Who will buy from you if you don't spread the word?
And where is your revenue coming from if no one is buying from you?
Did you know that 90% of startups fail, most of them dying within the first year? This implies that learning how to successfully and cost-effectively sell oneself is essential.
Being more than simply a statistic on the startup obituary list demands attention, help, and a fantastic startup marketing strategy prepared to showcase your value to the world.
But, before we get into the nitty-gritty of startup marketing, I'd like to make one thing clear:
Marketing is the process by which a firm profitably translates customer needs into revenue. Mark Burgess
Revenue and cash flow are essential to all businesses at all times — I won't deny that — but they're highly relevant in the first year. A handful of poor months may kill you, especially startups. As a result, you must ask yourself,
Why the need for a marketing strategy?
According to Campaign Monitor's survey on startup marketing statistics:
- 56.9 percent of startups have a marketing team dedicated to this aim.
- One person in a team handles digital marketing in 20.8% of startups.
- 15.3 percent of startup founders gradually learn how to sell and work with their startups.
- For marketing, 4.8 and 2.2 percent of entrepreneurs, respectively, rely on agencies and freelancers.
Marketing success does not occur by chance. Developing a strategy ensures that you are targeting the correct people with material that applies to them. The more time you invest in developing a logical approach, the more opportunities to sell you will produce.
What is the relevance of a marketing strategy?
Simply put, a marketing plan outlines your company's objectives, including who your ideal consumers are and how you aim to reach them. Your strategy and the blueprint for the marketing activities you will undertake in the following months and years to help your business grow. As a result, before designing a marketing strategy, you must conduct thorough market research.
The following are the top startup marketing strategies:
- Conduct a SWOT analysis
The SWOT framework is a typical framework that can assist you in creating a solid marketing strategy. It is an acronym that stands for strengths, weaknesses, opportunities, and threats.
Take an example of a SWOT analysis for Google.
- Strengths–what does your organization excel at? What distinguishes you? What distinguishing features do you have over your competitors? What is your distinct selling point (USP)? What are some of your company's significant resources, procedures, and capabilities?
- Weaknesses – what are the company's weak points? What are some of the things you could do better? What does your company lack in comparison to its competitors?
- Opportunities - what are the major market trends that could provide your organization a competitive advantage? Demographic patterns, lifestyle choices, population dynamics, or governmental regulatory policies could all be examples.
- Threats - what are some of the market elements that could harm your business? What are some things you should keep in mind? What are some of the potential developments that could jeopardize your company's performance and success?
2. Build a solid foundation
You required a firm foundation before you lay bricks. That is the same notion that underpins a successful startup marketing plan. The foundation of any startup marketing strategy is built around your brand. Your brand is the essence of your organization: your identity, personality, voice, culture, and presentation.
It is how your organization speaks, moves, sounds, and acts. However, even if you don't realize everything you say and do, all analytics systems reflect your brand.
Write your brand, document it, and communicate it with all your staff. There should be many similarities in words used to describe your organization if every team talked about it.
3. Choose your market
It's tempting for company entrepreneurs to imagine that everyone will love their goods on the planet. But the truth is that your product only interests a tiny proportion of the population.
You will lose both time and money if you try to sell your startup to everyone. The idea is to select a niche target market and aggressively pursue market share.
How do you pick a market? There are four primary considerations to make:
- Size - Determine the number of prospective buyers in your target market, e.g., children or adults
- Consumer Wealth - Does this market have the financial means to purchase your product?
- Competition-Is the market saturated in terms of competition? As in, how many competitors do they have?
- Value Proposition - Is your value proposition distinct enough to stand out from the crowd?
4. Estimate your conversion rate
Estimate your lead conversion rate (using previous data). Do the same thing to assess a customer's lifetime value. You can attach importance to goal completions such as email sign-ups if you know how many of your leads convert and how much those conversions earn for your startup. A monthly income of $2,500 from your newsletter is far more indicative of success than 100 new email sign-ups.
5. Define Key Metrics
You should avoid vanity metrics in the same way that you should avoid vanity success. While vanity metrics are enticing, they are useless if merely to your ego. They are not linked to actual growth, which means you won't know if your startup is a smashing success or a terrible flop until it's far too late.
Make sure that your essential metrics are precisely measurable and specific. Assume your definition of success is 500 new sign-ups each month. You may calculate the conversion rate of three sign-up calls.
6. Solidify your Content Marketing Strategy
Your marketing strategy is now in full swing. Of course, no one ever does it right the first time, and there is always space for growth. This is where testing and iteration come in. Remember the main metrics and definition of success that we discussed earlier? Remember those two things.
- Configuring Analytics Tools
A great analytics tool is essential for measuring success. Check out Google Analytics if you need a no-frills option. It will teach you the fundamentals and, with time, you will understand the somewhat complex behind-the-scenes mechanics.
Depending on the solution you select, you will have a varied experience configuring your analytics tool. However, all analytics systems end will require you to install a snippet of code on your web pages for them to track visits and occurrences.
You previously recorded your baseline measurements, which you will use as benchmarks in the future. You should ideally measure week over week and month over month growth. If you make the mistake of relying only on month-to-month data, you may be too late. Compare your core metrics each week to the previous week. It is natural for there to be some give and take. Do the same thing every month. Look for sustained growth in this area.
- Brainstorming Innovative New Concepts
The most successful startups are constantly experimenting with novel ideas. Perhaps a social contest, a funny video, a new online course, a creative PR angle - the possibilities are limitless.
Many of your original ideas may fail, but the few that do will be worthwhile. Never become complacent! The name of the game for a startup is agility, flexibility, and forward-thinking.
Startup marketing is a hard science to master. Because of exposure and client awareness, some outstanding ideas have failed. Others have died; however, all analytics systems end because of inadequate strategy. Other brilliant concepts have achieved billion-dollar success! So, founders everywhere may put an end to their search for the mysterious secret to startup marketing success. For here it is.