In this day and age, we have a plethora of information available to access and educate ourselves. This has given rise to many new entrepreneurs and successful startup companies utilising digital marketing.
However, according to Failroy, 9 out of 10 startups globally fail, with a report by Google, 44% of startups in Southeast Asia fail to survive beyond the first year, without the use of digital marketing.
What is a Startup?
As defined by Forbes Advisor: “Startups are businesses that want to disrupt industries and change the world and do it all at scale”. A startup brings new ideas, or formulas to an existing industry to improve or help provide a new service.
With the eventual goal of a large return on investment, by establishing this, we can understand what drives a startup though more importantly; what a startup needs to succeed.
How do startups Succeed?
Startups in Southeast Asia have been on the rise in recent years, with a focus on industries such as e-commerce, fintech, and logistics. However, despite the potential for success, many startups struggle to gain traction due to a lack of exposure to potential customers.
With this, we can ask the question, what are the common trends that successful startups share? Well, according to the Forbes article “The Future of Business”, some of their key points include:
- Sustainability
- Customer relations
- Innovative funding
Though a consistent point highlighted by Forbes in their article and Faster capital in their article, was the digital aspect. A company without a site is a company which has excluded itself from the largest information database in the world.
According to a study done by The Edge Markets, Malaysians spend 141 days each year browsing the internet! According to Statista, in 2021, 30.62 million Malaysians used the Internet.
A well-designed and effectively marketed website is by far the fastest, most efficient, and most effective way to get your brand’s name out there and start bringing in fresh clients.
Is digital marketing and the web useful for all companies?
Companies have existed well before the invention and establishment of the World Wide Web, this begs the question, is it for every company?
Whilst companies can exist without having a website, this requires a strong market presence with word of mouth to help keep them in business, however, it leaves little room for expansion when word of mouth eventually dries up.
Whilst a company can focus on ad spending with billboards and on the side of vehicles, those vehicles and boards can not be everywhere at once. The web and digital marketing acts as your own advertising board which is held in the hands and pockets of almost everyone on the planet.
Word of mouth will always have some place in the business world. Though as a startup without the connections and established brand rep, it is not sustainable and will not bring the growth your company needs to stay competitive and expand in its industry.
How does the web grow businesses?
With most consumers now turning to online platforms for their purchasing decisions, having a strong online presence is crucial for startups looking to grow quickly.
This involves using digital marketing methods that include; having a well-designed website, active social media accounts, and a solid Search Engine Optimisation (SEO) Strategy, to ensure you outperform the other 1,344,911 active companies in Malaysia.
In addition to attracting customers, a strong digital footprint can also help startups gain the attention of potential investors. According to a report by Deal Street Asia, Southeast Asian startups raised a record $8.6 billion in funding in 2020. Malaysia only raised $362 million according to Digital News Asia.
Furthermore, some of the most successful startups in Malaysia, such as Naluri Life, which uses AI to help improve mental and physical health, had 4 rounds of funding with private investors to a whopping amount of $7.4 million according to an article by Failory.
What played a key role in Naluri Life’s success in funding was an established website to gain the interest of private investors.
What does this mean for startups?
While startups in Southeast Asia face many challenges such as gathering a client base and getting their name known, establishing a strong digital footprint is a key factor in overcoming the challenges presented and helping startups to succeed.
By focusing on building an online presence and attracting potential customers and investors, startups can establish themselves and maintain growth in a highly competitive market.
How do startups establish a great website?
Now that we’ve discussed the importance of having your company online, how does one get themselves there? Developing and implementing a successful website requires significant time and dedication to yield positive results accompanied by an implemented SEO.
Understanding that, a site can be developed using tools such as Google Sites or WordPress with an experienced group in coding and a strong design team, these are the tools which will help you develop your site to a competitive standard most effectively.
For any ideas on what we recommend you add to your site, send us an email at enquiry@amr-marketing.com, or browse through our own web page and we will be more than happy to lend your business a helping hand free of charge.
