Startup Internet Marketing
Starting a business is the exhilarating job with lots of potholes. Unfortunately, to build a business empire from the start requires lots of hard work for many years. In other words, startup marketing is a unique challenge that has limited resources to back upon. You have to be sure that every effort you put in, no matter how small it is, has to be well-planned and flawlessly executed. To make it even more difficult, the traditional marketing strategies don’t always work in case of startup businesses.
Approaches for Startups
Before you start laying bricks, you need a solid foundation and a fool-proof plan ready for execution. A successful startup marketing strategy follows that same principle. Before you start marketing your startup, make sure you have the following bases covered.
1. Choosing a Market: Look at the market and the people to decide on which market to concentrate on. Being a startup business, the people may seldom have the interest in your product. Rather, they will be skeptical about your products. Hence, try to identify a niche target market where your product is likely to get consumed. This might be based on the market size, wealth, competition and value proposition you want to share to the niche population.
2. Defining Keywords: After having defined and identified your market, you can start preparing the keyword list primarily for blogging, social media and the main marketing site addressing the niche population residing over there. The keywords should be based on those words that this population is able to identify with. On the same lines, identify the secondary keywords that are even more specific. You can seek the help of a keyword tool to find those words that have low competition and high traffic.
3. Defining Success: The success or benchmark may be different for different startups. Whatever the case may be, you need to define your success much early and be clear on it. You need to send this definition to all the people you are working with. Once defined, stick to it and make efforts to try to achieve this through hard work and focused action. Your success should be tied to the growth.
4. Setting Core Metrics: After designing the success, set your core metrics according to it. While setting the core metrics, make sure that they are accurately measurable and specific to the business in hand. The idea is to have a few highly valuable metrics based on actions taken throughout the customer acquisition funnel (e.g. signups, newsletter subscriptions, eBook downloads). Focus only on the key indicators of success.
5. Estimating a Conversion Rate: The next step is to assign the conversion rates and values. First, estimate your lead conversion rate. After this, estimate the lifetime value of the customer. If you know how many of your leads got converted and how much of those conversions generate real business opportunities, you can assign values to goal completions like newsletter signups.
6. Setting a Budget: At the end of the day, it all comes down to the money. How much can you afford to spend on your startup marketing strategy? Remember that while inbound marketing leads cost is 61% less than that for outbound marketing leads. Hence, set a budget early in the game and accept that limitation.