Marketing is a distinctive and unique function of any business. It is the whole business seen from the eyes of customers.
Public Relations and other Marketing Communications activities are the fundamental and intricate part of any companies growth, that’s why it should not be neglected or put at the bottom of the list of items to consider when picturing your business, product or service. They should be on top of the priority list. And as a matter of fact, any new business their product or services need PR & other arms of marketing communications. Without this, any business will be like a fish without water.
But the tendency is for Small and Medium Enterprises (SMEs) to pay the earliest attention to what are considered more important needs when creating a new business or product/service. The ideal sequence, particularly in this environment, is CAPITAL – MARKET GAPS-CUSTOMERS – INFRASTRUCTURE – DISTRIBUTION – STAFFING. We consider each component in this blog before the” small issue” of branding and its tributaries like PR, Advertising and Promotion. Yet, this is a mistake, particularly in advanced age, one that continues developing at a confounding pace.
Our recommendation is in that after finding the gap in the market, which is absolutely necessary to establish a new business, the next move- and at the same time, as you begin digging for capital, you should be spending a lot of thinking time on building the brand.
- How will the name of your business/product/service impact market entry and penetration?
- How does colour or label meet with your target consumer?
- How can you reach consumers with your message and at their convenience? What language do they understand?
- What will convince them that your company/business/product/service is different?
- What quality and quantity of excitement do you need for market entry?
- Are you able to answer all these questions alone? Or do you need a Marketing Communications partner to walk you through them?
- If you do need a partner, exactly what type of partner do you need?
These are critical questions every new startup has and how correct the answers are maybe the difference between their success and failure. These questions are as important as raising capital and staffing. In fact, may impact staffing as they obviously will, the customers you need to get a niche in the market place.
It’s easy to say done, right? How does a business in its early stage find the capital for branding / Marketing Communications activities? We are not recommending any contractor or service provider. But you have to find a partner for your business. The use of the word partner is deliberate. The right business partner will enhance the ethics & spirit of your firm.
Partners trust and believe. Partners invest. Partners take risks.
So, find yourself a partner that suits you.
And be as straightforward and open as possible. This is critical. Very critical. The need to ensure that your partner is compatible with you, at the risk of sounding hyperbolic, is similar to what happens before organ donation.
For instance, a kidney donor, however willing or eager, is only useful if the organ to be donated is compatible with the prospective recipient.
In the event of indifference to compatibility, the outcome, without fail, is problematic if not fatal. This, we wish to submit, underlines why a suitable partner is crucial, as it would help avoid a wasteful expenditure of time, money and everything in between.