What is startup marketing? Well, you can say that building your business is just like to build it and your customers will come. It is not about building your castle for a night. There is a lot of things to know such as your hard work. Also, if we talk about startup marketing, it offers unique challenges. Other than that, it is also about limited resources such as your talent, your money and your time.
A small effort you do also works, and the way you plan or execute your plan can determine the growth of your business. So, what is the most important thing when it comes to startup marketing? Here is what you should know about what is startup marketing.
1. A Solid Foundation
You will never able to lay bricks without a solid foundation. So, the best startup marketing strategy beginners must know is to cover the bases. What are the bases of startup marketing?
First, choose your market. You should not try to market to everyone. It will only waste your time and money. The main key is to decide on a niche target market. The best way to choose a market based on some factors.
Size – Do you want to make it a regional demographic? Is it for males? Is it for kids? You should know how many potential customers in your target market.
Market Wealth – Analyze whether the market has the money to spend or not on your product.
Market competition – Know about your competitors
Value proposition – Know the capability of your value proposition to cut the noise.
2. Start-Up Marketing Needs Keywords
Once you define your market clearly, it is time to build the keyword list. You want to use the keyword for blogging, marketing site, and social media. You will need a list of phrases or words that are relevant to your product. So, if you have a question like what is startup marketing, it also means that you are going to talk about what words or phrases that someone will type into Google to find your product.
To start, you will need a list of a core keyword. The list of three to five keywords that related to your startup is what you should go with. For example, Onboardly related to content marketing, customer acquisition, and startup PR.
Next, it is time to expand your core keyword. You need to work for the secondary keywords, which means more specific phrases. For example, if your core keyword is “content marketing”, then the secondary keyword will be “email marketing”, “corporate blogging”, and others. How to find those keywords? Well, you will need free tools and identify the keywords with low competition or high competition traffic.
3. What is Success? Define It
So, you have learned about what is startup marketing. Now, you should question yourself about success for your business. Of course, every startup has a different definition of success. For example, some will define that success is 500 new signups monthly. Some may think that success means $20,000 in revenue monthly. Whatever the definition of success you have, you should write it down. Or, you can send the definition to the entire team. So, everyone has the same perspective when it comes to the goal of “Success”.
4. Understand About Core Metrics
When you set up your core metrics, you should make it specific and measurable. For instance, if your definition of success is to have 500 new signups monthly, maybe you measure the conversion rate of three calls just to sign up. The idea is how to make it happen such as eBook downloads, newsletter subscriptions, or signup. What we mean is that you should not measure everything. You just have to concern about the indicators of success.
5. Estimate A Conversion Rate
Next, it is time to assign the conversion rates and values. You can try for newsletter signups. It can be an incredible growth if you have a conversation rate of about 20% and you get more than 100 newsletter signups for every month. It is even greater if the subscribers become paying customers.
6. Set Your Budget
Even your smallest business needs a budget. So, at the end of the day, you need money to help you work for your startup marketing approach. The question is how much you need? Well, inbound marketing leads are not free. The cost is 61% less than outbound marketing leads. Therefore, you should set your budget at the very first beginning and then accept the limitation.
It is also important to plan everything carefully, especially how to divide your budget. For example, you can invest 40% of your budget. Or, you want to spend 35% of your budget just to develop an online course or something like that.
Once you understand the basics about what is startup marketing, you can then use social media and PR.