The theory that “if you build it, they’ll come” doesn’t really work when it comes to startups. While getting your business under way is the first important step you need to take, it’s also critical that you start promoting it from day one. After all, how else could you expect your target audience to find out about your startup? And to help you execute your marketing efforts flawlessly, we came up with 8 simple ideas for marketing your startup.
There’s no doubt your customers are your most valuable asset. Not only do you make profit through them but they can also help you develop a huge base of followers. All you need to do is start a referral program that gets them freebies or discounts as long as they recommend your business to their friends and family. According to reports, about 92% of people trust personal recommendations the most, which means a well-designed referral program could get you plenty of new customers.
We now use social media more than ever and platforms like Facebook and Instagram have become a great place for attracting new customers for your business. Social media allows you to share content they can engage in and contact them directly. Moreover, social media visuals are an irreplaceable tool for building a powerful brand. The best thing about social media marketing is that it’s completely free and as long as you’re able to manage your startup’s social media pages yourself, you have absolutely nothing to lose.
We already talked about how social media is a powerful marketing tool for your startup to use. However, it’s also important to mention that there are some social media features that have gained a lot of attention lately. One of them is live streaming feature that allows you to provide your customers with different type of content. Studies show that live streams are extremely effective when it comes to attracting customers because they’re unedited and unscripted.
When you give somebody something, it makes them more likely to remember your startup and shop from you. This is exactly why companies in every industry have been using promotional products for centuries. Turn to a company that can provide you with quality promotional products and come up with a list of events where you can hand these out. We should also mention that there are some promotional product ideas such as T-shirts, keyrings and USB flash drives that are guaranteed to work.
You probably already know just how popular influencers are. The secret behind their success is that they build fan bases that trust their opinion and are willing to make purchasing decisions based on their recommendations. With that said, all you need to do is connect with influencers who’ll promote your product or service for you and you’ll have nothing to worry about. Just bear in mind that identifying popular influencers in your niche is the key to attracting large number of people to your startup.
Many budding entrepreneurs don’t realize that their website is a perfect place for promoting their business. Fail to design a nice-looking and easy-to-use website and you’ll see potential customers turning to your competitors instead. Therefore, once you put up that “open for business” sign, it’s time to work on designing a proper website for your startup. Unless you’re good with codes, we recommend turning to a company that specializes in web design that’ll get the job done for you.
Billboards that stand out are still a perfect way to get your startup noticed. This is especially the case if you’re running a local business and you want to attract nearby customers. The only questions is – How do you make your billboard stand out? Well, billboards with a good call to action do a great job and making sure you come up with one is the key. Also, you need to opt for the right colour palette and only choose billboards that are located in high-traffic areas.
Reaching out to your customers through email was and still is one of the best ways to grow your business. Make sure you have every customer’s email address inserted into your base and send them emails that’ll make them come back. Nowadays, there are email marketing automation systems that allow you to make your emails more personal which should only help you make more customers shop at your startup again. Keep your emails well-organized and you’ll have nothing to fear.
Marketing a startup isn’t easy, especially given the fact that there are huge companies out there that have way more money to spend on marketing. However, if you opt for some of the 8 ideas we discussed above you should be able to get your startup noticed and build a large customer base.
5 Strategies To Start Marketing To Gen Z
Attracting different generations to your business means owning and wearing multiple hats all at once. While Millenials have their buying trends and what attracts them, marketing to Gen Z is a whole other ballgame.
Knowing how to capitalize on trends and what a younger audience looks for in brands doesn’t have to cost you thousands of dollars. Learning and taking the time to practice different marketing strategies that other companies use daily will pay off as you begin to attract Gen Z buyers.
1. Invest Time & Effort Into Social Media
Utilizing social media to your advantage can revive an entire company or build it up from the start. Generation Z grew up with technology. They watched it transform in front of their eyes and grasped onto platforms such as social media. They expect the same amount of social media knowledge in return from the companies they interact with.
Be smart about it and take the time to create original, relatable content that speaks to your brand’s voice. Hire social media experts to break down everything that should and shouldn’t be content that your brand puts out. They’ll be able to actively use social media strategies to make entertaining, quick, and relatable content that will reach Gen Z.
You don’t need to take it too seriously, either. Have fun with social media and use it as an opportunity to connect with people of all ages and backgrounds.
Look into trends that fit the voice of your company. Interact with other companies or celebrities on these social media platforms to gain recognition and free advertising.
2. Market Your Values
Gen Z looks for brands that do more than the bare minimum. They want a company that uses their platform for good and has the same values they do. Use the values you have as a company, no matter how big or small, to your advantage. Something as simple as giving back to your local community can change how Gen Z perceives your business.
Employees with the most insight into your business’ culture have the best chance of influencing others and getting your values to be known. Utilize that to your advantage and treat your employees with respect. It will improve your reputation as a company and keep your employees happy and healthy.
