The Importance of Strategic Marketing and Branding for Sustainable Success of Startups

As Bangladesh develops with time and many people are willing to be entrepreneurs and start their own businesses. It is true that many businesses do succeed and sustain to achieve success, generate profit and create a brand of their own in the market. Some of the popular names include Pathao, Aroggo, iFarmer, bKash, Chaldal, and 10 Minute School.

However, there have been a great number of startups who have failed drastically and were unable to sustain in the long run. Suffering, loss of revenue and profits lead to shutdown of the business. Irrespective of a startup succeeding or failing amongst the many reasons one which stands out is the proper planning of strategic marketing and branding of the products and services. While many argue that top management decisions regarding finances, operations and recruitment play a more crucial role, the importance of reaching out to target audience with the correct and appropriate message cannot be overlooked.

While many businesses fail due to lack of effective marketing and branding strategies many also excel in the most tremendous manner. Some of the success stories include Pathao Limited where they have effectively used the social media platforms, influencers and referral programs to capture the audience and build its brand image. Other examples include Shajgoj Limited. As a beauty e-commerce startup, they captured over 20 million users by prioritizing content marketing and educational video campaigns over traditional ads. Chaldal is also an excellent example of success through effective marketing and branding. The online grocery platform drives customer retention using targeted email marketing, personalized push notifications, and growth hacking strategies like cart-recovery flows to build loyalty.

Some of the other success stories include 10 Minute School and bKash. This is a case where both are market leaders in their respective industries and have had huge financial support to boost their marketing activities carrying out multi-platform marketing and using extensive reach through popular celebrities. For instance, 10 Minute School provides free educational content on their social media platforms, shares student testimonies and success stories to reach out to their target audience alongside the founders sharing their own road to success. For bKash in the Mobile Financial Service industry, they have heavily relied on reaching out to agents across Bangladesh, making sending money convenient across the country. They have used extensive television commercials, emotional storytelling, agent branding, and extensive digital and social media coverage to reach out to a mass audience and build their brand image.

Alongside the success there are many startups which failed due to ineffective marketing and branding. Doel, a laptop launched by the Bangladesh government, failed to establish itself in the market due to poor marketing, failing to gain trust of users compared to international brands such as Dell, HP, and Lenovo.

Another example is Takeout Burger. Launched in 2014, the fast-food chain gained its place in the hearts of Bangladesh and has been a household name in the country’s fast-food industry. It has, however, failed to sustain and capture the Sri Lankan market after launching there in 2017. Severe competition, increasing operational costs, and failure to understand Sri Lankan marketing trends and consumer needs led to the company’s regional failure. The failure was further accompanied by the COVID-19 global pandemic.

Another classic example can be seen in the form of Walton Laptops. Although Walton itself is not a startup, when it tried entering the laptop market in Bangladesh it initially failed due to lack of proper communication and trust among consumers.

It is quite evident that effective marketing and branding are essential for sustainable growth of startups. Some of the key reasons include:

• Build awareness among potential customers.
• Helps identify and target the most profitable customer segments.
• Creates a competitive advantage through differentiation.
• Improves customer acquisition and retention.
• Optimizes limited marketing budgets by focusing on high-impact channels.
• Supports sustainable revenue growth.

Without a well-defined marketing strategy, startups often struggle to reach their intended audience, leading to low sales and slow business growth.

Furthermore, HungryNaki displays another example of failing to adapt to the market. HungryNaki pioneered online food delivery in Bangladesh and initially achieved significant growth through effective digital marketing and early market entry. However, as competition from larger companies increased, maintaining market leadership became challenging, demonstrating that strategic marketing must evolve continuously alongside changing market conditions.

However, as we talk about startups having to do effective strategic marketing and branding for sustainable success, there are many challenges which startups come across. Some of the challenges include:

• Limited financial resources.
• Lack of marketing expertise.
• Difficulty building brand awareness.
• Rapid changes in consumer behavior.
• Intense competition from established firms.
• Measuring marketing return on investment (ROI).

Some of the strategies for startups to achieve success include:

• Conducting thorough market research.
• Developing a unique value proposition.
• Building a consistent brand identity.
• Leveraging digital marketing channels such as social media, search engine optimization (SEO), content marketing, and email marketing.
• Engaging with customers through personalized experiences.
• Monitoring performance metrics and adapting strategies based on customer feedback and market trends.

Overall, it can be said that strategic marketing and branding are to be kept at the forefront for the sustainable success of startups. This approach helps establish meaningful connections with the target audience, understand market trends, and stay relevant in the competitive and ever-changing business landscape. Startups that invest in understanding their customers, building trusted brands, and continuously refining their marketing approaches are better positioned to survive intense competition and create long-term value. In an increasingly dynamic marketplace, strategic marketing and branding should be viewed not as optional business functions but as essential components of sustainable business success.

PREPARED BY:
GOLAM SIDDIQUR RAHMAN
MARKETING COMPLIANCE SPECIALIST