Start-ups are special because of the level of aspiration and morale they hold although without considerable market experience. You need to be quite brave to start a business in this competitive market and one of your biggest concerns would be money because without capital you cannot make strides in the market. One of the best ways to accumulate capital is to not spend it unnecessarily on stuff that is not beneficial to your start-up business.
Now everybody makes mistakes and you will probably make one or two and learn from them and but as the saying goes that it is wise to learn from others’ mistakes. In this blog, we will talk about the common mistakes start-ups do in the bid to expand their business and grow.
- Rebranding – Rebranding is effective and it has always worked for blue-chip companies and the biggest names in the market, something that friends do when they have to reclassify their brand appearance or even have a fresh start into the market.
Rebranding can be costly to a new business, not just in terms of capital but in terms of market foothold. The bigger brands can afford to rebrand themselves because they are so popular that the new branding will be quite well known in the market, but smaller brands and start-ups cannot afford that because they are not quite popular enough that people take into accord the new branding and associate it with the old brand. This is dangerous for new brands because this means all their prior work in marketing and their work in holding the market we will lose and they will have to start fresh with the new branding.
- Poor Content – Content is one of the most paramount criteria of a business and if you are a start-up with a website or an E-Commerce portal then content becomes second to none. While you can reasonably write proper content, many start-ups make the mistake of flooding their websites with content in the hopes of looking ‘fuller’ and more experienced and this has the opposite effect. Short, precise, to-the-point content with proper keyword usage is the best way to go because in some cases less is more.
- Buying into the fake following- If you are someone into e-commerce and if you are someone looking for services then you will be bombarded with people who will be offering to increase your followers by hundreds and thousands for a small fee. This may seem lucrative because more followers attract more followers but this will not be meaningful for your business. In the digital world, everything apart from organic is meaningless and these followers will not do business with your brand and the genuine followers will be surprised, shocked and even upset when they find out they have followed a page that had been artificially elevated with fake followers. Fake followers will also decrease the credibility of your business considerably and this will affect your market reputation and in the business world reputation is everything.
- Overspending on Display ads – Spending and overspending on display ads may not be a good idea because numbers show that the conversion rate of display ads adjust at 0.7% and this is not the outcome you might have wanted to hear. The fact of the matter is that all social media sites display ads in such a way that they will be marked as ‘sponsored’ or ‘promoted’ and this psychologically prompts your potential customers to skip the ads. Unless the social media companies make changes to this policy where you can disguise ads as normal content, spending large chunks of your budget on display ads is not a very wise thing to do in today’s market and especially if you order a start-up with limited capital.
These were the few of the ways how start-ups can save money and not spend their limited budget on unnecessary spending. If you are someone who owns a start-up and does not know how to channelize their funds properly into marketing then there are quite good digital marketing and web design and development companies in Kolkata and India that act as digital allies for your business and can assist you in everything related to digital marketing, content creation and promotion and much more
