Establishing your company name as a startup is challenging. Your budget is limited, you have few or no resources, and you are mired in the increasing competition in the marketplace.
Additionally, if you are inexperienced in terms of online business development methods, this is just another addition to the huge list of problems you have to deal with.
So, no matter how good your services are, how great and cost-effective your products are, and how dedicated your company is, it won’t do you any good until you tell your story loud and clear.
But how do you achieve that? Well, developing highly effective marketing strategies is the most obvious answer to this question. But wait… I’ve already tried some of them, and they don’t come with much results, right?
This does not mean that marketing is not worth a huge investment. Alternatively, maybe you’re doing it wrong? Or maybe your methods are outdated and you need to make some good changes in your overall business approach?
The reasons could be many. That is why we will discuss some important modern marketing techniques that you can take advantage of as a startup in 2021 in this article. You don’t want to spend money on a lead that bounces the second time it lands on your site.
So let’s jump straight into it.
1. Referral Program Development
As the marketing world is filled with contemporary and effective branding techniques, relying on word of mouth sounds like one of the old school ideas that wouldn’t work in modern marketing.
Turns out it isn’t! According to reports published by Forbes in 2019, 78% of B2B marketers considered their referral program to be an excellent lead generator. According to the latest statistics, clients gained through referrals have a 37% higher retention rate, with a 16% increase in profits.
This tells us one thing! Referral programs are undoubtedly effective, especially for startups. but why? Well, the reason is simple. People will believe their friend instead of a brand that spends money on copywriters for the sole purpose of persuasion.
To take full advantage of this ninja technique, it is essential to build a loyal fan who religiously believes in your products and services. And for this, being unique and unique in the game is a must!
Besides, engagement tactics like freebies and mega sales will also help in starting your business a lot. Many startups are taking advantage of this marketing technology these days, and it is doing wonders for them.
Friendly collective approach
A good example is Girlfriend Collective, a sportswear company that launched its products in the already crowded market. Although the brand’s story was strong (they made their clothes out of recycled plastic), getting the brand out in a dense market was a huge challenge.
They needed to spread the word. So they made one of their free $80 leggings as their primary investment. In addition, they were really confident in the quality of their products. So the results were instant. All leggings were sold out in no time.
Their brand name spread like wildfire, and next thing we know, Girlfriend Collective started getting around 10,000 orders a day. Although it exceeded server capacity, it was ultimately a good omen for a thriving startup company.
2. Exploit video marketing
If you follow the most effective methods of marketing closely, it is hard to ignore the impact of video marketing on startups and established companies. Due to its ability to evoke the most primitive human emotions, the number of leads and conversions it generates is insane.
This is not just a guess. According to the latest statistics from Renderforest, 78% of companies received more traffic to their website after implementing videos. About 62% prefer animated explainer videos.
58% of users say showing an explainer video on their landing page helped them directly increase sales… the stats keep going. The question is, what makes videos so effective that modern companies can only use them, regardless of their emotional side?
The answer is simple. It is exceptionally interesting and explanatory at the same time. In addition, you have plenty of methods at your disposal for different products and services, all of which are equally entertaining if directed at the right audience. And Google loves videos too! So they will be arranged easily.
Dollar Barber Club Story
Let’s take the Dollar Shave Club, for example. It’s a perfect example of how a unique idea can elevate your brand when mixed with good video marketing. Dollar Shave Club was founded on the concept of providing a monthly supply of razors for $1 per month.
When Michael Dubin launched the brand, the first thing he did was invest in video marketing. And the craziest part is that he shot and produced it himself. consequences? The Dollar Shave Club has become one of the fastest growing startups in American history.
The video ad generated about 120,000 requests on its first day of release. As of now, Dollar Shave Club is one of the largest American men’s grooming brands and was acquired by Unilever for $1 billion in 2019.
The moral of the story is, if you want to build a strong market presence and increase the chances of your budding business to thrive, then using video should be an essential part of your marketing arsenal.
3. Invest in content marketing
Starting a Business and Not Yet Thinking of Investing in Content Marketing? You might miss out on a lot. Releasing relevant content to your target audience on social media and blogging is one of the most effective and proven ways to increase brand awareness and increase engagement in general.
