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How Start-Up Marketers Can Appeal to Millennial Spending Habits

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How Start-Up Marketers Can Appeal to Millennial Spending Habits

Millennials are a unique demographic as they are the first generation to grow up with technology at their fingertips, as they are made up of people born between 1981 and 1997. Millennials also tend to put off marriage and instead focus on buying homes, building credit, paying off student loans. They also have a huge impact on the global economy and business operations as a whole.

While the average millennial spends $47,256 annually, there is a disparity in how they went about online shopping during the pandemic. Remote working millennial men spent more online shopping than their female counterparts.

Another difference in their shopping habits is that 83% of millennials wanted the brands they purchase from to align with their beliefs and values.

Millennial Spending Habits and Marketing

A significant contributor to millennial consumer behavior is the societal changes they have experienced in life. That being said, the products that they love are often ones that have the most value, quality and image enhancement. 2020 showed that Generation Y felt brand intimacy with these top brands:

  • Playstation
  • Amazon
  • Target
  • Disney
  • Ford
  • Jeep
  • Apple
  • Youtube
  • Xbox
  • Nintendo

Factors that Contribute to Millennial Spending

One thing that is extremely important to this demographic is making a positive societal impact with their purchase. Social media is also another powerful force when it comes to guaging corporate social responsibility as well as influencing their peers about their purchasing decisions.

How to Market to Millennials

As a marketer, there are quite a few items to keep in mind when creating your strategy based on the millennial audience. Consider these suggestions when creating your marketing strategy towards millennials:

  • Highlight Environmental Impact. 47% of millennials have educated themselves on the environmental impact brands have. This makes it even more important to market your products with inclusions of fair wages and eco-friendly production.
  • Take Advantage of Different Marketing Channels. One form of marketing isn’t enough these days: varied marketing formats like videos or blogs provide top- and middle- funnel content, as opposed to bottom-funnel transactional content that doesn’t necessarily appeal to millennials.
  • Show Them What’s In It For Them. Whether its free delivery or an easy return policy, millennials have a wide array of companies, products and services to choose from. Making it worth their while with extra perks will have your customers coming back again and again.
How Start-Up Marketers Can Appeal to Millennial Spending Habits

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How to Develop a Killer Content Marketing Strategy for a Startup (with 5 Examples)

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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.

1. Define a Buyer Persona

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/

2. Create High-Quality Content

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

3. Share Customer Success Stories

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/

4. Create a Content Calendar

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/

5. Keep Track of the Results

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

Summing up

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!

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7 Effective Strategies for Successful Market Penetration

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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.

7 Successful Market Penetration Strategies for Businesses

  1. 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

  • Billboards
  • Pamphlets
  • Newspaper advertisements

On the other hand, digital marketing methods comprise

  • Social media
  • SEO
  • Email marketing
  • Short Videos
  • Podcast

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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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9 Reasons Why Webinars are Essential to Your Marketing Strategy

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Webinars have become an increasingly popular marketing tool in recent years. And it's no wonder why! Webinars offer a unique opportunity to connect with your audience in a deep and meaningful way, all while providing valuable information that can help grow your business.

Webinars have become an increasingly popular marketing tool in recent years. And it’s no wonder why! Webinars offer a unique opportunity to connect with your audience in a deep and meaningful way, all while providing valuable information that can help grow your business.

What is a Webinar?

A webinar is a live, online presentation that allows participants to see and hear the presenter, ask questions, and interact with other attendees. In other words, webinars are the perfect way to connect with your audience and build relationships that can lead to increased sales and higher customer loyalty.

How to Prepare for a Webinar

If you’re thinking about hosting a webinar, or if you’ve been invited to participate in one, there are a few things you need to do to prepare. Here are some tips:

  • Choose a Topic

When selecting a topic for your webinar, make sure it’s something that will be of interest to your target audience. Remember, the goal is to provide value and build relationships, so choose a topic that will help you achieve that.

  • Create an Outline

Once you’ve selected your topic, it’s time to create an outline. This doesn’t have to be anything formal, but it should include the main points you want to cover during the webinar.

  • Find a Speaker

If you’re hosting the webinar, you’ll need to find a speaker. This can be someone within your company or organization, or it can be an expert on the topic you’ve chosen. If you’re invited to participate in a webinar, the host will typically provide you with all the information you need.

  • Promote the Webinar

Promoting your webinar is essential to ensure its success. There are a number of ways to do this, including social media, email marketing, and even traditional advertising.

  • Test Your Equipment

Before the webinar starts, make sure all your equipment is working properly. This includes your computer, microphone, and webcam. Be sure that everything is set up perfectly, don’t forget to run a webcam test.

  • Start on Time

Starting the webinar on time is important to maintain the trust of your audience. If you’re running late, let your attendees know and give them an estimated start time.

  • Engage with Your Attendees

Engaging with your attendees is one of the most important parts of a successful webinar. Be sure to interact with them throughout the presentation and answer any questions they have.

  • Follow Up

After the webinar, be sure to follow up with your attendees. This is a great opportunity to thank them for participating and to offer additional resources they may find useful.

  • Evaluate Your Success

Evaluating your webinar’s success is essential to determine what worked well and what could be improved upon for future presentations. Be sure to ask your attendees for feedback and use that to inform your decisions going forward.

Here are 9 reasons why webinars should be a part of your marketing strategy:

1. Webinars Are an Effective Lead Generation Tool

Webinars are a great way to generate leads. By hosting a webinar, you can reach a large number of potential customers with your message and product or service. Attendees of your webinar will have the opportunity to learn more about your company and what you have to offer, and they can sign up to receive more information from you.

2. Webinars Help You Build Relationships with Your Customers

Webinars are the perfect platform to build relationships with your customers. By providing valuable information and engaging with attendees, you can create a strong connection with your audience that will lead to increased sales and customer loyalty.

3. Webinars Can Increase Your Brand Awareness

By hosting a webinar, you can increase your brand awareness and reach a wider audience. Attendees of your webinar will learn about your company and what you have to offer, and they’ll be more likely to remember your brand when they’re ready to make a purchase.

4. Webinars Allow You to Showcase Your Expertise

Webinars are a great way to showcase your company’s expertise. By hosting a webinar, you can position your company as an expert in your industry and build trust with your audience. Attendees of your webinar will see you as a thought leader and be more likely to do business with you in the future.

5. Webinars Help You Generate Qualified Leads

Webinars are an effective lead generation tool. By hosting a webinar, you can reach a large number of potential customers with your message and product or service. They can sign up to receive more information from you.

6. Webinars Are a Cost-Effective Marketing Strategy

Webinars are a cost-effective marketing strategy. They’re relatively inexpensive to produce and can reach a large audience. Additionally, webinars can be recorded and used as marketing materials in the future.

7. Webinars Drive Traffic to Your Website

Webinars can drive traffic to your website. By hosting a webinar, you can promote your website to a large number of potential customers. They’ll be more likely to visit your website in the future.

8. Webinars Help You Nurture Your Leads

Webinars are a great way to nurture your leads. By providing valuable information and engaging with attendees, you can create a strong connection with your audience that will lead to increased sales and customer loyalty. Additionally, webinars can be recorded and used as marketing materials and even training videos in the future.

9. Webinars Help You Evaluate Your Success

Evaluating your webinar’s success is essential to determine what worked well and what could be improved upon for future presentations. Be sure to ask your attendees for feedback and use that to inform your decisions going forward.

Webinars are a powerful marketing tool that can help you reach your goals. If you follow these tips, you can ensure that your webinars are successful and help you achieve your desired results.

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