Finance and fun are two words that don’t often find themselves in the same sentence. But Tyson Koska is on a mission to change that through maximizing marketing power, networking, and making his business stand out from the competition. Tune in to hear the valuable insights that he has gained through the founding of OnTrajectory, a personal finance startup.
Tyson Koska is a software engineer by training and entrepreneur at heart. He knows firsthand the struggles of being in debt. Now, he wants to bring financial peace of mind to as many people as possible by providing the world with an easy, accurate approach to financial modeling that doesn’t require a financial advisor.
Importance of marketing
The importance of marketing cannot be overstated for any business, regardless of its size or industry. Marketing plays a significant role in driving overall business success by effective product promotion, attracting and retaining customers, and generating revenue. Here are some reasons why you should never underestimate the importance of marketing:
- Building brand awareness: Businesses can build and strengthen their brands with the help of marketing. Marketing initiatives ensure that the target audience recognizes and remembers the brand through effective messaging, campaigns, and consistent brand positioning.
- Generating leads and sales: Leads are produced, and sales are increased through effective marketing. Businesses may attract potential consumers, capture their interest, and guide them through the buying process by using a variety of marketing strategies, including advertising, content marketing, search engine optimization, email marketing, and social media marketing.
- Creating competitive advantage: In today’s competitive landscape, marketing is important for gaining a competitive advantage. Effective marketing enables businesses to communicate their value proposition, showcase their competitive advantages, and set themselves apart from their competitors. Businesses can position their goods or services as the top choice in the market by understanding customer demands and preferences.
- Maximizing profitability: Ultimately, marketing maximizes the company’s return on investment (ROI), which in turn increases profitability. Marketing initiatives directly contribute to the financial success and sustainability of a firm by reaching the right audience, conveying compelling messages, and turning leads into paying customers.
Overall, marketing helps businesses to thrive in the current competitive landscape. It acts as the catalyst to increase brand awareness, lead generation, client acquisition, and sales. Businesses can differentiate themselves, increase their market reach, and create strong client relationships through effective marketing methods. Adopting the power of marketing helps businesses to succeed and stay ahead of the competition in a dynamic market.
Episode highlights:
- There comes a time on most entrepreneurs’ journeys where the best thing you can do for your business is to make yourself replaceable. As your business grows, you can’t be everywhere at once, so you need to learn to let go of certain elements and empower other people to make important decisions. “Work on your business, rather than in your business.” (01:34)
- Strong relationships are foundational to every successful business. Network, talk to people, host a podcast; do whatever you can to form connections with as many people as possible. (03:42)
- Being a startup in the competitive world of personal finance is an expensive, challenging endeavor. To succeed, you have to stand out. OnTrajectory stands out because they are bringing a fun element to a characteristically un-fun industry. Put effort into thinking about how to make your business unique. (04:40)
- Learn from your current and/or potential customers. You don’t have to come up with every new idea yourself. Let your community guide you to a degree by encouraging their feedback and suggestions (and then take action on them!). (17:05)
- Just because you build a great product, doesn’t mean you’ll have a successful business. Don’t underestimate the importance of marketing. If it’s not your forte, hire someone to do it for you. Don’t keep adding features until you know your audience! (30:09)
Tyson’s best advice for entrepreneurs:
“The relationships that you make are absolutely foundational and key to any successful business.” (4:03) Form connections with as many people as possible on your entrepreneurial journey, you never know what opportunities may present themselves as a result.
