The SME is the lifeblood of the global economic ecosystem, refreshed and renewed by the start-up.
Digital marketing company, Digimax found that the UK’s start-up trend is set to continue, as it revealed that 76% of business owners said that they are currently working on new ideas, and 43% aiming to launch this year.
They also revealed that 56% having previously moved from conception to launch within 24 months.
Noting the UK’s start-up prowess, Digimax wanted to know what strategies the start-ups had used to make their launch a success.
77% of all those interviewed believed that having a strong media presence was important to their customer base, and while only 34% used social media for marketing purposes for their previous launch.
63% said social media would play a significant role for the launch of their next venture, with 73% of those believing that Facebook would be of most benefit to them.
Other social media platforms considered
- Instagram was stated as an option for 69%
- 66% would consider using LinkedIn
- YouTube appealed to 59% of would-be marketers
- Interestingly, Twitter had the lowest appeal, attracting just 43%
Only 42% would be conducting this marketing inhouse, with 58% outsourcing to one or more digital media specialists.
With more tech start-ups 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 start-ups learned on their first venture?
69% felt that underestimating costs was their biggest mistake, while 48% believed that they had over-complicated their idea and that simplicity would deliver better results next time round.
Just 37% 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. These include product (52%), distribution (37%) and sales motivation (26%).
Shaz Memon, Digimax CEO and digital marketing expert, commented: “In 2016, start-ups 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.
Memon continued: “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.”