Marketing Strategy for Startup Businesses - A Beginner's Guide
Every startup business wishes to enter its market with a bang and find ways to boost its visibility in the market. In this case, an apt marketing strategy can help.
If you are a business that just opened its doors to the customers or an entrepreneur thinking about a startup, establishing a digital marketing strategy should be your top priority.
A marketing strategy helps you identify the most critical denominator to position and promoting your new business strategies to the right customers. 56.9 percent of the startup businesses today have a dedicated team of marketing experts to help them stand out from the competition.
Before you start, let us educate you on the basics of a marketing strategy for a startup business.
5 Tips on Marketing Strategies for Startup Business
To get you on the road and improve your chances of growth via lead generation, here are some tactics you must master.
1. Streamlining Your Objectives and Goals
Just because a strategy worked for a competitor does not mean it will work for you. Therefore, you will have to create a marketing strategy according to your business needs. That said, irrespective of what size of a business you are and which industry you belong to, there are two primary goals that you must aim to achieve.
Brand awareness in marketing refers to the level of recognition of your products and services amongst a group of potential customers. It is essential to promote your existing and new products by highlighting the qualities of your products compared with your competitors'.
That said, brand awareness just for the sake of it does not offer enough value. Therefore, it is of utmost importance to attract the right target audience to associate your brand with the desired values.
Do not feel shy to brag about your most vital suites; however, refrain from making overzealous promises. Tell customers what your brand stands for, who you are, and what sets you apart from other competitors.
Acquiring Potential Customers
After all, you are in the business to make money, and it comes from the customers. Therefore, you must design a marketing strategy for a startup business to attract, entice, and engage new customers.
2. Determining Your Potential Customers
Irrespective of your startup's scale, finding the right group of customers can make or break your business. Therefore, while planning other aspects of your new business, focus on determining your ideal customer.
You can do so by creating a customer persona(s) based on various demographics. For example, you can define age, gender, location, profession, etc. This will also help you find the right market to promote your products and services.
3. Using the Right Marketing Channels
By this stage of developing a marketing strategy for a startup business, you have determined your goals, the right audience, and you know the budget. This next step is to choose the correct medium to reach your target audience.
You can use several digital marketing channels to connect with potential and existing clientele, such as.
Website – Create an SEO optimized website to improve your ratings on search engines such as Google, Bing, etc. This will help your business appear amongst the top search results and improve organic traffic to your website. As more people visit your website, this will generate more potential leads, eventually translating into higher sales conversion rate.
Use Email – Email is still one of the most effective marketing strategies for startup businesses. You can use this tool to engage with new leads/customers. Plus, you can remarket your business to existing clients by offering promotions and complementary added-value such as tutorials, guides, coupons, etc.
Social Media Platform – Did you know there are over 3.5 billion social media users worldwide? Imagine the potential of growth and revenue generation if you hit the right spots. By identifying your customer's persona, you get to know which social media they use. For example, if your products cater to teenagers, you can use Facebook, Instagram, Snapchat, and TikTok to your advantage. Similarly, if your products or services target professionals, LinkedIn is your best bet. This will help you save time, energy, and cost that you would have wasted otherwise.
Paid Ads – You can use paid advertisement services by Google, Facebook, Instagram, LinkedIn, and other social media channels to showcase your brand, products, and services.
4. Leveraging Content Marketing
Do not ignore the powerful impact content can create for your startup business. Therefore, work on interactive and creative content such as blogs, videos, articles, tutorials, and info-graphics to engage your target audience.
This is one of the most cost-effective marketing strategies for startup businesses and leads to exponential lead generation. However, make sure that your content is SEO optimized.
5. Adopting Offline Marketing Strategy
Create business cards, brochures, and flyers as these physical items are still a convenient way to create an impression and promote your startup business. You can even use traditional marketing mediums such as local publications, TV ads, and radio announcements.
Organize open houses, indulge in local business networking events to raise awareness about your new business, and get people talking.
Tips to Measure the Effectiveness of Startup Marketing Strategy
Here are some tips to gauge the success of marketing strategy for your startup business
Set KPIs and measure the performance based on the outputs of KPIs. This will help you decide what you need to keep and what to eliminate.
Plan, execute, gather data, re-iterate, and repeat.
If you are a budding entrepreneur or a seasoned business owner planning a startup, you can seek professional assistance to develop a marketing strategy for a startup business.
A startup revenue growth consultancy can help you define your goals, offer insightful data, and create a marketing strategy. It can help your business grow through increased lead and revenue generation.
To learn more about how we help startups gain their 1st clients and then expand to double-digit sales, please email us at firstname.lastname@example.org