Marketing strategies are essential for any business, but in the case of startup marketing, you need to have some special concerns. As startups bring an innovative model, everything is very experimental. Therefore, it is essential to have flexibility so that the strategy can be adjusted and modified according to customer feedback.
Want to know more? Come with us that in this post we will present 5 tips to help your startup grow!
What is startup marketing?
Before talking about marketing for startups, we need to understand what marketing is. This is a very broad concept, which is not restricted to sales or disclosure, as many people think.
According to the American Marketing Association (AMA), which represents marketing professionals in the United States, marketing is “the activity, the set of institutions and the processes to create, communicate, deliver and exchange offers that are of value to consumers, customers, partners and society in general”.
To do good marketing for your startup, that is, communicate about your product, meeting customer needs and generating profit, planning is essential. A strategic marketing plan is a set of actions defined to achieve a goal, for example, increasing the number of customers and retaining them, increasing sales, among others.
Therefore, it is essential to define well-structured strategic actions. Planning will guide your steps when defining your positioning, the audience that should be reached and what strategies to use for this. In addition to being a key point for you who are looking to get financing for your startup.
See also: How to calculate the valuation of a startup
How to market to startups in 5 steps
In doubt about how to do marketing in practice? Check out the startup tips we’ve prepared for you:
1) Analyze the market
Every good marketing strategy for startups starts with the analysis of the market, that is, which segment of your business, which are your competitors, the strengths and weaknesses they present, etc. To carry out this analysis, it is necessary to take into account some important issues:
- Market Size: Clearly define your target audience (age, geographic location, and gender) to determine the approximate size of your niche. Understanding who you are going to sell to will help you to better develop your product or service.
- Market Buying Power: Research the purchase intent for your product or service and then develop something that exactly fits your target audience’s needs.
- Competition: understand the saturation of the market you are entering, the number of competitors, the proposed value of each one of them, the price they charge, among others. This will help you to develop a product that has a differentiator from your competitors.
- Value proposition: this is a marketing concept that seeks to convey a clear, concise and transparent idea of how a business can be relevant to the customer. Therefore, it is important to create a differentiated value proposition, that is, one that highlights your product or service from your competitors and arouses the consumer’s curiosity.
2) Define a target audience
We’ve already talked about the importance of the target audience above. But this is such an important point that it deserves more emphasis.
For a successful startup marketing strategy, it is essential that you have a well-defined image of your target audience, that is, your ideal customer. After all, it is the search to satisfy this customer’s interests that will take your business further.
To do this, do thorough research. No relying solely on theories or personal impressions. Try to understand your daily habits, your hobbies, what you read, what websites you visit, what places you frequent, what your shopping habits are, etc.
All this information will help you think of targeted actions and will help to structure a strong relationship with the customer.
Here comes a new tool to help us: the persona is a semi-fictional profile of a company’s ideal customer. From this concept it is possible to bring more details, creating connection and empathy between the marketing team and the customer.
To learn more about this subject, read the post: Personas quiz: check out 4 tips and learn how to make a
3) Set goals
When we talk about marketing for startups, goals are fundamental. They set north and direct your actions. How to determine the next steps if we don’t know where to go? Once you’ve defined your goals, it’s much easier to work out what the strategies will be to achieve them.
To help you set goals for your business, here are two effective methods used by today’s top startups.
The acronym OKR stands for “Objectives and Key Results” and can be translated as “Objectives and Key Results”. This methodology, which is used by companies such as Google and several startups in Silicon Valley, allows you to define clear goals and objectively monitor whether results are being achieved. The method consists of answering two questions:
- Objective: where do I want to go?
- Key Results: How will I know if I’m getting there?
The idea is that for each objective there is one or more expected results.
This is one of the most successful techniques in setting goals in the marketing field. Each letter of the acronym in English indicates a basic requirement that every goal must present: be specific, measurable, attainable, relevant and temporal.
SMART’s goal is to avoid shallow goal setting, a common mistake.
Learn more about SMART goals in this Siteware video:
4) Produce content
Producing content is one of the most viable alternatives with the best results for marketing for startups. As startups are innovative business models, producing content that explains your product or service is essential.
In addition, it’s a great way to position yourself, engage customers, strengthen customer relationships and become an authority in your industry. When you produce information that helps and entertains your customer, when they need a product or solution that you develop, they will surely remember your company.
To gain the attention of your target audience, you need to be aware of the following tips:
- Produce content with your customer in mind: understand the challenges, goals, and pains of the personas you want to sell to
- Constancy is key: Hubspot research has shown that companies that create content at least twice a week are able to generate 25 times more potential consumers, so-called leads, than companies that create one a month.
- Choose the right channel to deliver content: blog, email, social media and other digital channels are great options, as they are low-cost and allow you to reach a large number of people.
See also: How to produce relevant content to capture leads.
5) Measure the results
Whichever strategies you adopt, you need to measure the results to determine what actually works. For this it is necessary to determine metrics, that is, significant numbers that must be monitored.
Some of the metrics that can be used are:
- Return on Investment (ROI): This metric defines the profitability of your marketing campaign. It can be measured, for example, through website traffic that eventually converts into new customers. A positive ROI means the marketing strategy is being effective. On the other hand, a negative ROI indicates the need for adjustments.
- Subscriber Acquisition Cost (CAC): The CAC is defined as the total marketing and advertising costs for a given period of time, that value is divided by how many new paying customers were generated during the same period.
- Customer retention rate: This strategy helps to measure the loyalty rate of customers gained. Customer retention can be difficult to measure if your buying cycle is long or your business revolves around typically one-time sales.
- Conversion Rate: The idea of this metric is to measure how many visitors to your site actually converted to leads or sales.
These are just a few examples. The list of metrics is numerous and the idea is to define those that will help you measure specific situations in your business. With the right tools in hand, you’ll be able to check which ones apply, or not, to you and your company.
Also, check out 8 steps to create a startup from scratch
What did you think of these startup marketing strategies? Want to make your planning even more effective? Hiring marketing automation software can help you.
A lahar is a marketing automation software that facilitates analysis of all their strategies within a single platform. With personalized reports, you discover whether your marketing and sales strategies are delivering the expected results.