What Happens When New Businesses Enter a Market Without Adequate Digital Marketing Strategies?

by | Jan 4, 2022 | Digital Marketing, Marketing Strategy

Opening a new business can be exciting. It can also be the fulfillment of a lifelong dream. But getting a startup off the ground can also be a challenging process. Not having an adequate digital marketing strategy can make startup success even more difficult.  

Just what happens when new businesses enter a market without an adequate digital marketing strategy? Often, failure. The Bureau of Labor Statistics reveals that about 45% of new businesses fail within the first five years. How can you build a digital marketing strategy designed to help you avoid what happens when new businesses enter a new market without an adequate one? Here are three tips that can help you:

What Happens When New Businesses Enter a Market

3 tips to make your market entry a success:

Build unique content for your business and the market you’re entering

Content creation is one way to make what happens when your new business enters a market a positive thing. You can develop an understanding of what customers in that geographic area or digital space are seeking through effective market research. Then, I can work with you to build a unique content strategy that’s designed to:

  • Answer potential customers’ questions
  • Build trust in your new business
  • Inform potential customers about your product or service
  • Get them engaged with your brand

Promote your business on social media

How can you get people excited about your business without a big budget? Build brand awareness by engaging with people on social media. One option is to keep potential customers updated on the progress of your physical or digital store. This can include posting pictures of the steps you’re taking to get your business up and running. You can also show a countdown-to-opening clock on your social media sites. Even better, your team can respond to the questions that come in from people who are visiting your social media sites. This engagement can help establish trust that can make them a loyal customer before you’re even ready to sell anything.

Outline your customer journey

Have you thought about ALLLL the steps people will need to take to purchase your product or service? Do they need to subscribe? Fill out an application? Make a payment?

Launching your business before determining how easy or difficult it might be for customers can be a huge mistake. I’ve experienced this with one of the first start ups I worked with. The business provided diagnostic imaging that offered a more comfortable experience and higher-resolution clarity than other breast imaging in the market. Yet, the steps patients had to take to complete forms, send in prior records and make a payment was flawed. Unfortunately, the business closed after just a couple of years.

New businesses lose all the trust and goodwill they’ve nurtured if the purchasing process is disjointed or hard to follow. So, map out the process and actually experience it for yourself. It will save you a lot of headaches.

Heart & Hustle can help new businesses find success

Ready to make what happens when your new business enters a new market a positive thing? I created Heart & Hustle Brands to help startups do exactly that. I can start by helping your business come up with the unique and effective branding that can help it stand out from the crowd. Then, I can be your partner in creating a digital marketing strategy that is designed to help raise brand awareness and bring in new customers.  

Want to find out how I can help your new business meet its goals? Let’s talk.

Eager for the brand you’ve created to succeed? Let’s talk about how I can help you.

Stacey Harrison

About the Author

Stacey Harrison is the lead brand strategist and designer at Heart & Hustle Brands and has provided creative direction for healthcare, industrial, and financial services brands for 20 years. She started Harrison Creative Group in 2017 to serve businesses that need a professional brand image on a budget. In 2021, the company rebranded to Heart & Hustle Brands to walk in the shoes of clients that experience a change of name or brand refresh.