A start up marketing strategy should ensure survival of the business if proper marketing strategy is put in place. It’s not for long. Success largely depends on the approach to the promotion of your product or service on the market. People will not buy from a company about which they know nothing. Therefore, it is so important to engage in promotion, which will expand the reach of the brand and increase its awareness. Below we look at the most effective strategies that you can use for your business:
Email marketing is a long-established practice that has been leading in the ranking of the most effective promotion strategies for years. Once you get a new email address, it is important not to be in the Spam folder. Do not overwhelm the recipients with messages if you do not want to lose them.
Today, social networks are the most effective platform for expanding brand reach. With YouTube, Facebook, , Twitter, Instagram and Odnoklassniki you can attract attention. In social networks, you can attract customers using both paid and free methods. But in order to keep them, you need to regularly publish high-quality content and keep in touch with subscribers. First, offer something valuable, and then ask for money. For example, upload high-quality videos to YouTube, create an interesting VKontakte group, or answer Instagram questions. As soon as you manage to take the lead on one of these platforms, do not miss it. You need to collect as much information as possible and push it to make a purchase. For this all interested users need to be redirected to the site. Offer them something valuable: free mini-course, e-book, coupon. If potential clients share with you their email-addresses you can create a list of hot leads and send them the most current offers.
The sales funnel of a startup might look like this:
Use social networks to attract new customers and redirect them to the sales funnel.
Collect email addresses on the site and close the deal via email marketing.
To attract and retain new customers, you need to use only the most effective methods.
Here is an example of a start up marketing strategy and promotional strategy.
The startup is a soft drink manufacturing company. It is known as Torides, which is a vitamin enriched soft drink that is rich in energy specifically targeting high performance acts like Athletes. Torides has been set up to compete with energy drinks like coca cola and Gatorade among others. As a startup it has a long road to compete with the established brands that are produced worldwide by big multinationals. As a soft drink, a lot of consideration in preparation has been made (Allen, Lee, and Reiche, 2015). The goal of the start up is to;
The suppliers will be the main focus in the startup. Without reliable supply chain, the startup is bound to fail. The suppliers will be retail stores like supermarkets, restaurants, body fitness centers like gyms and many more outlets (Artto, Ahola, Kyrö, and Peltokorpi, 2017). A well connected supply chain is meant to boost the business of Torides to greater heights. As a startup, Torides is a partnership that has seen several friends pool their resources together in order to start the company. The ownership structure is 75% investments from the group, 15% equity from a venture capitalist and 10% loan from a bank. The legal considerations consists of a memorandum of understanding (MOU), memorandum of association (MOA) and articles of association. The three documents act as points of reference and the constitution to govern how the startup is run (Banavar, Ebling, Hunt, Lei, and Sow,). Factors that may be crucial for the firm in the future are called strategic. According to one of the leading Western experts, B. Karlof, they, influencing the strategy of any organization, give it specific properties.
These factors include:
1) The mission, reflecting the philosophy of the company, its purpose. When revising a mission as a result of a change in public priorities and needs, the strategy should be adjusted. The degree of compliance with the mission strategy and the goals of the organization is called realism (the latter may be complete, partial or absent altogether (Epstein, 2018).
2) The competitive advantages that the organization has in its field of activity compared to rivals or to which it seeks (it is believed that they have the greatest influence on the strategy);
3) the nature of the products, especially its sales, after-sales service, markets and their boundaries;
4) organizational factors, among which stands out the internal structure of the company and its expected changes, the management system, the degree of integration and differentiation of internal processes (Crane, and Matten, 2016)
5) disposable resources (material, financial, informational, personnel, etc.). Structural, informational and intellectual resources are of great importance for the development and implementation of a strategy.
6) the potential for the development of the organization, improvement of its activities, expansion of scale, growth of business activity, and innovations;
6) culture, philosophy, ethical views and competence of managers, the level of their claims and enterprise, leadership ability, the internal climate in the team.In addition to the points listed by B. Karlof, the strategy is also affected by:
7) the degree of riskiness of the activity. Risk-prone firms prefer short-term strategies that generate high current returns; not inclined – long-term with not so high, but guaranteed income;
8) the dependence of the organization on previously assumed obligations;
10) the level of staff training, experience in the relevant field of activity. All knowledgeable and modern-minded workers can pursue, ceteris paribus, an innovative and bold strategy that integrates the latest achievements of science and practice (Deresky, 2017);
11) the attractiveness of the industry and the conditions of competition in it;
12) the nature of external opportunities and threats. The strategy takes advantage of opportunities and neutralizes threats;
13) national features and traditions of entrepreneurship.
14) interests of contact groups, which include: shareholders, suppliers, government, consumers, creditors, local authorities.
These include: the economic policy of state administrative bodies, i.e. taxation system, preferential trade duties, consumer protection legislation, product safety standards and environmental standards. For an organization engaged in international activities, the political stability of a given state, as well as the establishment of special duties on imports of products, export quotas, etc., are of great importance (Forsgren, and Johanson, 2014). The nature of the relationship with the local community is very important for accounting and planning in any organization. Thus, each community has its own specific laws and regulations on business and business relations with other organizations and institutions. Sometimes in order to maintain good relations with the community, it is necessary to finance and support its social programs, as well as charitable activities in many areas.