You can even try being an advocate for sustainability. 75% of Gen Z say that sustainability in a brand is crucial to them. This can help you grow your company while also helping to save the planet.
3. Earn Their Trust
Unlike Millennials or Gen X, Gen Z doesn’t want the cheesy paid actors who have never used your services. They want a company they can trust and rely on. As they grew up with YouTube, they would be influenced by YouTubers who weren’t getting paid to read off a script but were genuinely trying to give them an unbiased review.
Do your research and look at who the influencers of today are. All it takes is for you to ask them to give an honest review of your company’s services and upload it to their social media. The more significant influencers may require a fee as they get multiple companies a day asking them, so if that’s a little outside your budget, look into either nano or micro-influencers.
Try using blogger outreach to find the right influencers for your type of service. This can quickly narrow your audience and make your company known to the right people.
4. Use A Reward System
Gen Z likes to feel appreciated by the companies they buy from. Starting a rewards system is one of the most common and well-known ways to ensure you create a meaningful bond with customers. Whether you use a point system or try a different method, it gives people an incentive to come back again.
It’s also a great way to keep track of recurring customers and receive feedback about your business. With returning customers, rewarding them after a certain number of purchases or points is harmless to your company and allows them to feel important.
Some standard rewards include:
- Birthday discounts
- Sign up rewards
- 10-20% off select items
- Exclusive products
5. Quality Over Quantity
The more customers you receive, the harder it may be to keep up with some of your more detailed tasks. Without the attention to detail that you started with, your reputation and quality of services decline as you focus more on the number of customers.
Gen Z looks for something that will last or something they can reuse without worrying if it will stay together. Finding the right balance between quality and quantity is essential, but focusing on quality each time will automatically bring in the number of customers you were hoping for without taking a toll on your company’s credibility.
If you end up in a situation where managing quality over quantity becomes difficult, try:
- Reducing your product catalog
- Hiring seasonal help or part-time workers
- Outsourcing simple or routine tasks
Why You Should Market To Gen Z
Gen Z dominates in today’s markets. They’re more likely than any other generation to buy products over experiences so it’s essential to grab their attention and gain their support. They can easily take an unknown company and change it into one of the most popular brands within days.
We’ve seen this happen repeatedly with brands such as Urban Decay and Lululemon, and it’s time to profit. That said, they can also take a well-known company that has been running for years and stain its reputation in the same amount of time. Awareness of your impact and your platform can be the difference between success and failure.
Using these five marketing strategies correctly and ethically to attract Gen Z buyers can help your company prosper more than ever before. Gen Z is a challenging but influential generation, and getting their attention is not easy, but it is now a necessity to stay competitive.
How to Develop a Killer Content Marketing Strategy for a Startup (with 5 Examples)
When it comes to running your own startup, the prospect of finding success can seem pretty grim. According to statistics, about 90% of startups fail, and that failure rate is about the same across all industries. There are many reasons why some startup companies might go belly up, including lack of managerial qualifications, inexperienced founders, and failure to reach the right people.
Another reason for startup failure is the lack of a clear content marketing strategy. And in 2022, there is no excuse for not having one.
Your startup, regardless of how skilled your employees are or how great your product or service is, is not going to get in front of the eyes of your target audience by itself. This is where content marketing comes in. Content marketing costs 62% less than outbound marketing, but it generates three times more leads.
To help you out, we have put together a list of things you need to do to develop a killer content marketing strategy. You’ll also find some useful examples, so read on.
Researching your target audience and creating a buyer persona will help you figure out who’s going to be buying your product. Obviously, demographic data is a good start, but you need to go beyond that and look at their biggest challenges, pain points, and their interests.
How do you find all of this?
Well, the simplest way would be to ask them using polls, surveys, and focus groups. You can also check out where they hang out online, check your competitors’ followers, and use the data gathered by analytics software.
One of the best examples of defining a buyer persona is Coca-Cola’s original “Share a Coke” campaign launched back in 2011 in Australia, which used personalized Coke bottles. The genius thing about this campaign is that it allowed the company to reach 42% of the population with just 150 different names on their bottles. Plus, they invited everyone to buy a Coke for someone else as well, not just themselves.
Image source: https://us.coca-cola.com/store/
Great content allows you to:
- engage your audience
- raise awareness about your brand
- boost your SEO
- establish your startup as a thought leader in the industry
Covering every single channel is almost impossible, so you need to decide at least on those that are relevant to your niche and your audience. As for content type, you can’t go wrong with blogs, images, videos, and infographics. Those are the top four formats leveraged by marketers.
For a great content marketing example, take a look at how Somnifix uses its blog not just to promote its products, which help stop snoring, but also to publish useful, actionable content that allows readers to improve the quality of their sleep through other methods, such as proper dieting and exercise. You will also find out everything you’ve ever wanted to know about the science of sleep, snoring, sleep apnea, and other sleep disorders, as well as possible solutions for each.
