How to grow your business
Starting a business is always an exciting journey. However, it is not always a bed of roses, especially for startups. One of the most common reasons for startup failure is poor management of their marketing budget. A recent study revealed that approx 26% of a company's budget is wasted on the wrong marketing channels and strategies, some marketers reported this percentage to hit a shocking 60% even. See full article and survey here: https://www.insiderintelligence.com/content/marketers-waste-about-one-fourth-of-their-budgets
This is where the importance of starting off with the correct marketing strategy is crucial for most businesses. Especially for SMEs and Strat-ups where every single budget invested in marketing needs to have a clear ROI. However, many startups make the mistake of either allocating too much or too little of their marketing budget to the right marketing channels which will actually create a stream of revenue for their business. This can lead to a waste of resources or a lack of brand visibility, both of which can ultimately result in failure.
The key to avoiding this pitfall is to partner with a marketing and growth agency. This will give your company/brand the chance to work with a specialised team that focuses not only at the best media channels to use for your desired results, but also deliver a strategy that aims to do more than increase your presence in the online digital space. Growth agencies help you grow your business, its revenue and work towards the overall development of your business as a whole. In the UAE, there are many marketing agencies that specialise in business growth. Finding the right one that can deliver results can be a daunting task, but it is crucial for the success of your startup.
How to find a good marketing and growth agency?
Find a marketing agency that has experience across all media channels. A digital agency, a social media agency, and SEO agency, will only deliver solutions limited to their channels of expertise. A growth agency will have a team of experts across all media channels: from Social Media, to Digital, to PR, to SEO, Radio, TV, Outdoor Banners etc. and so their consultative knowledge will focus on the healthy development of your business and not on. Just one media channel.
Work with an agency that has experience in working with Start-ups/SMEs. As you might already know, Strat-ups are volatile businesses and they change their course of development constantly. Therefore your marketing strategy should adjust at least once every three months according to the way your business is shaping up.
3. Focus on conversions and sales while developing a strategy. As we all know start-ups are dependant of revenue in the first years of their activity in order to assure growth. Therefore, it’s important that your plan of action goes beyond simple activations such as “grow your awareness” or “increase your social media followers”. Whether your business has a B2C format or a B2B one, there’s always a solution for you to make sure that you’re generating healthy leads for better conversions.
It is also important to note that partnering with a marketing agency is not a one-size-fits-all solution. Different startups have different marketing needs and budgets, so it is essential to find an agency that can tailor their services to your specific needs.
In conclusion, poor management of marketing budgets is one of the primary reasons why startups fail. However, this can be avoided by partnering with the best marketing agency for your business. The UAE has a plethora of growth marketing agencies that can help you make the most out of your marketing budget and make your business grow accordingly. Find the right marketing partner and you can take your startup to new heights.
