Any startup’s first concern is to grapple with its marketing strategies before moving on to anything else. In fact, its success is dependent upon it. Products or services are judged based on their representation and effective marketing strategies. We will discuss some of them briefly:
Know your target audience
- Without proper research into your potential market, it’s a sheer wastage to launch any setup. Usually, what happens, a business setup has succeeded and others start imitating a similar idea while dreaming of success. Whereas that’s not the case. Whenever there is an abundance of any specific stuff in the market and supply exceeds the demand. That would be upsetting for all the enterprises working on identical products.
- Suppose a clothing shop is opened in an area where there was none. Suddenly it became a shopping hub. Ten more similar products launch their brand stores in the same vicinity. Most will be drowned. An effective strategy demands to launch a unique product especially in a place where there was a scarcity of it. Do research about your competitors first and what they have to offer. Maintain a difference.
- Make in-depth research about demographics, preferences, and attitudes of your prospective consumer base. There is a Pareto principle that says 80 percent of your customer brings in 20 percent of revenue whereas 20 percent of your customers bring 80 percent profits. So target your strategies on your top clientele rather than wasting time in pleasing all.
Stir the emotions of your customers
While formulating an advertising campaign you must keep in mind to address the public sentiment. People barely think with logic while becoming a customer of some brand. All they rely upon are emotional factors. Create ads that take the emotions of consumers into concern. They will buy your product in emotions first then try to bring in justification rationally.
Find social media influencers instead of expensive models
“ Individuals shop and learn in a whole different way compared to only a few years ago, so marketers need to adapt or risk extinction”
~ Brian Halligan, CEO
If you are a small business startup or just a newbie in the market then it’s more than needed for you. Instead of wasting hefty amounts on mainstream media advertising, it’s better to rely on social media influencers. Some years back Airbnb set up a precedent. They threw a lavish party in London and invited more than a hundred influencers on it. The next day they posted their videos and stories from the event and it acted as marketing stint for the company.
Invest in social media marketing more than you spend on broadcast media. It has a larger audience and outreach to commoners than mainstream media. Potential customers are directly targeted and communicated through social media marketing and people trust this method more than the conventional ones.
Do make an effort in building relations with customers
Invest sufficiently in building strong relation with your customers. Make them feel valued. If they have some dissatisfaction or grievance with your services and you choose to ignore them. Then know word of mouth is stronger than anything now. Your reputation can be damaged with a simple expression of discontent from your business. If there is a criticism face it wholeheartedly and try to fix the issue. Take such an option as a chance of improvement rather than pushing under the carpet. Your solving their problem will bring credibility to your brand.
Make an effort in collecting feedback if its not readily available about what your clients wish to see as an improvement. And what your competitors are offering and how you can compete with them by bringing in some transformation in your strategies? Its crucial for success.
Establish connections with existing and well-known brands. Just like Android did with Kit Kat. A product with an already established reputation will confirm the authenticity and quality of your own brand. So try to develop such connections.
Don’t change and shuffle your strategies every other day. Know your end goals and stick to them. Consistency builds up trust. Ever noticed even in personal relations, one who keeps changing behavior and attitude loses your confidence. The same applies to your business. Maintain your brand’s message and don’t fluctuate.
Welfare cause brings in double rewards
Yes one thing, it’s adding meaning to your own life and purpose. Secondly, it holds a monetary value too. If you align yourself with a social cause that will enhance the credibility of your services and attract masses towards it. Maintain good name for yourself before you can win the trust of the masses.
Win the customers of your competitors
Try to reach out the existing clients of your competitors. Develop contact with them by sending emails and offer what your competitor doesn’t. AirBnB used similar method by starting a mass email campaign by reaching a customer base of Craigslist. Even though they didn’t make it obvious as some marketing tactic. Instead they pretended as craigslist user trying to introduce this new startup.
Try to get published by a prestigious source
If a site like Forbes or lifehack publish your content or your name appears in some major print publication. It will surely give a boost to your brand name and prestige. Besides, that will enhance traffic to your site as well.
Referral networks are the strongest campaigners for your brand
Who can represent you better than your clients? People don’t rely that much on a model appearing in a tv commercial as much they will trust their friend’s word. Offer some viable incentives for your customers referring your product to another one, and also to one getting a referral. This strategy proved successful for many heavyweight startups like Airbnb, Dropbox, Careem, Uber, etc.
There is no plain and straight formula to make your marketing strategies succeed. But remember its a teamwork. Do take like-minded people on board, who are equally passionate like yourself. It’s teamwork that makes any business startup succeed.
Author Name: Jason Cohen
Bio: I am precisely described as a tech junkie working in content development and marketing for a thriving start-up: Stafftimer App. Literature lover by default. My interests range from politics to social issues, books to tech trends, gadgets and so on.