Attention Startups! Effective and Efficient Marketing is a Must!

We all would love to win the lottery.  And in the entrepreneur and startup world, landing a large investment at the onset is just as likely as winning said lottery.  So, it’s likely that you don’t have a great deal of cash to spend on marketing for your business. And that sucks.  But, you can still develop an effective and efficient, successful marketing plan – even with limited resources.  How?

The majority of startups don’t have enough money to hire a marketing expert right away. Therefore, it’s up to you to determine the best route to take to get the word out regarding your startup. If you’re working with a very small budget, the road to success can get tough. But, keep the faith because here are a few guidelines that will get you started in the right direction.

1. Solidify your brand.

You must have a solid concept regarding what your business is, what you desire to accomplish, and why it even exists before you can even think about launching a successful marketing campaign. Make sure you know exactly who you are, since understanding this will greatly help you determine how to position both you and your company.

·         Stay true to yourself.

Be yourself and stay true to your original business concept. Show people who you really are and don’t pretend to be somebody you’re not.

·         Determine why you’re unique and what sets you apart from your competitors.

This is your key selling point. What can you offer the world in a special and unique way that no one else can? If you’ve ever watched Shark Tank, you know how detrimental it is to show up without a solid understanding of what sets your business apart and what the competitive landscape is.  The Sharks will rip you apart…and so will your prospects.

·         Be consistent when presenting your image.

Don’t try to change your image to attract a variety of audiences. Present a consistent overall look and feel so you’re crystal clear about who you are.

If your business is experiencing an identity crisis, it’s best to address it prior to marketing your company. If a brand is continually changing their approach or image, it can be a huge red flag to potential customers. While every startup will inevitably face challenges that will make them rethink or even second-guess certain things, branding is the one aspect that you can control 100 percent right from the start.

Simple tip: Use the same company name and your name consistently.  If people know you as James T. Kirk, then use that name everywhere in exactly the same way.  Don’t be James on your business card and then Jim on LinkedIn.  The same is true with your company name.  

2. Clearly define your key goals and metrics.

The less money you have to work with, the more you need to be completely clear and detailed concerning your goals. Of course, you want to make money, but not every marketing endeavor is going to make money. Therefore, you need to figure out all the potential outcomes in terms of what you actually consider ‘success’; whether that means a certain amount of lead generations, more subscribers to your list, or more traffic to your website. All of these things combined mean more publicity regarding your startup and can eventually result in making more money.

3. Determine your budget.

This is a complicated, yet simple step. Determining your budget simply means figuring out how much cash you can actually afford to spend on marketing and how much time you can spend both planning and managing your marketing campaign?

This step often confuses people since they don’t exactly know the amount of money it requires to achieve results. It’s kind of like “which came first, the chicken or the egg” scenario.  Unfortunately, no magic number exists. For most startups, this dollar amount boils down to putting aside only as much as you can spare.

Tip:  Focus on internet spending first.  Other marketing avenues can come once money flows in.

4. Choose your target niche.

Although your products may appeal to the masses, that also presents somewhat of a problem when marketing your business. Overall, the more customers you desire to reach, the more money and time you will need to pull it off. Choose a segment, or niche, of your potential audience and focus on that. Not only will it decrease your marketing expenses, it makes sense regarding messaging.

5. Follow and engage with your audience through social media.

In order to succeed, you need to market your brand where your potential customers are. If your niche is in the fashion industry, using Pinterest is a great way to connect to your female-based audience. However, if you want to reach young male gamers, Pinterest is not the ideal social media channel to use.

Study the various social media outlets and find out where your target audience hangs out so you can connect with them. Spend your time and resources on the ones that are most conducive to your brand.

6. Focus on quality content and audience interaction.

Although you may not have a great deal to offer people in terms of discounts and giveaways in order to attract potential customers, you can present good, quality content that’s related to your target audience.

The most successful brands continually share interesting content that’s frequently not obvious advertising or a direct call for action. They often post and share ideas that their audience is most interested in. Interact with your audience. Directly connect with them by responding to their comments. This is huge in terms of building a long, trustworthy relationship with your potential customers.

7. Know your partners and potential partners.

Find key experts within your particular industry and start interacting with them. Follow your brand’s influencers on Facebook and Twitter without coming right out and asking them to directly promote you. Simply continue to comment and share the good content they keep posting. The key is to develop a solid relationship with people. You can do that by continuing to publish useful content that your audience can benefit from. Over time, one of your brand’s influencers will eventually notice it and then share it, which results in getting you exposed.

8. Listen and observe.

You can’t simply launch a marketing campaign and receive instant results. It doesn’t work that way in the real world. You must listen and pay close attention to what’s actually happening.  See what is trending in the news and on social media.

Chances are your initial marketing efforts will probably fail. Successful marketing is all about refining your methods so you can determine what works best for you. Go back and evaluate each step of your campaign. What areas can you improve upon? Are you targeting the wrong audience? Are you using the wrong social media channels for your particular niche?

Marketing your startup can be overwhelming.  There are so many components to consider that you may feel like a failure before you even start.  Don’t go it alone.  Enlist some help.  SK Consulting would be happy to help you effectively and efficiently navigate the marketing landscape.  From concept to creation to implementation – we’re there with you every step of the way!