The world of business is cut-throat and up to 50% of new companies and startups fail within the first five years. What are the keys to achieving success when starting a new business? Among hard work and commitment to steady growth, having a well-rounded marketing plan is critical. Providing your new business with the proper marketing tools and techniques helps ensure that it stays afloat and that your business ideas stand the test of time. Here are five simple marketing tips for new businesses to give them an edge over the competition:

Research & Analysis: Draw a clear picture of your target audience and hone in on your ideal customer. This helps assure that content and future products/service are created with your customers in mind. Additionally, it is important you gain a full understanding of your competition. Build on their strength and utilize their weaknesses to demonstrate to customers your brand is a better prospect.

Build a Website: Due to the vast amount amount of digital resources out there, new brands don't need to spend much money for a functional and aesthetic website. Yes, your company website is its digital storefront and can open the door for more business opportunity, but the world of digital marketing is constantly changing. You must be open to change and don't expect perfection right off the bat. Elements such as SEO and branding should consistently remain at the forefront when creating content and designing you site.

E-Marketing: Email marketing and list-building are crucial aspects of any well-rounded marketing plan. Building a list from scratch may seem like a daunting task at first, but it is easy to grow if you offer prospects incentives and freebies to sign up. This includes landing pages on your site that offer high quality content if they provide an email address.

Networking: This may seem like a technique of yesteryear, but approaching other business owners face-to-face (in the right environments) can be beneficial for your new business. The advent and growth of social media means business owners can prepare themselves for conferences and events even before arriving, warming up leads and setting up strategic meetings.

Social Media: It is obvious that any business today needs to have a presence on social media to backup their website and any other business activities. It more than just like and shares- with Facebook's robust targeting features, it is possible to easily reach your target market with just a bit of planning.