Regardless of what stage you are in your startup, there are two things that you need to know: a good product alone is not enough, and it doesn’t matter how good your marketing strategy is if your product is not good enough. The secret to successful startup marketing is to have both a great product and a solid marketing strategy.
Marketing for feedback – Startup Marketing Strategy
Startups in the early stages often find feedback more important than customer conversion. Of course, the goal is to have both. But at this stage, your business will benefit better in the long run if you can resolve your target market’s objections and improve the product to match the demand.
This is also the best time to systematically experiment with various marketing channels to figure out which one best suits your business needs for growth. Find your core marketing channel to focus on. When looking for your core channel, you need to consider the costs, profitability, and growth potential it can bring to your business. It helps if a channel also has an unfair advantage when it comes to skills, information, connections, and resources you already have at your disposal.
Make sure you install and establish an effective and convenient customer feedback loop to get a pulse on what your customers need and have an agile system in place to make the necessary improvements.
Lastly, you can use the early stages to identify your perfect audience through segmentation. Facebook Ads is a useful tool for this. There are no limits to how much you can segment a Facebook advertisement. You can run identical ads to as many demographic and psychographic segments as you want and analyse the data using a conversion tracking tool.
Viral Marketing & Growth Hacking – Startup Marketing Strategy
Most people say that the best marketing is to let your product speak for itself, and sometimes that is true. Brands like Dropbox, Eventbrite, and Snapchat garnered millions of users in a short span of time with minimal spending on marketing. The answer lies in the virality of their service or product.
A startup’s ability to go viral depends on two variables: time and the virality coefficient. Basically, the virality coefficient is determined by how many users or customers can be generated by each customer you already have. In other words, how likely are your customers going to recommend your business to others?
Another way to embed marketing in your product is to align your marketing with the way your ideal customers learn about new products and how they shop. Be where your market is, and “speak their shopping language.”
Targeting early innovators is also a strategic way of introducing your product. Most people are resistant to change or simply afraid to try something new. Sometimes, all it takes is some positive feedback, recommendation, and testimonials from the early adopters to convince these types of customers. Something as simple as adding the number of likes or users next to your product is enough to convince your hesitant customers.
Conversion Rate Optimisation
Marketing doesn’t end in sending a message to your customers that your product exists. The goal is to inspire action. CRO is the science of analysing what converts your audience into customers. The goal is to
- Identify your ideal customers’ objections: Why your audience aren’t “converting” into customers, and
- Improve your messaging and value proposition.
WiderFunnel provides a good model for improving conversion rates. The idea is to:
- Alleviate customers’ anxiety about the product
- Minimise distractions in your landing pages
- Improve your value proposition
- Boost your message’s relevance and clarity of execution, and
- Provide a sense of urgency.
When executed properly, these will ensure better conversion rates for your business.
Start with the Why
There are three things your marketing message needs to deliver: Why What, and How. Studies show that starting with the Why brings higher conversion. In order to make a compelling proposition to convince customers to take action, you need to address why you do what you do. The what and how can follow.
Standout by Differentiating
The average person sees a thousand ads per day, depending on where they live. Competing in such a saturated marketing space can be difficult if you are doing what everyone else is doing. Research on human behaviour proves that more similar things tend to have less impact. So, in order to make an impact, do the opposite. When everyone zigs, zags.
Paid Media Marketing Channels
Some people encourage startups to spend as little as possible on marketing. However, if a paid media channel can provide positive ROI for your startup, it is worth investing in. It is also better to establish a benchmark on your cost-per-acquisition early on in the business.
Paid media channels fall into three broad categories: display, search, and affiliate marketing. Some of the most common platforms used are Facebook Ads, Google AdWords, and Google Remarketing.
Owned Media Marketing Channels
This refers to any marketing channels owned by your startups, such as social media pages and websites. In other words, this is your “platform,” where you can interact with customers, tell your business’s story and be part of the larger [often online] narrative.
The most common owned marketing channels are social media accounts, email marketing, and digital content marketing.
Building an online presence in popular social media platforms such as Facebook, Instagram, Twitter, Google+, and many more, is one of the easiest and cheapest startup marketing strategies. Having a website is more expensive, but it establishes a sense of credibility and serves as a one-stop-shop platform for your startup.
The important thing to consider for owned marketing channels, especially for social media platforms, is to know why you’re using it, know what works, and always lead with content.
Earned Media Marketing Channels
This is by far the most effective form of online marketing and the most difficult to create and measure. While customers’ trust in paid and owned marketing channels is declining, earned marketing is credible by the masses. This is because people often trust their peers’ and influencers’ recommendations.
Not only is it effective, but earned marketing channels are also cost-effective, sustainable, and probably the most valuable marketing your startup can have.
One of the most “old-school” tried, and tested strategies that fall under earned marketing is SEO. Quality content and proper SEO can land your website on top rank search engine result pages organically. This increases your visibility with minimal costs. But the strength of search marketing lies in need of your customers–they searched for it because they have a need for it, and your product can provide their need to them.
Earned marketing can be achieved by doing something remarkable. If you want your startup to earn word of mouth from the press, your customers, and other third parties, give them something worth talking about. Build something exceptional and beyond the norm.
Lastly, it never hurts to meet with influencers in your startup’s field. Influencer marketing has much potential in increasing your startup’s virality, credibility, and overall visibility. The startup marketing strategy is mostly experimental. Remember to do it systematically. Figure out what works best for your business, be where your market is, and provide relevance to your product. Your customers will always be your best advocate.
If you want to discover what more you can do for your business, get in touch with Annette & Co. today! In line with that, you may appreciate having an expert assess your current financial systems and some business strategies. Contact Annette & Co. for a friendly chat about what you can do to improve your business gains even more! You can also subscribe to our YouTube channel for more quick updates and follow us on Instagram.