Branding a Start-up Organization
Starting up a new organization in a crowded environment is a risk in itself. However, applying the appropriate market-entry strategies can enhance success of the firm. Owners of companies with less-established brand should avoid co-branding with grown companies to avoid unhealthy competition. Instead they should focus on promoting and developing their product.
Regina can apply the following traditional marketing techniques to grow her new firm. First, she can use referral marketing. This method depends on the customer to convey message about the new product and services through word of mouth. As a result, a firm loyal customer base is created. The second type of marketing is billboards. Regina should compose a short and visible message that will attract people and advertise it on a billboard (Singh, 2017). This board should be placed in a strategic place so that many people can see it. The third technique is the use of print. This will require Regina to advertise her services in newspapers and magazines. This will help in reaching out to a specific type of people such as men, old people, business owners, and investors.
The types of traditional marketing are associated with several advantages. They help in reaching out to many potential customers who would otherwise not be aware of the services and products. Additionally, they provide tangible offers (Singh, 2017). The billboards and prints contain product and services ads that people come to enquire about in the firm. Similarly, the word of mouth from trustworthy customers to new clients creates trust in the brand.
On the other hand, traditional marketing techniques are very expensive. For instance, the cost of putting up a billboard and printing ads in newspapers and magazines can take a large part in the company’s spending. Also, the advertisements cannot be customized to individual preferences (Singh, 2017). They target the larger market but not the individual consumer. Moreover, the traditional marketing techniques are inefficient in that, the conversion rate of the ads cannot be measured. In this case, the target audience comprises of the old people who have a lot of free time and the clientele from Genaflek which is willing to follow her.
The available social media platforms for Regina include facebook, LinkedIn, and Reddit. She should use facebook to create a personalized page for the company to facilitate communication of product and service information and customer reviews on the experience of the firm. Regina should use LinkedIn to create valuable content about the products and services in her firm and how they benefit the customers (Singh, 2017). Reddit should be employed in Regina’s new organization to learn more about similar companies. Also, the platform should be used to post links that connect to the business to create more awareness. The avenues will help in reaching out to more customers by creating a personal and professional connection.
One of the advantages of social media marketing is that it is cost-effective. The strategies used are cheap and reduce the cost of printing and paying for television and radio ads. Furthermore, they allow a simple measure of conversion of ads (Singh, 2017). Through this, a company can formulate strategies for achieving short and long-term goals. Equally, these marketing techniques promote brand development. When there are consistent information and updates of the brand, customers will always be eager to know what is new. Creating content which suits the target market attracts many customers thus enhancing the growth of the brand.
On the contrary, social media avenues pose excess competition. In this era when every company is focusing on online marketing, there is a lot of competition from similar industries. This can lead to a new company being unnoticed. Correspondingly, the marketing strategy can be copied by another company which aims at destroying the online reputation of the original firm (Singh, 2017). Moreover, it is difficult to gain the trust of customers through social networks. Many people ignore ads on social media platforms because of the perception that online businesses are scams. The target market will be young people who spend most of their time on social networks.
For Regina to make a successful entry into the marketing industry, she should follow the following steps. She should create a brand for her company. The service or products which are provided in the firm should be treated as a brand so that it will be easy to promote it (Singh, 2017). The company should, therefore, focus on enhancing the brand. Since it is a new organization, it ought to have excellent services and products so that many people can be attracted. By doing this, it will be easy to market the brand.
Additionally, Regina should incorporate the use of social media avenues to create long-term engagement with the target market. As seen above, social media marketing reduces promotion costs and enhances brand development. For a new company to avoid high expenses, it should use cheap marketing techniques that reach out to a large audience (Singh, 2017). The business should incorporate the social networks to build trust among the customers thus establishing a loyal customer base. This will lead to voluntary traditional marketing strategies such as referrals which will further lead to the growth of the brand.
Besides, the use of traditional marketing techniques will also help in making the company known to people. Since Regina already has a clientele to start with the new company, she should use the customers to spread the information about her services (Singh, 2017). Also, she should use newspapers and magazines to advertise the company. Considering the high competition in the marketing industry, she should invest in putting up billboards that communicate a clear and unique message. This will create more awareness of the new organization.
References
Singh, K. (2017, November 3). Comparative study in between traditional and Digital marketing. LinkedIn. Retrieved from https://www.slideshare.net/KhushpreetSingh3/comparative-study-in-between-traditional-and-digital-marketing
