A whopping 657 790 new businesses were registered in the UK in 2016. Out of these, 5 113 were launched in Bristol, according to Start Up Britain data. But only six in ten businesses will survive their first five years of trading, predicts smallbusinesses.co.uk. What lessons can we learn in the wake of those that don’t? At Cre8ion, we love start-ups, so here’s a list of three most common mistakes that new businesses tend to make when it comes to marketing, and some tips on how to avoid them.
Not paying for expertise.
While start-ups are usually set up by people who possess an amazing skill-set, you just can’t be good at everything. People are social creatures, and collaborative by design. Some are born visionaries, while others enjoy working out the finer, more practical details. You may have the most amazing team, and the best product to offer, but if you want to grow your client base, you need to invest in a marketing strategy. While hiring a professional marketing agency can be costly, it comes with a guarantee that your time and money will be spent on a quality service that lasts. At Cre8ion, we don’t just build your brand and website and leave you to do all the hard work of promoting it. Our team of experts will continue to provide visual and editorial content to keep your communications fresh and flowing.
Not having a solid business plan
Are you absolutely clear on what the purpose of your company is? How well do you know your potential customers and their individual preferences? Where do you want to take your business in the future? Every new business starts with an idea, but a solid business plan will help you define how to materialise that idea, and what obstacles you may encounter along the way. Being prepared is half of the battle! While we don’t necessarily provide you with a business plan, our winning workshops will help you define what your mission, vision and values are. This in turn will help you make important business decisions more easily when they come up.
Scaling too quickly
Despite some myths surrounding start-up survival rates in their first year, Smallbusinesses.co.uk are keeping positive and estimate that 91% of new businesses do survive their first year. But five years down the line, four out of ten start-ups tend to fail. So what happens in between? Scaling too quickly. Caught in the euphoria of initial success, many start-ups tend to spend their money on non-essential things that drain the budget. Spending is good only if the money goes on essentials that will help you develop your business at a steady pace. During our workshop, we’ll look at where your business is now, and where you and your employees want to be in a few years’ time. We’ll then come up with a marketing strategy that supports your vision and is backed by solid data, giving you the freedom to choose from three creative brand concepts to find the one that bests suits your company.
More than a marketing agency
At Cre8ion, we understand the demands and pressures that start-ups face in their first year, and the daunting statistics of long-term survival. That’s why we use a 360 degree marketing approach that takes into account every aspect of your business. Over the years, we have helped a number of start-ups meet and exceed their expectations by producing a marketing strategy that’s centred on their unique values and approach. If you’re thinking about investing in a new marketing strategy, then contact us today for a free chat.