The majority plan to use social media more for their new venture
Leading digital marketing experts, Digimax found that the UK’s startup trend is set to continue as it revealed 76 per cent of business owners said that they are currently working on new ideas with 43 per cent aiming to launch this year – more than half (56 per cent) having previously moved from conception to launch within 24 months. The SME is the lifeblood of the global economic ecosystem, refreshed and renewed by the startup.
Noting the UK’s startup prowess, Digimax wanted to know what strategies the startups had used to make their launch a success. More than three quarters (77 per cent) of all those interviewed believed that having a strong media presence was important to their customer base, and while only 34 per cent used social media for marketing purposes for their previous launch, 63 per cent said that it would play a significant role for the launch of their next venture, with 73 per cent of those believing that Facebook would be of most benefit to them.
Other social media platforms considered were:
- Instagram was stated as an option for 69 per cent
- 66 per cent would consider using LinkedIn
- YouTube appealed to 59 per cent of would-be marketers
- Interestingly, Twitter had the lowest appeal, attracting just 43 per cent
Fewer than half (42 per cent) would be conducting this marketing inhouse, with 58 per cent outsourcing to one or more digital media specialists.
With more tech startups than any other sector, it might not be surprising to learn that social media holds such a position of perceived importance, so what other lessons had startups learned on their first venture?
69 per cent felt that underestimating costs was their biggest mistake, while almost half (48 per cent) believed that they had over-complicated their idea and that simplicity would deliver better results next time round. Just over a third (37 per cent) admitted to lacking strategy, which would be their focus next time, possibly overtaking some of the other key factors they had considered before launching their original business, including:
- Product 52%
- Distribution 37%
- Sales Motivation 26%
Shaz Memon, Digimax CEO and digital marketing expert, comments: ‘In 2016 startups received more investment than in any previous years, and that appears to have continued through 2017 and potentially into 2018. The fact that the UK is leading the way in this is fantastic news for the economy, with the ability to bring long-term growth and security.
‘There are 7 billion people worldwide and 400 million of them are entrepreneurs. Of course, not every business venture is going to be a raging success, but marketing can make an enormous difference. You can have the best product in the world, but it will fail if nobody hears about it. It’s encouraging to see that so many entrepreneurs are beginning to understand that.’