Image source: https://somnifix.com/blogs/snews
Audiences are tired of being pitched to, which is why so many startups are turning to influencers for collaboration. This can be very effective because your audience gets to hear about your product from someone who is relatable to them rather than some corporate entity.
However, an even better option would be to share success stories featuring your customers. This not only provides social proof but also makes your startup come off as genuine.
BaseLang, an online platform for teaching Spanish, used social proof to its advantage by sharing actual customer testimonials. The platform even came up with a branded hashtag, #BaseLangStories, to spread the word across its social media accounts, which is quite similar to what Coca-Cola did with the #shareacoke campaign.
Image source: https://baselang.com/blog/success-stories/adam/
The best approach to executing your content marketing strategy would be to create a calendar that contains all there is to know about:
- the type of content you will be producing
- frequency of publishing
- publishing dates
- relevant links and keywords
- promotional plans that include distribution channels and budget
How often should you publish? HubSpot has done a fair bit of research on this, and they suggest 3-4 content pieces per week for smaller businesses looking to boost organic traffic, while larger ones should publish 4-5 times weekly.
As for boosting brand awareness, shoot for 1-2 times a week if you’re running a smaller startup, or 3-4 times a week if you’ve got a bigger organization. Of course, feel free to adjust your content calendar based on the specifics of your business and your target audience. Just try and remain consistent in terms of quality and quantity.
Image source: https://www.hubspot.com/
After doing all of the above, your startup will reap the benefits, but you’ll have very little use of them in the long run if you aren’t tracking your KPIs. Sure, it’s great that you have awesome content, but you need to determine what is and what isn’t working and why. Using the information gathered through analytics, you can eliminate parts of your content marketing strategy that aren’t working and focus on those that are bringing real results.
Five9 was able to build a campaign around its eBook and drive four times as many leads and three times as many deals as they did in their previous campaign. Instead of focusing on their product and its features, they created a buyer-centric eBook called “Practical/Tactical: A Guide to Maximizing Agent Efficiency.” It drove so many new leads that their head of marketing had to turn off the notifications. By tracking the performance of their content before and after they published the eBook, they were able to use those numbers for their future campaigns.
Image source: https://content.marketingsherpa.com/heap/cs/five9/3.htm
Although content marketing involves a lot of work, your startup will definitely benefit from it as long as you have a solid strategy to lean on. We hope that you will find the advice presented in this article helpful and that you will implement it while building your own content marketing strategy. Good luck!
7 Effective Strategies for Successful Market Penetration
Every business operating all around the globe enters the market with the common objective of being the king of its market. Every company wants its industry to be known by its name all around the globe. Let us comprehend this with an example, which is the first company that comes into your mind when someone mentions the EV industry? Certainly, the majority of the answers would be Tesla because Tesla has a 14% market share which states that Tesla has the largest market share in the EV industry. This implies that Tesla is successfully implementing market penetration strategies and is successfully capturing the EV market.
However, now the question arises what exactly is market penetration and what strategies of market penetration are most effective that can assist businesses?
To define, market penetration is an effective indicator that can assist in measuring the number of company products sold in comparison to the total number of products sold in the market. The larger number of products sold the better share of the market a company holds.
Furthermore, market penetration strategies refer to the actions taken by the company in order to enhance its market share effectively. Besides, when a company increases its market share, it leads to more profitability and better revenue.
Hence, this blog highlights some of the foolproof market penetration strategies that can assist the company in maximizing its market share. So, let us delve deeper into the blog without any further ado.
- Enhance Brand Authority
Getting a maximum share of the market means selling the largest amount of products to the target audience. To make that happen, it is essential for your customers to know and trust you. Hence, one of the effective strategies to gain the trust of the audience is to make them aware of your brand.
Having said that, it is essential for companies to boost their brand authority in the market. It can be done effectively through marketing and both traditional and digital marketing methods. You can either engage your internal staff for your digital marketing needs or hire a digital marketing agency. Working with a great advertising agency like Whitehat, a Digital Marketing Agency London, means that you can leave the complex marketing strategies and analysis to them and concentrate on the rest of the business.
Traditional marketing methods can include promotion through
- Newspaper advertisements
On the other hand, digital marketing methods comprise
- Social media
- Email marketing
- Short Videos
A positive brand reputation will make your company or brand more reliable and authoritative. This will assist in attracting and retaining customers and eventually will lead to better sales and revenue generation. The more loyal and large number of customer companies has the possibility of gaining maximum share of the market.
- Master Cost Leadership
Cost leadership is one of the most important strategies that can be implemented for growing the market share of the company. A company masters the strategy of cost leadership when they emerge as the lowest selling price company in its product category.
