Start-up: 3 essential marketing pillars for your growth
Starting a start-up is a real challenge, especially when 90% of them fail.
The parameters to be taken into account are numerous, it is necessary to adapt the product to the market, to watch the competition, to define a marketing model, to attract the investors, etc.
It is therefore difficult to keep the distance sufficient to continue to make the right choices.
We have studied the challenges faced by all start-ups and identified three key marketing pillars to overcome them.
1 – Find a product that adapts to the demand and the market
To launch a start-up on the road to success, it is necessary to take into account both the innovation of a product that aims to revolutionize a sector of activity and also the market that represents the needs and problems of potential customers.
The first challenge of a start-up is therefore to find the right product / market fit, that is to say the best match between the product and the market.
Target market expectations
When designing, it’s tempting to believe that if the product brings something new, it will inevitably meet with success. This is not, however, what guarantees the adoption of the product by its target audience.
To define the real added value that you can bring, it is necessary to segment your target market in several personas.
A buyer persona is a fictional character who represents a target group, it allows you to distinguish your different types of potential customers through the needs and problems they encounter.
Developing and updating these buyer personas provides a solid basis for developing the product or service that meets market expectations.
Set a consistent price
If the failure of many products is often attributed to their pricing, the question is rather the added value of your product or service as perceived by your potential customers.
It is therefore essential to highlight this added value from the beginning of the relationship between the brand and the prospect.
Creating and distributing sufficient marketing content (blog articles, video tutorials, e-mails) and offering free tests or demonstrations, allows prospects to perceive more precisely the value they can derive from a product or service .
Regularly monitor the competition
2 – Focus on customer’s point of view
The starting point of a start-up is often marked by the passion and the desire to revolutionize the habits of its future customers.
However, one must not lose sight of an essential element: the product or service you create must quickly add value and meet the expectations of your customers.
Design an easy-to-use product
User experience management has become a key discipline in any product or service design, especially in the digital and technology innovation sector.
Nevertheless, even with the most advanced features, a product or service can face a certain misunderstanding on the part of users.
To avoid this scenario, content marketing offers you the possibility to offer informative and educational multi-platform content (blog articles, video tutorials, e-mails).
Ensuring a multi-channel presence (online chat with support, Q&A on social networks) and being responsive are the keys to maximizing the adoption of your product or service.
Engage the conversation with customers
We have entered an era where the customer has more and more points of contact to give their opinion on a product or a service. In this customer-centric logic, you must adopt a two-pronged approach:
-Read, analyze and respond to spontaneous customer reviews (especially on social networks).
-Set up short surveys (via your website, e-mails or social networks) to collect customer opinions and define your net recommendation rate, a powerful indicator of customer satisfaction.
Multiplying points of contact and meeting users allows you to include them in the process of developing and continuously improving your product.
But creating an innovative product is not the only key to success. It is necessary to make it known and to ensure its adoption by the target public.
That’s why we need to adopt the right targeted and successful marketing strategy.
3 – Adopt an effective and flexible marketing strategy
A good marketing strategy should attract prospects, turn them into customers and build loyalty.
To achieve this, you have to consider the funnel of conversion as a whole.
Develop a cross-marketing strategy
The idea that a good product sells itself is still too common.
Admittedly, the better the quality of a product, the more likely it is to encourage adoption by potential customers, but it is still essential to put in place all the marketing devices to attract your prospects.
Aligning marketing and sales teams around common goals is critical to developing a profitable and repeatable marketing model.
Each member of these services must know how to recognize a promising prospect, and all must have the same design. This is a prerequisite for implementing a targeted and successful marketing strategy and campaigns.
Accurately measure the performance of marketing efforts
Whether it has the best product on the market or not, any start-up that runs out of funds fails. Before you get there, it’s best to know what you need to spend on your marketing budget and how to attract the right investors.
One of the priority metrics to monitor is the ratio between the customer acquisition cost (CAC) and the total revenue generated by this customer (or customer value): it allows to compare the efforts made to win a new customer and the income total generated by this customer over time.
This ratio reveals your ability to generate a return on investment and helps provide investors with evidence that you are a promising medium or long-term business, even before you make a profit.
A relevant and targeted marketing strategy will allow you to go the long way between the first impulse that drives you to launch your start-up and its success.
Any good idea can meet its audience provided they know where to find it and how to address it and for that TIMING is key to your success.