Forming a company, getting funding, developing innovative products, hiring a crack team—there are so many things on the minds of entrepreneurs. No surprise that developing marketing strategy is often not at the top of the list.

Yet developing a clear, focused sensible marketing strategy is one of the most important things a young startup can do to get off on the right track. “If we build it, they will come” may work in baseball movies, but real life is much more complicated.

After all, the best technology or the most creative product on the market isn’t worth a thing if it doesn’t fit the needs of customers with money to spend and a propensity to buy.  And what you’d like to build may not always be what the target customer would like to buy.

How do you develop a marketing strategy?  Start with these five points:

1. Know your target customers. Learn what motivates them, what causes them pain, and where they’re missing opportunities. Understand why they would be interested in your solution or offering.
2. Understand the current market situation. Study your competition. What makes them successful? Where are they struggling? Remember that the status quo can often be your biggest competition...

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