Last Updated on May 20, 2021 by MoneyVisual
In today’s world of business, startup owners have more data available than ever. This is also an opportunity as entrepreneurs can learn new marketing strategies, as many statistics are digitally available.
Starting a business is always thrilling. However, the wait and watch theory does not work anymore. You cannot build a business and then wait for customers to come in. You need a unique and challenging strategy to make sure your business rolls.
As a startup, there would be challenges of capital, resources, talent, and equipment. You have to ensure that every effort, regardless of how small it is, is planned and executed flawlessly.
1000 businesses were surveyed, and it was found that up to 56.9% of startup businesses had their dedicated team for marketing. Besides, 20.8% had one person for marketing, whereas 15.3% had the sole marketing expert owner. Lastly, 4.8% used an outside agency while 2.2% relied on freelancers. Successful startup marketing demands that the business should have an excellent product and expert marketing. Let’s get started!
Factors to Consider for Startup Marketing Business
Initially, customer feedback is more important than real customers are. Create product demand by resolving any customer objections, and you are a winner.
Build Marketing with Growth Hacking
Embed marketing into your products and make it viral, just as Hotmail, Mailbox, Dropbox, Snapchat, and Eventbrite did. It is no secret that they built virality into the product, and customer recommendations also work. Likewise, growth hacking with channels used by customers to learn about the product is also effective.
Conversion Rate Optimization
CRO is the concept that allows you to understand why you have visitors, but they are not converting into dedicated customers. Moreover, then, you can improve your value proposition or messaging to increase the conversion rate. A/B experiments don’t work here; you have to understand your visitors and objections.
Facebook ads are more than just as acquisition channels to drive sign-ups. It is also the best tool for customer research. It is the most affordable tool to quickly verify your audiences, know who they are, and determine the cost-per-acquisition in different demographic groups.
If your product is a solution to people’s search, Google Adwords could be an excellent acquisition channel. Display With Google Adwords: Google allows you to buy banner adverts through display networks. You can specify the websites where your banner ads would appear and add related keywords.
Taking a step beyond Google Remarketing is nothing like standard advertising. Instead, it depends on a website cookie that prompts users to return to your website. Often overlooked, it is a cheaper and lucrative medium of advertising. It runs ads and ensures people adopt.
Twitter Ads are equally effective but expensive. The minimum cost for a Twitter Ad campaign is as high as $5000/month, beyond a startup’s budget.
If your business benefits from offering a high margin product and has an impressive conversion rate, affiliate marketing could be your ball game. However, your business should be established. It accelerates the business.
Earned Media Marketing
Earned media is a type of publicity generated by your customers, partners, and fans. It is the most valuable, credible, sustainable, and cost-effective form of marketing. Search Engine Optimization (SEO) is a type of earned media where more than 500 million people use Google search every day.
The greatest strength of search marketing is to present your product to people at the right time when they are looking for it. This, however, is different for all social media channels. You are trying to distract visitors and pull them away from whatever they are doing to bring them to your website.
Owned Media Marketing Channels
Startups may own their marketing channels. It is the route to increase the success of earned media campaigns.
Build a Blog
It isn’t easy to create a blog that converts. Most blogs fail because company owners are busy writing about what their customers should read instead of what they want to read. If you can deliver what customers want, blogging is a good way.
Email marketing is no longer about sending newsletters, building email lists, and autoresponder campaigns. Marketing automation has replaced this with personalized messages based on rules. For instance, if a visitor signs up for your free trial but does not use some features within a specified time limit, you can send an automated reminder email inviting them to check out the feature. It is a personalized way of interacting with your customers.
The world’s second-largest search engine, YouTube, is a platform to leverage. With more than 50,000,000 daily searches, people are crazy about this video portal. Placing your ad or incorporating videos into the search strategy is a less competitive strategy with far better exposure.
Content marketing may not be the ultimate guiding light in the coming years, but content-based PR is making its way. Startups should focus on creating exceptional relationship-based Press Release platforms with the right content. Using more videos, infographics, white papers, and case studies would also make the content richer and give a context to it.
Building Social Media Presence
Social networks are the best opportunity to launch content and drive potential customers to service. Social networks also provide the platform for building relationships, gathering feedback, and adding some credibility to the service.
The best way to improve is to get constant feedback from customers. An agile system is required for such improvements. A simple form is not enough; incentivize feedback, meet users, and study their behavioral data to understand better.
There would be challenges when you start up a business. It takes brainstorming to develop brilliant ideas that could outshine the herd of potential startups in this highly competitive scenario. Nevertheless, most of these marketing strategies may help you kickstart the business plan and gradually progress towards your goals.
Sophia has been writing articles for the 2+ years on technical and non-technical content for various websites. Apart from writing, she loves to cook and spend free time with her family.