To run a new business successfully, startup owners need to focus on developing a unique brand vision and value propositions for customers to relate and identify with.
The high failure rate among startups presses on the need for entrepreneurs to convince people about their unique selling point to create brand differentiation among the widely available market alternatives. Entrepreneurs must reiterate their firm’s value proposition highlighting the attribute or feature that makes the product appealing to customers to market it best.
Secondly, the limited attention span of consumers has become highly monetizable, primarily online. As per Prezi’s 2018 “State of Attention” report, more than half of people confirmed that a great story captures their focus to keep them engaged. And 33% of respondents verified that visual stimulation is critical to retain their attention for a more extended period. So, startups need to deploy engaging story-telling to capture the attention of the target audience and to market their value proposition efficiently.
Startups that capture interest through relatable brand proposition are in the best position to convert audiences into buyers. All marketing strategies should be woven around the brand vision, ensuring a seamless and compelling user journey. As per ClickZ, the engagement rate is almost thrice for omnichannel — a retail strategy integrating different shopping methods available — versus single channel. Customer retention is also 90% higher with omnichannel marketing, so startups should focus on it.
A study by OuterBox in 2018, revealed that 10% of U.S. retail sales come from stores, and 79% of customers order via mobile. Entrepreneurs need to adapt for small mobile screens creating concise and actionable content on websites. The information should be followed by clear call-to-action goals like – signing up for notifications, subscribing to emails, or checking out with a shopping cart.
Marketing strategies will fail if startups lack the unique features that compel audiences to buy. Startups need to out-promote and out-hustle to increase conversion rates. Websites should capture the audience’s attention within the first 10-15 seconds to keep them engaged. People only read 28% of words on a typical web page.
Small tasks that might seem insignificant during a busy day are the actual crucial micro-moments pushing the success of brands. These micro-moments are the ones that build up the brand value and proposition. Search and mobile traffic are essential for establishments that have a digital presence. Startups can achieve brand recognition by giving actionable messages in real-time by understanding precisely what motivates user queries. Businesses should, therefore, create content to provide customers the info they seek in those precious micro-moments where they are most vulnerable to make a purchase based on impulses.
Today’s hyper-competitive marketplace is flooded with similar ideas and creating brand recognition, and differentiation is the biggest challenge. Worse, the similar descriptions make the buyers impatient, concluding that no indistinguishable product is available. Business owners need to go above and beyond to promote their brand using buzzwords that imply that the offering is more optimized and better than the competitors.
It is difficult for startups to create their own space in this over-competitive market; to succeed, they need to necessarily prioritize creating a unique brand value and proposition for the audience to identify with.