | Hospitality Innovator | Driving Exceptional Guest Experiences & Thriving Teams | Author of "Stories From The Edge" series on Leadership & Organisational Excellence
3 年Great article Mick Holloway, and if I may suggest..."EVERYTHING IS MARKETING" because your BRAND is everything that impacts the relationship between the consumer and your products and services. AND... Leadership has to be the single biggest reason startups fail. That is because it's the role of the leader to create, sustain, maintain and protect the working environment that allows for every person involved to make their best contribution. So often the discipline of marketing, customer intelligence, market research, ideation and strategies thinking about the market is not given the thinking space it requires and that is down to leadership. As we come into the post-pandemic era the ability of leaders at all levels, to create working environments that support being innovative and the growth of organisational intelligence is vital. And focusing on the disciplines of marketing will be vital because the market has definitely changed as have the customers.
CEO at Enviromine Resources Ltd | Transforming Gold Mining Waste into Valuable Resources | Committed to Sustainable and Profitable Environmental Solutions
3 年Love this
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3 年Great read. Marketing is so important. Thanks for sharing.
Founder Helping You Grow | Follow for Daily Leadership & Growth Insights | Serial Entrepreneur | Ex-RBC
3 年This was a lesson I had to learn to fully appreciate. Great advice Mick Holloway. Thanks for putting this together.