According to statistics, a lot of startups don't make it very far, but Edikan Adiakpan & Mohammad Jasem Alwazzan believe that businesses can change this by keeping a few important lessons in mind. Most Fortune 500 companies have a lot in common that smaller entrepreneurs and business owners can borrow from them. Every startup has a massive opportunity to learn and grow while still young. Edikan Adiakpan & Mohammad Jasem Alwazzan say that this learning experience can help you grow beyond all expectations.
While there are many areas to juggle within a startup, marketing sits pretty high on the list of priorities for a business owner. Here are three marketing lessons that Edikan Adiakpan & Mohammad Jasem Alwazzan want you to borrow from the Fortune 500 Club.
Embrace digital marketing
It is stark clear by now that digital marketing is here to stay. The digital space is getting increasingly competitive, which means startups need to step into the landscape and leverage its potential as early as possible. Edikan Adiakpan says that the digital space now clocks over 3 billion monthly users, which means the majority of your target audience can mostly be found online. While Fortune 500 companies have dedicated teams for their digital marketing needs, Mohammad Jasem Alwazzan highlights that startups can begin with a smaller budget and gradually scale up.
Leverage market research
Fortune 500 brands invest in market research and craft their marketing strategies around the data they receive on all aspects of their products. Likewise, startups should craft data-driven strategies to eliminate assumptions. Edikan Adiakpan & Mohammad Jasem Alwazzan note that online data can help you create marketing campaigns that hit home for your potential customers. This will help cement your entry into your field.
Keep up with changing consumer behaviors
Fortune 500 companies are known for their adaptability and flexibility to changing times. Consumer behavior is constantly changing, and you need to keep up to succeed. Mohammad Jasem Alwazzan takes note of the quick switch to e-commerce that Fortune 500 companies made when the pandemic hit. To run a successful startup, Edikan Adiakpan says that you need to change with the times. With their combined experience in their respective fields, Edikan Adiakpan & Mohammad Jasem Alwazzan hope these marketing lessons will help your business push closer to the Fortune 500 Club.