6 Robust Strategies For Startups To Market Their New Business

Smart business start-ups come with the target market niche and serve them with full energy and enthusiasm. It works as a great initiative and takes the business far, but these plans are not enough for the long-term business growth prospects. You need to think something out of the box to attract more audience, meet financial targets, and product promotion. 



If you are at a stage where you want to grow your business faster and are looking for effective strategies. This article aims to help you with six robust strategies. You will learn how to promote your business in a new or existing market with a new or same product and enjoy long-term business success. Even if you are planning for mergers, acquisitions, or amalgamations, what can help you to achieve fruitful results?  

Market penetration
Market penetration is a technique used to find how many shares of your product are used in the market than the total estimated market. Experts develop special strategies to improve your product or service's share in marketing. Some useful strategies include advertisements, attractive packaging, offering special discounts, coupons, and reducing product prices to beat competitor's pricing strategies.   Although, lowering product price could be a short-term strategy and successful if you are selling household details. But for larger products, you can go with other strategies such as bulk buying discounts, complimentary products, more attractive packing. With all these strategies, do not forget to keep on promoting your business on all platforms. It will give a big bounce to your business profits. 

Market Development
Market development involves the promotion of your existing products in new markets to new customers. It can also include launching a product in new geographic areas such as states, regions, countries, or continents. Businesses opt for this strategy to expand current and potential customer reach. Keep in mind, the market or geographical area can be new where you may need to struggle to attract new customers or clients. But it increases the chances for sales and profit margins in the long run.  Samsung is the biggest example that started working on marketing development strategies in 1970 from Germany. Later on, expanded market reach in 1982 in Portugal, 1984 in the United States, 1985 in Japan, and 1987 in the United Kingdom.

For small businesses having a limited budget, it may be hard to adopt this strategy. But they can opt for different marketing strategies to develop products or services. Walmart, Subway, and The Body Shop are the biggest example of the franchise model to boost business sales. 
  
Alternative channels
 The internet has a great influence on boosting sales. Therefore, modern businesses with brick-and-mortar stores are using online platforms for better results and wider customer reach. Online platforms include websites, mobile apps, subscription programs, and social media platforms, all of which work as an effective strategy to establish brands.  So, when you are planning to go global and offer your product or services at national and international markets. Here are trending internet channel strategies for your help: 

  • Online selling: Businesses can create its website to sell products to various customers and clients. The website defines products, prices, and descriptions to inform target audiences. eBay, Amazon, and Etsy are a few well-known online marketing platforms.
  • Sales through subscription programs: Some businesses opt for subscription and membership plans to attract and maintain customers for an extended duration.
  • Sales via mobile applications: Mobile applications are becoming attractive marketing strategies to keep customers engaging with them. It helps the customers to get notifications if a company establishes a new product or service. 
Product Expansion
As the name implies, product expansion is a technique of bringing new products to the same market. Basically, this strategy is applicable in electronic and mobile marketing. Where everyday customers want new features in your existing product and technology is growing leaps and bounds. Therefore, you can serve with something better to meet customers' demand and technology needs. Coming up with a new product is a perfect strategy, it helps in boosting sales and profits.  If you are also serving in the technology world, here are common strategies that can help you : 
  • Introduce new features in your existing products  
  • The update features in new products when old becomes obsolete
  • Expand a line of products with a unique idea
 All these strategies can help you to flourish your business quickly. Keep in mind, to grab users' attention, you need to be quick to take customer's queries and resolve the issues. A delay from your end can allow other businesses to steal your customers.

Diversification
Diversification refers to expanding your current business in a new market with a new product. It is the highest risk strategy but has high chances of profitability if you conduct the market in the right direction. For this, you will need to hire new and talented staff, look for the office and other infrastructure, raw material, and many other details. Before starting with anything, you need to do good research work. Then plan whether you want Conglomerate diversification or Concentric diversification. Let's know more about them; 

Conglomerate diversification
Conglomerate diversification refers to bringing something new to a new market. It can be completely shifting your business from one market to another. For instance, a kids garment wholesaler shifted to the restaurant business. These are completely different segments.
 
Concentric diversification
When the business plans to sell new products associated with the current target audience, repeating the kid's garment example, you will start selling kids' footwear or other accessories with garments. Product diversification lies in the same direction. 
 
Partnerships
Sometimes, joining hands with another business proves a healthy strategy for business growth. In this range, mergers, acquisitions, or partnerships with other businesses are most trending and help both organizations to pool their resources. Remember, influencing CEO speeches and presentations have a great role in signing partnership deeds on your own terms. Your business can get a better hand on collaborative resources.  

From business prospects, the partnership helps in reducing workloads and commercial risks. You just need to think about your complementary or non-competitive business players to have better customer access and market reach. The best part is that you can serve your clients with better and more usable products.   

In a nutshell, Constructing a solid business strategy helps you to achieve new heights in the market. You just need to think about whether you need to go with Market penetration, development, alternative channels, product expansion, diversification, or partnership is a perfect option for you. Bear in mind that in every phase, your speech, either for customers, clients, media, or the public, matters for your business growth.  


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