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Marketing basics every start-up should know

Setting and meeting your objectives to deliver results

Use the SMART framework to align your long-term strategy and marketing objectives:

S – Specific. Create clear goals that work towards a set quantity or result.

M – Measurable. Make it measurable/countable so that you can see if it’s been achieved.

A – Achievable. Can it be achieved within the timeframe?

R – Relevant. Define how they will make a difference to your business.

T – Time-bound. The goals should have a time limit, for example one year.

Build market segment profiles and personas

This is all about testing the assumptions you’ve made about potential customers to see whether there’s a viable market for your business.

  • Filter groups of similar buyers within your target market into specific segments to improve your go-to-market plan.
  • Build out customer profiles according to demographic considerations like gender, age, occupation, race, religion, interests, household income, geographic location, preferred language etc. It’s important to remember that segmentation could also be filtered by product.
  • Deepen your understanding of what drives your audience by considering psychographic factors such as personality traits, lifestyle factors and attitudes.
  • It’s also worth looking into customer decision making by looking into ‘buyergraphics’.
  • Learn about the decision cycle, so problem recognition, information search, alternative evaluation, purchase decision and post-purchase. This could provide insight based on customer feedback.

From this information, you should be able to create persona or user stories (a short description of who they are and their needs). It’s a great way of establishing goals, aspirations and expectations. This will help you focus on what your customers aim to achieve by engaging with your particular product or service, with emphasis on their end goal and what needs to happen to achieve that.

A quick guide to marketing basics

Proposition development to make your product or service value clear

  1. Identify your core customer needs.
  2. Map your product/service features to those needs.
  3. Identify how you’re different to competitors in relation to those needs.
  4. Base your value messaging on the top two to three benefits you can deliver that are unique.

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We (NatWest Group plc) can't accept responsibility for any decisions or actions you take based on this article. It’s for information only and not meant to offer specific advice. And although we think it’s reliable, we haven’t independently checked all the information in it.  You also shouldn’t copy the article anywhere without our consent. All views and forecasts in it are ours and can change.

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