Startup Marketing Strategy
The Startup culture has been growing rapidly for several years now. One has to face many challenges while running a startup. One challenge that needs to be tackled is to develop an effective startup marketing strategy. The startup should be promoted well on various platforms, and only then will it stand apart from the competition in the market. Digital marketing for startups is an important part of its marketing strategy. Marketing for startup business may be broadly divided into two categories:
- Online marketing
- Offline marketing
Foundation of Startup Marketing
While developing strategies for startup marketing, one has to consider various factors that may not be an issue in bigger and more structured companies. For instance, for startups, identifying their target audience and finding a place for their products in the market are important points to consider before starting to develop any marketing strategies. Startups may also have a limited budget for marketing so the resources and funds should be used carefully.
Outline your strategy
Not all Startups are the same. To formulate an effective business strategy, many factors have to be taken into consideration. For instance, the nature of the organization and its products, how old is the organization, the market trends of its field of business and several other factors have to be considered. The most important components of your business strategy should be your goals, audience, market research, and budget.
The goals of a startup may vary depending on their objectives and their definition of success. But speaking generally there are two broad goals for any startup. The first goal is to improve brand awareness and the second is to acquire new customers. Even though both of these strategies are important, prioritizing one over the other may help you to plan your marketing in a systematic way.
For Startups, it is important to introduce them into the market to their potential customers or clientele. Telling people who you are, what you do, and what sets you apart from other companies is necessary. In order to improve brand awareness, your goals and your marketing strategy should revolve around getting people to recognize your brand name, logo, and such other products.
In order to acquire new customers, your goals must include getting new people signed up to your platform, encouraging them to become active users of your product, or converting existing leads into loyal and paying customers. You would need to develop a marketing strategy using effective design, copy, and calls to action to grab people’s attention and engage them with your business.
- Define your Target Audience
It is important for a startup to identify its target audience. Identifying a target audience can be sometimes difficult for the startup if their products or services are new in the market. It is crucial for your marketing to reach the right people with the right message. Therefore, while thinking of marketing strategies think about your target audience or who you want them to be. Some questions you can consider while defining your target audience is as follows:
What are you offering to your customers?
What makes your company unique?
Why should a customer choose you over your competitors?
Would your products and services be more beneficial to businesses of a certain size or a certain industry? (for B2B)
Should you choose a preferred audience based on their location, demographics, or interests? (for B2C)
“Any time is a good time to start a company.” –Ron Conway
- Find your Demand in Marketplace
Experts state that the lack of demand for products and services in the market is one of the main reasons startups fail. The product or service being offered probably doesn’t resolve an issue or doesn’t set itself apart from the competition. The pool of potential customers may not be large enough or, maybe it did not reach the right audience. To avoid such potential issues, take time to thoroughly research other products already available in the market and gauge interest from your potential customers. Once you know that there is enough demand in the market for your products then you can start thinking about your target audience, budget, and what you have to offer to the market.
As a Startup, Budget is an important factor while deciding marketing strategies. Knowing your estimated annual revenue is essential before deciding upon a set of marketing strategies. It is suggested that you should make your marketing budget a percentage of revenue. The company’s age should also be considered while deciding on the budget for marketing. Newer companies should ideally allocate more to marketing which will help speed up their growth.
Reach your Audience on the Right Channel
A Website is one of the most important channels to reach your target audience. Websites are work around the clock and help you to communicate with your audience and grow your business. If you think that your company is not ready for a website, start with a simple landing page. Landing pages are a great tool to collect email addresses, sell items, provide a gist of your business, and to display your newest products and the services. While creating your website, the following things should be kept in mind:
A domain name is basically your online identity, so choosing a name that’s recognizable, fits your brand, and is easy to remember is necessary. You must be sure to check the availability of each potential domain name on social media. Use the same name across each of your channels so that you establish a unique brand identity and improve your reach.
Search engine optimization, popularly known as SEO, helps increase the visibility of your website through search engines like Google, Bing, Yahoo and so on. Including SEO elements like keywords, title tags, meta descriptions, internal links, high-quality original content and so on will help your startup website gain more traffic.
Google ads are one of the most powerful ways to boost traffic on your website and recapture sales from customers, no matter where they go on the internet. Google ads display targeted ads to people who search for related terms and then navigate them to your website.
