It is heartening to note that Startups are growing rapidly in India, which has fueled India's economic growth also. So today we are going to discuss everything you need to know about Startups and the Importance of Digital Marketing for Startups.
Digital Marketing for Startups
Today there are many successful startups in India that are making a better change in people's lives from their products and services and making their life easier than before.
When anyone starts their job with a new concept, it is called a startup. Even, if you open the tea selling shop with a new concept, then it also will be called a startup. There are many successful businesses that have started as a startup and today they have reached new heights of success such as Snapdeal, Flipkart, Paytm etc.
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Benefits Beyond Sales
When we hear the name of Startup in India, our mind also thinks about Make My Trip, Paytm, Ola Cabs etc. Are they all startups?
Yes, absolutely! These are all examples of Startup because they started with a
product or
service which was not already in the market i.e. they started with a new concept. And now, all these are included in the list of Top Startup Businesses of India.
It is not necessary that only the
startup based on technology is growing. However, the proportion of their growth is higher than the other startups. So to discuss it further we had an interview with the expert digital marketer and trainer Mr. Parmveer Singh of Quibus Trainings, which is a renowned name in the training for
digital marketing for startups and
entrepreneurs.
What is the Growth of Startup in India?
According to Nasscom's 2015 report, India has reached on 3rd Number in the world after the US and UK in the startup criteria as the number of New Startup Business has taken a tremendous growth in India.
If we see the data, In the year 2010, 480 startups were started. After this, it grew rapidly to 525 in 2011, while in 2012, 590 startups began. In 2013, 680 and 805 startups started in 2014.
From 2015 to 2017, these figures were able to cross four thousand startups, and this year, there is the highest number of startups.
According to a report, there are more than 8000 startups in India, and there is the immense potential of setting up more than 10 thousand startups in the country, five years from Startup India, which is implemented by the government by 2020.
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Top Startups Of India
There are some Top India's Startups, which are making our life simpler and better with their product and their Unique Business Ideas such as -
- Flipkart -Sachin Bansal & Binny Bansal
- Paytm -Vijay Shekhar Sharma
- Snapdeal -Kunal Behl & Rohit Bansal
- Ola Cabs -Bhavish Agarwal
- OYO Rooms -Ritesh Agarwal
Challenges of Startups
The risk is another name for Business! There is no business that does not have a risk, and if so, then it is not business. But the question is whether there is more risk in a startup?
So the answer is yes! A startup has a higher risk than traditional business.
About 90% of startups in India are failed badly in a few days.
Here are some factors for Startups which are the cause of failure of many startups. Let's know about them in brief:
#1 Startups Don't Meet to Market Needs
There may be many reasons for this, but the main reason is that those who are new Startup sometimes cannot meet their Product's and Services market needs. It is one of the biggest challenges of any Startups.
And when a new Startup cannot meet the needs of the market and people, then it fails. Stayzilla, Taskbob, Fabfurnish, Hotels are just a few examples of failed Startups.
#2 Lack of Money
The second reason for startup failure is a lack of money. It is also topmost challenges of any new venture. Startups usually don't have their own money and also, as there is more risk in the startups so no big investor would like to invest there, where it is more harm than profit.
Due to the high risk, many investors do not invest in these small and new startups, so most of the Startups struggle with deficiency of money and it eventually becomes a major reason for the closure or failure of that Startup.
#3 Effective Online/ Social Media Presence
Nowadays one of the most important task for any organization is to keep their audience engage with their latest and attractive offers, or for other interesting and relevant content for the user. As
Social Media or online platforms are one of the most cost-effective tools to get in touch with your consumers and even consumers believe in you because of that, it is most important to create your presence there.
If your startup is not online, you are avoiding a great potential traffic and trust of your customer. No one will notice your business as a traditional marketing strategy won't work for you every time.
#4 Innovation and Creativity
Your Business needs creativity and innovation all the time. You must ensure that people are not getting bored with your business and they are taking interest whatever you are talking. That is why innovation is always important for your business.