In this strategy, companies can offer multiple pricing offers, discounts, and referral codes to attract customers. The pricing of the product can be reduced by cutting the cost in various operations of manufacturing such as packaging, distribution, and product manufacturing.
However, the companies need to make sure that they should never lower the price below a certain level because it can create suspicion among the customers about the quality of the product or service. In addition, a company also has to make sure that while cutting the cost from the operations, it should never compromise the overall quality of the product.
Besides this, when a company emerges as a cost leader among its competitors, it attracts new customers. This can further enhance the conversion rate and revenue of the company which can contribute to achieving the maximum share of the company.
Some of the successful companies that are enjoying cost leadership all across the globe are Walmart, IKEA, and Amazon.
- Improvise your products
Seth Godin correctly said Don’t find customers for your products, find products for your customers. Highlighting this quote brings us to another effective strategy of market penetration. To elaborate, in order to gain the maximum share of the market, companies can constantly improve the efficiency of their product and service to attract new customers.
In order to improvise a product, a company can effectively conduct a gap analysis to find the key areas that require improvement. After conducting a gap analysis, required transformations can be done in order to increase the efficiency of the product.
If the identified gaps are filled efficiently, it can lead to attracting more customers to the brand which will contribute to the overall enhanced profitability of the company. Moreover, the increased number of customers will reflect a better market share of the company.
- Improve and Increase Distribution Channels
Distribution channels play a crucial role in determining the overall business efficiency of the company. It can also assist in increasing the overall revenue of the company because the more distribution channels a company has, the easier it becomes for the company to reach out to the previous or new customers.
For instance, in the contemporary world, sales through online platforms are increasing worldwide. People are now preferring to buy online rather than going for traditional shopping methods. To validate, as per Statista, 80% of the consumers shopped online in the year 2020.
Having said that, in the contemporary world, people are now becoming more comfortable because of the flexibility of time and place. Hence, in order to gain the maximum market share, companies are increasing and improving their distribution channel both online and offline in order to be more widely available to the consumers.
Moreover, Companies can also expand geographically and reach out to the customer through traditional shopping channels. This will assist in improving the customer experience and will also enhance the profitability of the company which will increase in capturing the maximum market share.
- Enhance Your Competitive Advantage
Every company has its own unique selling proposition that makes them different from its other competitors. Those USPs give them a competitive advantage over all other competitors operating in the market. Crucially identifying the competitive advantage through conducting research or analysis can assist in strategically planning the ways to boost them.
Multiple management tools and frameworks such as PESTLE, SWOT, or VRIO analysis can be effectively utilized to comprehend the macro and microenvironment of the company. Identified insights can effectively be utilized to find the comparative advantage of the company.
Once the competitive advantages are identified, companies can effectively boost those competitive advantages in order to gain new customers and a higher share of the market.
- Plan Strategic Mergers And Acquisitions
Mark Zuckerberg’s way of business is a perfect example of ‘when you can’t beat your competition, just buy it. Moreover, it is one of the most powerful strategies in order to enhance the market share of the company.
Mergers happen when two businesses decide to come together in order to reach each other’s target audience and gain a higher capital in the market.
On the other hand, acquisition is the strategy in which a company buys the major share or all the shares of the other companies in order to have more control over the competitor’s business. Just like Metaverse formerly known as Facebook acquired Instagram and Whatsapp to gain a larger market share of the social media industry.
It is not essential that companies have to acquire their competitors because it may not be possible all the time. However, companies can focus on buying small businesses that can increase the efficiency of the business. Moreover, it will also assist in capturing a larger share of the market.
- Improve relationships with current customers
The customer experience is one of the most crucial pillars that define the success of the business. Hence, it is really crucial for companies to constantly work on their customer service in order to acquire and especially retain customers. Moreover, nobody can deny the fact that retaining old customers is as important as attracting new ones.
The reason is that old customer can assist in developing the positive reputation of the company through word of mouth publicity which will assist in acquiring the new customers.
Moreover, existing customers trust you more than the customers who still have to try your product, and old customers are more likely to purchase from you in the future. This will lead to enhancing the overall growth and revenue of the company. To validate, as per Invesp, the probability of selling a product to an existing customer is 60 to 70%, whereas, on the other hand, the probability of selling to a new customer is just 5 to 10%.
The equation between customer relation and market penetration is simple: better customer relations means more satisfied customers. Furthermore, more satisfied customers mean better retention and a better reputation. Finally, a better reputation will attract more customers. Hence, all these together will collectively contribute to the enhanced market share of the company.
To encapsulate, implementing market penetration strategies is not rocket science for companies. The need is to effectively understand and study the market which will assist in getting solid insights into getting control over the market. Moreover, the given above-market penetration strategies will effectively assist you in strengthening the core competencies of the companies. This will further assist you in accruing the maximum share of the market
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