New Kid On the Block

If nobody knows you – nobody will buy from you.

When you start new business or enter new territory you need to
build awareness of your brand / company.
Awareness is first step and then it follows like this.

AWARENESS (they know about you)
TRIAL (they try your product/service; mostly for free)
PURCHASE (they buy for first time)
REPURCHASE (they buy again)
LOYALTY (they keep on buying)

The more people know about you the better.
Numbers are decreasing from Awareness to Loyalty.

For example out of 1000 people that know about you (Awareness) only about 50 will try your product/service (Trial).
Out of these 50 only 10 will come again (Purchase / Repurchase).
And out of these we can have 2 loyal customers (Loyalty).

If we increase number of people who know about us, we will also increase number of people who will come over and buy something.
(obviously, conversion rate will drop, but absolute numbers are higher)

Building awareness must be targeted. You should build awareness among your target audience.
These people are much more likely to buy from us.

Given limited budget for start up, it is most efficient to build awareness via internet.

Apart from cost, big difference between internet and “old media”
(print/billboards/TV/radio) is that on internet your potential customer is „one click away“ from your website where he is likely to be converted.

With “old media” the gap between seeing you and time time they will get to PC is so long, they will forget about you.

Related posts: How Much is Marketing?

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2 thoughts on “New Kid On the Block

  1. Martin,
    thanks. I am happy that it’s helpful and it motivates me to write more. There is rss reader widget at the bottom.
    No plan for newsletter, it would be too much to send it twice a week because of new post. have a fantastic day. m

  2. It’s really great to read every third day something what is short, meaningfull and helpfull… one can thing about it… once you shuld putt it down as a book or pocket manual… maybe it is not good idea, but you have many good thoughts.. I dont know if something like that exists, but I’d like to have an app which time to time randomly show something clever (common sense) on my screen in my cell… your thoughts are hundred times better than and usable than many others “smart lines which sound great but no one know how to use it” I am happy I can use your advices, thank you… Any newsletter possibility would be welcomed 😉

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