Establishing the foundation of your business flawlessly is essential to get it off the ground without any hiccups. Although it is never easy to start a business smoothly, things have become more challenging after the Covid19 pandemic, feels Eric Dalius, a successful marketer and the brain behind many successful companies. Before you ensure doing the right things, you must be alert to avoid the pitfalls which can otherwise demoralize you. Knowing how to avoid the pitfalls will help you identify the right things to do, which you will understand better on going through this article.
Have access to financial resources
Having a solid business plan will explain what your company wants to do and how much demand it can expect for its products. The business plan should convince investors to put their money in the right place and even help obtain loans as the business arithmetic will be clear from the plan based on which lenders can better assess the risk. Moreover, the plan should hint at the growth prospects so that there is a long-term vision that lenders or investors can depend upon. According to Eric J Dalius, most businesses find financing a challenging task that is also a barrier to entry. You must have adequate access to resources that can fund your project.
Know the demographics and the audience
Research the market well to align your products by targeting a particular section of the audience that plays a critical role in your success. Knowing the audience well will help to streamline your products and make them more oriented towards the audience. Allocate your marketing budget to areas where from where you can get the best returns. Identify the section of the targeted audience that has the maximum potential to support your growth plans. Know your audience inside out to communicate with them in the most comfortable and trustworthy manner that helps to develop brand awareness which later turns to brand loyalty.
Build your brand early
Introduce the brand to the audience even before you launch the products. Use the time to establish the brand and generate interest among the audience to feel it. As the anticipation grows, it strengthens the relationship between the brand and the audience, paving the way for the smooth launch of the products that the audience would be eagerly waiting for. Use a specific logo or image to represent the brand that becomes the bard identity on which you can build brand awareness and help customers engage closely with the brand.
Use social media marketing
As the largest audience uses social media, take to social media marketing to increase brand visibility with the widest outreach. According to the demographics, break down the users into various categories to develop more specific marketing campaigns that promise better returns. Brand awareness and loyalty boost your social media marketing efforts that reflect in the business performance.
Ensure that you are the best for your customers by providing the best customer service that makes your business stand out from the crowd.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com