Implement Email Marketing
Email marketing is an important strategy for Startup marketing especially if they plan to scale quickly. Email marketing strategy is very useful and it helps you grow your list of interested and loyal users. Creating an email list is one of the most basic steps to start email marketing. Email marketing is also a good tool to introduce new products and services of the company. Email marketing for a startup should focus on an interesting copy for emails so that the conversion rate is higher.
Social Media Ads
The number of people using social media is increasing exponentially year after year. Therefore, social media marketing cannot be ignored while promoting your startup. You can post across various channels, create ads and use social media to communicate with your existing fans and customers. Social media marketing for startups can also help expand your reach and encourage more people to check out your website, stores, and products.
Facebook and Instagram are two of the most widely used social media platforms. The large user base of these platforms allows you to reach out to a wider audience. An advantage here is that Facebook advertising and Instagram advertising are linked as Instagram is owned by Facebook. Therefore, managing your ads is also easier. Facebook and Instagram ads are effective in startup marketing strategies.
Twitter is the third-largest social network in the world, with around 320 million active monthly users. It is also said to be one of the world’s most precise and effective digital ad platforms. On Twitter, you can target people based on who they follow or which keywords they use while tweeting. In such a way, you can reach the perfect target audience for your business. The two most influential strategies on Twitter are keyword targeting and follower targeting. Twitter is one of the biggest search engines and can help you promote your startup faster.
LinkedIn is the world's largest professional ecosystem. It, therefore, offers a large target audience to make relevant connections and gain visibility. A complete LinkedIn Page along with various strategic activities to build upon it can be helpful for startups. They can quickly develop a powerful community of prospective customers, influencers, employees, stakeholders, and business partners. LinkedIn can be effective to satisfy the most critical objectives in creating sustainable growth.
Content marketing for startups should be well planned and implemented in order to get the best results. If you wish to gain more customers, your content has to be valuable and interesting. Only when your content adds value to the customer’s existing knowledge about a topic, will they be interested in reading further. While developing the content marketing strategy, remember that writing less, but valuable is essential. Most people today want quick reads and therefore writing short quality articles or blogs is effective.
“The value of an idea lies in the use of it." - Thomas EdisonMeasure the success of your Startup Marketing Campaigns
Startups usually are tight on budget. Therefore the funds and resources available should be used in the most efficient way possible. Here are some ways to check if the marketing strategies implemented have worked well for your business:
- Track your Marketing Campaign
Key Performance Indicators are the metrics used to track the progress you have made towards your marketing and business goals. You should choose KPIs depending upon the goal of the marketing campaign. If your goal was to raise awareness for your company, choosing KPIs like website traffic, social shares, and new contacts to measure growth in your audience size is essential. If your goal was to acquire more customers and make more money, measuring your KPIs against daily or monthly sales and conversion rates is beneficial.
- Learn what works for your audience
With each marketing campaign, you develop and implement, you will learn what works for your audience. Not all of these strategies are useful for all startups. Each startup has a different target audience and a different nature of the products and services. Therefore, with the time you will know which is the best set of strategies for your company and what works best for your audience.
Offline Marketing Strategies
- Create business cards or brochures
Business cards and brochures are a direct and convenient way to promote your startup. It is essential that you design and print professional business cards with the name of your business, your contact information, and your logo clearly mentioned. You can create brochures that explain what you do and what you sell. You should look for opportunities where you can hand these out to your peers and potential customers.
- Go where your customers are
Networking is essential especially when you are starting off. Always look for opportunities to have face-to-face interactions with people who might be interested in your products or services. You may visit trade shows, conferences, attend meet-ups for entrepreneurs in your city, or set up meetings with people who can help you get your business to the next level.
Sending postcards is a great way to stand out from the competition and give them something tangible to remember you by. Through postcards, you can introduce yourself to new contacts, announce new releases, invite people to events, and so on.
WGBL India Pvt Ltd is a leading startup marketing company with immense experience in various domains. We at WGBL have performed online and offline marketing for various startups across the country. The companies have benefited from our marketing strategies and their brand awareness and sales have increased considerably since the marketing campaign. If you are looking for the best marketing for startups, contact us today!
Posted On 31 Jul, 2020
Posted In Marketing.