According to a study written in Forbes
90% Indian Startups, Fail Because Of Lack Of Innovation
Most of the startup start well but fail to match their pace with people’s mind and they just fail in their initiation only because of Innovation and creativity in their Business.
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How and Why Digital Marketing for Startups is Important?
Now, after knowing all about the Startups, You must be thinking
how Digital Marketing can be a solution of all these challenges and failures of Startups and how it can be helpful in doing that. So, here we have explained it. However, if you are not aware of Digital Marketing at all, let me tell you about it in brief:
Digital Marketing or Online Marketing is a type of Marketing in which all the Digital media are used for Marketing a product or service.
Or we can say,
Digital marketing is the art that helps you get your customer through online and digital mediums.
There is a lot of functions inside Digital Marketing which is implemented to grow your business online, such as social media, search engine, email marketing, content marketing, mobile marketing, and this list continues.
Digital Marketing for Startup Growth
Now here's how it can help a startup to grow-
#1 It Targets Your Ideal Customers
After the increased Internet invasion, India had more than 331.77 million internet users in 2017. Now, this number is estimated to grow up to 511.89 million internet users in 2022.
As we know, it is much easier and feasible to target the ideal customers online using Digital Media than the traditional media which cost a lot more than this Digital Media does.
No one can deny the fact, why it's the best approach to have digital marketing for Startups.
#2 Most Impactful Advertisement through Video Marketing
We all are easily convinced by video ads as videos are the most satisfactory and impactful content marketing mechanism than any other media. Earlier it was really hard to get your ads on TV or radio and had to spend a very high amount to do that which is not at all required nowadays. Video Marketing has turned out to be the most impactful vertical of digital marketing for startups. There are lots of facts which give proofs for it
- According to a new study from Cisco, by 2019 Video will represent over 80% of all Internet traffic.
- According to YouTube, through mobile videos, 64% of customers are more likely to buy a product online after watching a video about it. Even the consumption rises 100% every year.
- 36% of online consumers trust video ads
- It has been estimated that Video Marketing will account for more than 80% all Internet traffic by 2018.
#3 Easy Measurement and Analysis
It is very important to measure your outcome and predetermined goals as you can leverage your Startup to its maximum height if you know and how and what is there in your strategy which didn't work out.
Digital Marketing gives you this opportunity through web analytics and other online metric's tools that help you measure each and every detail about your startup strategy or campaigns.
#4 It lets you Leverage your Startups through Pull Marketing
Users are now not bonded to watch any entertainment source with the advertisement. Today user has so many platforms of entertainment which are advertisement free, you cannot push your messages and ads to the user any longer.
If your business or startup is small, you cannot apply Push marketing there as it is not applicable here and it also weakens a brand sometimes. While Pull marketing uses digital marketing methods that attract the target customers i.e. the consumers who are ideal for your business and that is why digital marketing for startup becomes so much importance.
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Benefits of Digital Marketing for Startups Other than Sales
#1 Healthy Customer Relationship
Digital Marketing helps your Business or Startup creating a healthy relationship with your target customers. As a majority of people spend their time on Social Media channels, companies target these platforms for their business' or startup's enrichment. These platforms are not only used for building Customer Relationship but they are also helpful in driving traffic to your business or startup.
#2 Branding
Digital Marketing is one of the most intelligent and cost-effective ways to reach your target customer and make your presence online as a Brand. It is a necessity for a company to establish itself as a brand seeing the competitive market of today. Digital Marketing gives you this opportunity as well. It takes a few minutes for a post or video getting viral. It is quite comfortable to create Brand Awareness through Digital Marketing than other methods.
#3 Expanding Beyond Boundaries
You can expand your business or Startup beyond your circle. As Digital Marketing provides you this opportunity to expand your business beyond your physical location. From North to south, from East to West, whenever you want your business to reach out, it can reach with the help of Digital Marketing.
Hope this Article helped you understand the need for Digital Marketing for Startups. If you have got any query regarding this topic, you can write to us in the comment section below. We would love to answer your question!
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