The company’s management must understand that the unmet needs of consumers create free market niches for competing organizations. The competitors include, Pepsi, Coca-Cola, Gatorade and many others. The company, can concentrate on producing the best quality vitamin enriched soft drink to compete with its competitors.
The organization’s strategy includes several elements and is the basis for strategic management.Strategic management includes the development and improvement of the company’s mission, its long-term goals and strategies, plans and forecasts, management and business methods, making strategic decisions within the organizational structure, a set of business processes and the implementation of the company’s strategic actions, in conditions of uncertainty and competition.
Strategic management is based on forecasting trends in market relations, a strategic analysis of factors of the external market environment and consumer preferences, their changes in the future.The environment of direct influence includes factors that directly affect the activities of the organization:
The environment of indirect impact consists of factors that do not have a direct and immediate impact on the activities of the organization:
For Torides, the marketing strategy was using the social media to market specifically due to its target market. Also, to get into the market, the company invested mostly in print and digital marketing that are widely seen by the target market. In marketing strategy, the management of Torides has the following factors to consider
The more ambiguous the external environment, the more difficult it is to make effective decisions. Consequently, the interrelation of environmental factors gives the force with which a change in one factor affects other factors, and the change in any internal variable can affect others, a change in one factor of the environment can cause a change other factors. When considering the influence of the external environment on the organization. This dependence will become clearer when considering the main factors in the environment of direct influence of suppliers, laws and government agencies, consumers and competitors. From the point of view of a systematic approach, organization is a mechanism for transforming inputs into outputs. The main types of inputs are materials, equipment, energy, capital and labor. Dependencies between an organization and a network of suppliers that provide input for these resources are one of the most vivid examples of direct environmental impact on operations and the success of an organization’s activities. mobility of the environment, such as exchange rate fluctuations or political instability.
Thus, the external environment of an organization plays one of the most important tasks in building competitiveness ti business. Based on this, any manager must take into account the external environment as a whole, since the organization is an open system, depending on the interchange of input resources and performance with the outside world. The value of external factors varies from organization to organization and from department to department in the same organization (Möller, and Halinen., 2017).
Evaluation of staff performance is intended to answer the question of how effective is the work of employees of the organization. For example, a student can do a lot of work and spend a lot of effort on preparing for the exam and still get a bad grade. Or the worker can work hard, quickly, but instead of quality products to issue a marriage.
In these cases, the effort is high, and the efficiency, judged by the result, is low. Thus, if work with high productivity has an unacceptable result (marriage, need for improvement or rework), it cannot be considered effective. It is also possible that a fast and well-done job is done quickly and well.
The modern approach to evaluating the work of personnel is based on the fact that it is not enough to measure the final working results, it should also determine the extent to which an employee displays such qualities and demonstrates working behavior that is a condition for effective work.
The indicators of the final results of labor of workers, as well as its content, are influenced by a combination of various factors.
Since the evaluation of work is aimed at subsequent corrective measures, then with an integrated approach, the object of analysis will also determine those factors that directly or indirectly affect staff work(Xu, Munson, and Simu, 2017). Further, this work will consider external and internal factors affecting the professional efficiency of workers. Consideration of these factors is obligatory when assessing the performance of specific officials in specific conditions of place and time, as it increases the degree of validity, objectivity and reliability of assessment findings.
The indicators of the final results of labor of workers, as well as its content, are affected by a combination of various factors, the classification of which is given. .Consideration of these factors is obligatory when assessing the performance of specific officials in specific conditions of place and time, as it increases the degree of validity, objectivity and reliability of assessment findings.
The company has to hire the best qualified and competent staff to drive their mission and vision. A good team must be built to last any challenges that must arise in form of start up challenges.
The result of labor specialist This is determined on the basis of the volume, completeness, quality, and timeliness of the duties assigned to them. of justice, the principle of remuneration according to work. “Evaluation of the activity of the subdivisions of the administrative apparatus is aimed at measuring e costs and results associated with their activities, as well as the correlation of these results with the results of the organization’s activities in the past, with the results of activities of other organizations (Muppidi, Kodeswaran,., Mukherjea, S., Nandakumar, and Kapoor, 2016). they are called upon to perform in their organization. The classification of factors that ensure a high end result for the entire organization and each of its employees is given further: 1) Factors associated with living labor: 1. Organizational. These include: Recruitment and placement; Qualification of employees; Division and cooperation Division and cooperation of labor; The level of centralization of management; Rational structure of the apparatus (Schaltegger, and Wagner, 2017);
Organization of working time; Working conditions; Level of production discipline; Performance monitoring; The level of organization of the managed system. Socially psychological. These include: Management style and culture; Psychological climate; Attitude to work; Sociability; Relations with higher authorities; Psychological characteristics of a person’s character; The authority of the manager.3. Socio-demographic: Age; Floor; Family status; Work experience in a management position.4. Economic: The system of remuneration and wages; Income per family member; Use of consumption funds; Publicity in the system of material incentives. 2) Factors associated with the means of labor. These include: The level of equipment with Tirade and communications; Efficiency of using the installed equipment; The level of mechanization of management work.3) Factors associated with the objects of labor. These include: The rational organization of the movement of documents; Timeliness and completeness of the information; The level of standardization of information; Quality decisions. The factors of quality of work Evaluation of the performance of management units should guide management personnel to achieve the end results of production (profit and income growth, cost reduction and resource consumption),
Socio-Economic State of the Economy, State Requirements, Restrictions and Laws in the Field of Labor and Wages, Employee Qualifications, Labor Motivation, Living Standard, Level of Social Security, etc.
