Small Business Startups – In recent years, market analysts have been following a growing trend within startups here at home as well as around the globe. More and more startups are catering to an online, digital audience and fewer are starting land-based operations. Even those who don’t consider themselves to be tech savvy are finding it much easier, less time-consuming, or expensive to set up a virtual storefront.
Prior to SARS-CoV-2, online startups trended from time to time, with peaks and valleys, but never consistently high as they are today. Perhaps the pandemic led to this phenomenon due to leaving many workers unemployed, or offered remote work as an alternative. In any case, this led to a whole new generation of entrepreneurs seeking to capture their little corner of the market. If you are even remotely considering launching a startup in today’s economy, here are nine marketing strategies that you really must consider.
1. Analytics as the Foundation of Any Marketing Strategy
Would you build a structure without a foundation? No matter what kind of building you are constructing, the one thing that is common to all would be a foundation. That is the most basic support that keeps your home or commercial building from falling into the ground like it’s been swallowed up by some giant sinkhole.And so it is with any effective marketing strategy. It is essential to first analyze your market in order to identify your target market and how best to reach them. This is especially important when understanding what a micro business is, as smaller operations often need to make careful decisions about their limited marketing resources.
2. PR and a Network of Market Influencers
There was a time when the whole idea of market influencers was listed way down in the basement of marketing strategies. Many businesses held to time honored, more traditional forms of marketing and advertising. However, what became almost immediately apparent is that this generation of consumers have what can be referred to as ‘trust issues.’ Once a celebrity or other high-profile person endorses a product, they have to try it, at the very least.
Also, market influencers are not as difficult to find as you might imagine! It isn’t always big names like Taylor Swift and her Capital One Bank cardigan commercials. You just might find that a prolific blogger can get similar results and notoriety for you once his, or her, followers take up your banner. This is, perhaps, the 21st century version of word of mouth, but it’s so much more effective because your audience is literally unlimited online.
3. A Strategic SEO Content Marketing Campaign
You will still hear it said that, “content is king,” and indeed it is. However, not from the vantage point it was just a few years ago. In the early days of web content developed to provide backlinks to your website, it was imperative that you vied for the right keywords with the right amount of competition. You didn’t want keywords too competitive, but you did want keywords that enough people were searching for. You wanted to build your way up in the SERPs (Search Engine Results Pages) so that your website ranked within the first few results on page one.
4. B2B Networking and Partner Marketing
Consequently, it is necessary to find innovative ways to connect with other businesses in your field, or a closely related field. One suggestion made by a consummate marketer was to send freebies of some of your main products to businesses you’ve identified as possibilities for partner marketing within your networks. If you pool your marketing resources, you can grow your own target audiences exponentially. Partners can put companion products in the spotlight so that interested buyers will see the benefits of using both.
5. Take a Ride on the Coattails of Social Media
As an aside here, let’s refer back for just a moment to market influencers and partner marketing. Social media is the absolute perfect platform to use for this marketing strategy. If you pool your marketing resources, you can grow your own target audiences exponentially. The pandemic also showed how important digital communication can be, and the lessons on what small businesses should make in the pandemic can still provide useful ideas for handling periods of uncertainty.If done well, you can expand your networking affiliations simply be getting your page/pages liked, and don’t be afraid to ask for that “like page” or “follow me” buttons. Bear in mind that if you happen to network with a well-respected brand, you can ride on the coattails of that brand on social media. The reverse can be said as well. That marketing partner can also ride on the coattails of any followers you have gathered over time.
6. No-Investment Affiliate Marketing
As a small business startup, your marketing funds may be extremely limited. For small business owners, low-cost marketing methods can be a practical way to build visibility without putting too much pressure on the early-stage budget. Altogether too many startups take out loans to fund a marketing campaign when these simple strategies can be effective at little to no cost to you. Before taking on additional expenses, entrepreneurs can also consider smart money moves for small businesses to keep marketing investments aligned with their available budget. Have you considered opening up your product line to affiliate marketing? All it would take is a few incentivized marketers to get the ball rolling. You can set and agree on a standardized compensation package based on sales or leads. Both can be effective. If you don’t close that deal the first time through, at least you have baited a buyer who may return later to make an offer or buy a product.
One very effective form of affiliate marketing is to send a product to a reviewer with a large following on a YouTube channel. After the product or service is reviewed, the reviewer mention links below the video where the audience can purchase products reviewed. Imagine the power you can tap into by utilizing both influencer and affiliate marketing!
7. Carefully Selected Referral Rewards
This strategy does seem to be a little less effective than the above marketing tools, but it can be extremely rewarding if done right. The problem many small businesses have is in offering a reward they feel someone would want. What many marketers have found to be highly effective is in offering a choice of rewards a person can choose between. If they are incentivized with a reward they are interested in, then you will almost always see results. The whole idea is to get them to want someone to buy from you so that they can get that freebie for little to no effort and no money changes hands. It’s highly effective if your rewards motivate them to participate.
8. SEO Optimized Website Content
Search engine optimized content for your website is still very highly effective; however, it is imperative that you understand there is a specific skill set involved in choosing the right keywords to target within your content. This pertains to everything from products that you list to images that you post to content in a blog you may have running on your website.
9. Carefully Selected Email Marketing Lists
Unfortunately, email marketing is a strategy that works for some but is less likely to be effective for others because they are going about it all wrong. It is important to understand how most people see unsolicited emails as spam, and in reality, that’s just what they are. If you want email to be effective as a marketing strategy, make sure to have the consumer request newsfeeds or emails with a form they need to fill out.
What Is Your Key Takeaway?
Now it’s time for you to take a good look at all of the above to give an honest assessment of what your key takeaway is. It may be a strategy you want to pursue and it may be a concept you were unfamiliar with. The whole point is to recognize the various ways to reach your market by the time you launch your startup. If you get enough momentum now, you can shoot into your future – and that is what marketing is really all about.