Monday, January 7, 2013

Do Startups need Marketing?

YES!  However, a thorough plan must be conceived before implementation.  Otherwise you may end up as "the app for people who like to take pictures of their food".   The first question every startup CEO should ask his/herself before developing a marketing strategy is "What is the purpose of my marketing plan?".  Once this question has been answered, then, and only then, is your company is ready to discuss the responsibilities and the ultimate goals of your marketing department.  A recent post on christine’s brain discussing the importance of marketing strategies by startups highlights a few of the points that we believe in your plan need to be addressed :
  1. Positioning the product
  2. Defining the target customer
  3. Representing the customer voice in the product roadmap
  4. Developing the company’s brand
  5. Acquiring customers
  6. Keeping customers happy
These points seem almost common sense, but when it comes to execution, many startups fail because of time, other priorities and lack of funding.  We think that in the first stages of a startup, technical aspects regarding your product are extremely important.  However, positioning your product in the market for your future launch is imperative for your company’s success. This will also be an iterative approach if you do not have a large budget to invest in primary and secondary market research.  

At BioPharma Advisors, we can guide you in developing a sound marketing strategy that addresses each of these points.  We will put marketing at the forefront of your business plan in effort to enhance the long-term success of your product offering.  

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