Technical and organizational nature of the tasks to be performed, complexity of labor, state of organization of production and labor, working conditions (sanitary and hygienic, ergonomic, aesthetic, etc.). Volume and quality of information received Level of use of scientific and technical achievements, etc.
Socio-psychological attitude to work, psycho-physiological state of the employee, the moral climate in the team, etc.
Tirades has a very good financial outlook.
|
Year |
Revenue $( M) |
Expenses |
Profit |
|
2018 |
20,000 |
$ 15,000 |
5000 |
|
2019 |
22,500 |
16,000 |
6500 |
|
2020 |
24,000 |
16,000 |
8,000 |
|
2021 |
23,500 |
17,000 |
6,500 |
Market Development of a mixed economy, Enterprise development, Level and volume of privatization, Stocking organizations, Competition, Independent choice of remuneration system, Price liberalization, Inflation, Bankruptcy, Unemployment, etc.
Assessment of the results of work of different categories of workers (managers, professionals, other employees, workers) differs in its objectives, significance, performance or characteristics, the difficulty of identifying results (Tian, 2016).
Quite simply, this problem is solved for the category of workers, especially workers-workers. Evaluation of the results of the work of managers and specialists is much more difficult, since it “characterizes their ability to directly influence the activities of any production or managerial level. In the most general form, the result of labor of an employee of the management staff is characterized by the level or degree of achievement of the management goal at the lowest cost (Trevino, and Nelson, 2016). important practical importance is the correct determination of quantitative or qualitative indicators that reflect the ultimate goals of the organization or divisions.
Conclusion
In connection with the division of managerial labor, the result of the manager’s work is usually expressed in terms of the results of the production and business and other activities of the organization or divisions (for example, fulfillment of the profit plan, growth in the number of customers, etc.), as well as through socio-economic conditions labor of employees subordinate to him (for example, the level of remuneration, motivation of staff, etc.).
The first group of indicators describes the overall economic efficiency of the organization. This group of indicators should include management costs, which are calculated either as an absolute amount of expenditure for the maintenance of the management apparatus, or as a relative value as a proportion in value products and determine the effectiveness of management (Zaheer, 2015). These include labor productivity, the ratio of the rate of growth of labor productivity and wages, the average annual wages of workers, the total loss of working time per worker and others. “
References
Allen, D., Lee, Y.T. and Reiche, S., 2015. Global work in the multinational enterprise: New avenues and challenges for strategically managing human capital across borders. Journal of Management, 41(7), pp.2032-2035.
Artto, K., Ahola, T., Kyrö, R. and Peltokorpi, A., 2017. Managing business networks for value creation in facilities and their external environments: A study on co-location. Facilities, 35(1/2), pp.99-115.
Banavar, G.S., Ebling, M.R., Hunt, G.D.S.H., Lei, H. and Sow, D.M., International Business Machines Corp, 2015. Content pre-fetching and preparation. U.S. Patent 8,949,420.
Crane, A. and Matten, D., 2016. Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
Deresky, H., 2017. International management: Managing across borders and cultures. Pearson Education India.
Epstein, M.J., 2018. Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Routledge.
Forsgren, M. and Johanson, J., 2014. Managing networks in international business. Routledge.
Ims, S.D., Li, Y., Lusardi, R.J. and Xing, J., International Business Machines Corp, 2015. Capacity on-demand in distributed computing environments. U.S. Patent 9,137,324.
Möller, K. and Halinen, A., 2017. Managing business and innovation networks—from strategic nets to business fields and ecosystems. Industrial Marketing Management, 67, pp.5-22.
Muppidi, S.R., Kodeswaran, P.A., Mukherjea, S., Nandakumar, V. and Kapoor, S., International Business Machines Corp, 2016. Policy-based dynamic information flow control on mobile devices. U.S. Patent 9,253,209.
Schaltegger, S. and Wagner, M., 2017. Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge.
Tian, X., 2016. Managing international business in China. Cambridge University Press.
Trevino, L.K. and Nelson, K.A., 2016. Managing business ethics: Straight talk about how to do it right. John Wiley & Sons.
Xu, Y., Munson, M.C. and Simu, S., International Business Machines Corp, 2017. Method and system for aggregate bandwidth control. U.S. Patent 9,667,545.
Zaheer, S., 2015. Overcoming the liability of foreignness. International Business Strategy: Theory and Practice, p.362.
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