According to reports, companies with a blog generate 126% more leads than those without a blog. As you can see, the marginal difference between them is significant and can have a huge impact in determining the speed of growth for your new company.
The trick here is simple. Give your target audience what they love by perfecting your brand narrative in it. It could be a great video addressing their problems (as mentioned), a helpful how-to blog post for solving their everyday problems, or a social media post promoting your new products or offerings.
The key is to keep your audience engaged by making your way into their daily feed from time to time. Chances are that you might provide them with something they are looking for, and the person might buy your product or service for the convenience you provide.
In other words, it’s like throwing nets into the river with bait. A hungry fish will rarely resist that and eventually fall into your funnel, turning into a loyal customer if your product or services are worth it. I wish we could come up with a better example, though ;).
4. Don’t ignore the brand promotion offline
Undoubtedly, digital marketing is the most prevalent, and success as a business without an online presence is an innocent fantasy. But we still cannot ignore the impact of offline marketing. And for every good reason.
Having great interaction with potential clients and existing customers is a no-brainer to maintain and grow your brand. There are many ways to make sure you’re doing it the right way.
For example, you can make lots of beautifully created business cards and brochures and hand them out to your potential prospects at various networking opportunities. Moreover, visit and promote your brand and products in places where the presence of your target audience is maximum.
You can also take advantage of interesting postcards for this. It’s a fun and more personal way to build a connection with people who might be interested in your products or services.
Another ninja tactic for offline brand marketing is to send gifts with every product your customers order. Well, yes, it is expensive and may even seem like an easy way to manage your bankrupt company before it thrives.
But the case is very different from what you might think. A welcome gesture is always appreciated, which is why more than 120 companies in the United States use this strategy. This tells your customers that each one of them is important.
The result is the satisfaction of the previous customers and the retention of the new, given that your product is excellent. By doing this, you develop a bond with your customers in a way that is more profound than you think.
5. Keep your stats under control
Throwing a stone in the dark can hit the target, but you’ll never know how it happened. Or in which direction you threw the stone. As a result, you will not be able to hit the stain again. The same goes for marketing.
You have to analyze every part of your strategy statistically and see what worked and what didn’t. This will help you improve your currently effective strategy and tell you where you need to make changes or what to avoid.
Keep checking reports like clicks, leads, conversions, bounce rate, and anything that reflects your marketing tactics. This will give you a clear idea of the likes and dislikes of your audience, helping you to create content that attracts them more.
Aside from pure number analysis, you will also learn about your audience’s age group, regional and creative preferences. It ultimately provides you with a comprehensive consumer behavior report that you can leverage to your advantage.
6. Use email marketing
You will hardly find a company these days that does not use email in their marketing strategy. It simply works. About 89% of marketers use email as one of their primary tools for generating leads to their website in 2021.
And that’s not all. The return on investment from emails according to data collected in 2021 is 4200%, which is about $42 per dollar spent, with 21% of emails opened within the first hour of delivery. More than that, about 61% of subscribers like to receive promotional newsletters every week.
Did you ring any bells? Yes! Audiences love emails as much as marketers. New or old customer, everyone loves to stay updated on the latest sale your company announced or a new product you just introduced. In most cases, that may be in their best interest.
The only thing is that you should make sure that your emails are as personalized as possible. And for that, you will need to collect some data from every visitor on your site. A popup form with sections like gender, age, and region will help a lot.
You can write personalized emails and target them to every age group, gender and region based on the data received. It increases user relevance and will automatically act as an attention grabber.
Since you will be referring directly to a specific group, you will increase the chances of getting much needed leads. Just make sure you hire a skilled copywriter.
Maintaining and developing the business as a startup is a challenging task. It takes a lot of dedication, time and effort to share the spotlight with other brands that are already dominating the market. That too, at a time when the competition is crazy.
That is why it is so important to develop a marketing plan that fully supports your goals to make all your efforts and time worth it. And for that, knowing the current trends is essential.
In this helpful article, we have tried to highlight some of the critical components of an effective marketing strategy. All the tips I mentioned above have been intentionally used by every brand big and small and have statistically proven results that guarantee big profits and business growth.
Also, we took a look at the stories of some of the brands that have made their place in the market using the tactics mentioned above. So if your business is just getting started, the only risk you’ll run is not using at least one of the above tips.
Until next time 😉