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22 November 2019

Start-Up Marketing; Invest Your Funding Wisely

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Start-up marketing can be an extremely prickly business. AndAnotherDay pride ourselves on being absolute experts in start-up marketing and new product launches, so we thought we would gift you some tips on how to get started.

Let’s start with some of the challenges you may face when marketing a start-up.

Start-up Marketing Challenges

Número Uno: Competition.

When you first bring your new company or product to market, you will immediately be competing. Even if the likes of your idea have never been seen before. Every other start-up in the game will be fighting, striving and paying for the attention of your target market. The first of your challenges will be prying the attention from them and convincing your audience to spend with you.

Número Dos: Being Swamped in Options. 

With the number of agencies, channels and the popularity of social media & digital journalism, the options are vast in number. How do we pick the correct channels? How do we assess what will work?

Número Tres: Staying Focussed On the Job At Hand.

Start-up founders, perhaps more than your conventional business owner, typically have day jobs to balance, in addition to running and marketing their new baby. Jumping on every potential collaboration opportunity for a new start-up can also add to this distraction.

Failure to focus AND take action on your marketing will leave your start-up, and start-up marketing efforts, dead in the water.

And finally, perhaps the most pertinent…

Número Cuatro: Budget.

It can be extremely difficult to raise enough capital to embark on any sort of serious marketing campaign. Businesses in the early stages typically will be in search of funding but will need ample capital to have enough buzz around the brand to be able to secure it.

So, You've Secured Some Funding...

Once you have managed to procure your funding, it’s important to ensure that you allocate it correctly.

It is recommended globally that businesses in early stages (<5 years) should spend 12-20% of their projected revenue on marketing.

However, it is extremely important that you don’t jump straight into Google Ads and pour thousands into uncalculated, unresearched campaigns. It’s equally important not to jump onto popular social channels and attempting to promote your business in that way.

Instead, you should first take the time to reflect on the pain points and challenges we mentioned before. Let’s address them with some solutions, shall we?

Solving Your Start-Up Marketing Problems

Solución Uno: 

The easy answer to your first problem, competition, is that your competition don’t matter. Not to the extent that you should lose sleep over it, anyway! Don’t get too caught up in packing out your marketing campaign with the same messaging as they do. Instead, find the gap – identify the messaging they aren’t saying, and target those instead.

Solución Dos:

To solve the conundrum of having too many avenues to explore,  concentrate hard on finding out who your target audience is. Once you’ve deciphered who your marketing will be geared at, you can narrow down your marketing options. A good digital agency will be able to work with you to define your ideal customer profiles, and more importantly, your ideal buyer personas.

As a somewhat extreme example, there’s no sense in using social media to target nursing home residents. Similarly, implementing a Pinterest strategy may be unnecessary if your target market doesn’t like to consume their content visually. Find a partner, agency or inhouse expert to flesh out your target market in detail, and hit them hard.

Solución Tres:

Delegate your time and learn when you should say no. Thanks to technology advancement, marketing automation tools are abundant. Simple tools such as Hootsuite can save you time on automating your social media postings. More advanced tools like HubSpot can automate your online campaigns, sales pipelines and everything in between. Automating will save you time, money and a great deal of stress.

Solución Cuatro:

Businesses today have a major advantage over businesses of the past. Free information is available at the fingertips of anyone who knows where to look. If you don’t know how to do something when it comes to marketing, odds are you can figure it out (for free) by investing a little time on Google or online business magazines.

If you don’t have time to do it yourself, getting razor-sharp on your target market and hiring a consultant or marketing agency to take on all your marketing tasks directed at that market can be an affordable alternative to hiring someone full time.

Aside from this, reputable marketing agencies will offer packages geared specifically toward start-up marketing. Pricing and all!

If you are in the position where you are looking for a start-up marketing agency, head over to our page on our start-up services here.

Conclusion

In conclusion, no problem is unsolvable when the correct skills are applied. If you have a business idea, for which you need marketing for a start-up business, a reputable agency that is prepared to offer services for low-capital orgainsations will be of gargantuan levels of help to you. Feel free to reach out to us to discuss your thoughts and ideas, no matter how big or small.

 

 

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