Marketing a business is crucial to its success. In today’s era of increased digitisation, marketing startups is both easier and harder than ever. Building a great product is naturally the first step in marketing but not the only step. With an arsenal of digital tools and real-time offline marketing ideas, marketing for your startup is as detailed and required attentions as building the product of your startup.
Know Your Market
As a skilled entrepreneur, you need to first identify the problem you are solving. Next, one can start by understanding the market by doing a pre-feasibility study. It is important for entrepreneurs to identify the demographic that will drive sales given it is this customer base that will serve as the perfect audience for your startup marketing.
The market size communicates two important things. First, it tells you whether an opportunity is worth pursuing. Second, if the company can engage with investors in the future. It is imperative that entrepreneurs know their market completely and know how many potential customers fit into it. Market size is an important consideration for investors when they are evaluating opportunities. The greater your market size, the greater your chances to succeed and the more attractive the startup becomes to investors.
Leverage Social Media
Social media now occupies a prominent position for marketing businesses. But every startup today tries to market through social media channels, making it hard to reach customers. What you then need is creativity to get that edge. Moreover, instead of trying to master all social media platforms, choose the ones that are right for your business. Engage customers through stories and brand narratives. This can have a wonderful effect on driving sales.
‘Growth Hacking’ has been touted as the future of marketing. The term means a combination of marketing and developing, having originated in tech circles. But a growth hacker doesn’t need to be a developer. Growth hackers in startups use customer data to discover new ways of customer acquisition. They do this through a three-step method:
Track: Through analytical tools such as MailChimp, Google Analytics, businesses can track their most effective campaigns and sales channels. By using analytics in social media outreach tools, businesses can then focus on what works best for them.
Repeat: If you leverage salespeople at your startup, add new hires to maintain or increase productivity levels. If you have a web sales model, traffic through your website converts in a predictable fashion.
Scale: Your business is scalable if your customer acquisition costs are less than what you can monetize over the customer’s lifetime. Additionally, if you can increase your web traffic and leads without reaching a limit in the near-term.
Marketing can significantly influence your business. But those with small marketing budgets can rely a lot on technology which has made the process a whole lot accessible and economical. With a wide range of channels and tools to choose from, entrepreneurs need to focus on what aligns best with their goals.
In Peter Drucker’s words, render selling useless by marketing your product well.