We are living in a fast-paced where almost everyone wants to try out various ways to establish something of their own to become successful. In order to do this, many individuals consider starting their own business venture. Moving on from the usual 9 to 5 job and starting a new business always sounds like the better option. Uber, Airbnb, Spotify are some of the well-known start-ups that have successfully made a mark on the global market and inspired others to do so. But do all start-up companies have a successful outcome? According to a study conducted by Statistic Brain in the United States of start-up businesses, most of all the new companies fail: 50% after five years and 70% after 10 years. Why is the start-up failure rate so high?
Today, it has almost become a trend for founders of startup companies to pen-down the reasons where they went wrong, which is also known as “post-mortem”. CB Insights analysed such 101 “startup post-mortems” to determine what the common causes of start-up failure were. Based on their findings, the following were some of the common reasons for most of the start-up owners:
A. No market requirement
B. Poor marketing
C. Lack of customer focus
So, how can you make sure that your venture does not end in another “post-mortem” story? Offering a unique product/ service, finding the right investors, building a strong team and a business model is a tried and tested method by almost all the entrepreneurs today. But, is that enough? As cited as the common reasons earlier, what is often overlooked is creating awareness, and connecting with the target audience. One of the effective ways to do this is by creating a strong digital marketing strategy for your startup.
Google reports that businesses that use digital marketing strategies have 2.8 times better revenue as compared to the ones who don’t. One of the reasons behind this is because customers are heavily dependent on the internet when it comes to making purchasing decisions or knowing a particular brand.
This makes it clear that for a successful startup you need to have both a great product and great marketing. iTMunch brings you a list of 5 digital strategies for your start-up, and how it can help you come closer to your goals. Keep reading to know more.
Your content marketing strategy is the ultimate foundation for all your digital marketing efforts for your startup. Your content will develop the overall voice for your brand. Also, this method of marketing costs 62% less than traditional marketing and is known to generate three times as many leads. Click here to know more about creating a successful strategy.
How content can be the king for your start-up?
- Want customers to sign up to your newsletter? Content can drive that.
- Using SEO for your startup? Writing relevant and quality content can boost results
- Wondering what to post on your social media channels? Sharing your blog posts is an effective way!
- Want to reach out to valuable contacts or connect with influencers? Mentioning them in your content is an easy way to reach out on social media.
2. Personalised email marketing
There are many reports that claim email marketing is dead. Despite these predictions, emails are still around and are delivering a good ROI to marketers. A survey done by Demand Metric and Data & Marketing Association (DMA) found out that email marketing had an ROI of 122%, which is 4 times higher than other channels. This method is more than just sending emails randomly. You need to understand what do you want to say and to whom you should say it to. For example, an email asking for product feedback would not be of any use to those who aren’t your customers. Hence, you need to customise your email marketing strategy.
Tips for creating a successful email marketing campaign:
• Make the subject line engaging and benefit-rich
• Write in a persuasive language
• Make the text easy-to-read by breaking it into sub-heads
• Optimise emails for mobile devices
3. Social media marketing
Social Media Examiner’s report claims that 89% of marketers indicated that using social media has helped them increase exposure for their companies. And, this channel for marketing is also considered as the second most important for start-ups.
How social media can help your start-up:
• Increase exposure
• Develop loyal customers
• Help with search ranking and generate leads
• Increase sales
4. Pay-Per-Click Marketing
Another method used by search engines to bring customers to your website is PPC marketing. This is an online platform, where an advertiser is entitled to pay the search engine a sum of thee fee, each time a user clicks on his ad. Also, according to another statistic, consumers exposed to display ads are 155% more likely to search a brand and segment specific terms.
Benefits off PPC marketing for your startup:
- Reach your target audience at the right time with the right ad
- High ROI as you only pay whenever someone clicks on your ad
- Measurable results
- Data and insights to help you make well-informed marketing strategies
5. SEO (Search Engine Optimisation)
When it comes to creating a digital strategy for your startup, SEO cannot be ignored. This is because there are hundreds of businesses out there that offer similar services and products. So how do you ensure individuals visit your website when they search for the keywords relevant to your business? The answer is SEO.
Why you should not ignore SEO for your startup
• Helps build a solid search engine reputation
• Provides valuable data about your target audience
• Excellent conversion potential
These are a few digital marketing strategies that can help your startup ace your marketing game. With an effective strategy in place, an in-depth understanding of the market and a strong connection with your customers, your business will be able to define the path to success and not just add-on to the list of “post-mortem” stories. Keep reading iTMunch for more such updates about the startup world.