The government of the United Kingdom welcomes innovative and creative business ideas to set up their company and increase the country’s economy. Hundreds of startups pop up in the UK annually, but a few survive, like Infogrid, Appear Here, Concurred, Akoni Hub, and many others.
Setting up a business is already challenging, and looking out for marketing channels for early-stage startups is different. With the advancement of technology in every sector and the rise of social media influencers, marketing strategies are turning from traditional ones.
In this blog post, we will talk about some of the best strategies.
Table of content
- What are early-stage startups?
- Why is marketing important for early-stage startups?
- Eight best marketing strategies for your early-stage startup
- Wrapping up
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What are early-stage startups?
Early stage startups refer to the startups in their initial years trying to develop a brand reputation, acquire customers, and look for adequate cash flow. These startups may bring innovative products to the market but reaching target audiences is difficult and fails often.
They must create an effective business, sales, and marketing plans depending on target customers and the market.
Market research for such companies is essential to determine if their ideas are feasible or not. The second milestone is identifying if they can sustain production. Usually, startups in their initial years lack money and resources, so look for investors and present them with your action plan. Next, identify and segment your customers, consider your brand, and plan your marketing strategy.
Why is marketing important for early-stage startups?
Marketing is the heart of any business which means if you want to survive the competition, you need to market yourself and reach out to potential customers.
Your business may produce industry-transforming products or services. But, if you don’t get a chance to reach your target audience, you cannot sell your product and achieve your targets.
A good marketing strategy helps you in,
- Putting your products or services in front of customers and establishing your brand
- Changing the method of selling products, services or brands and boost your sales
- Helping you gain new customers and retain old ones
- Enhancing company’s reputation, building solid and smart communication with customers
- Saving time by promoting your products and reaching out to target customers faster.
Eight best marketing strategies for your early-stage startup
There are numerous marketing strategies for businesses, but specific strategies are out of reach and do not make sense to early-stage startups like TV advertising. Here are the eight best marketing strategies for such startups you can consider:
1. Earned media/PR
Early-stage startups face difficulty gaining press coverage or reaching out to a massive audience, but PR helps them create a brand reputation in no time.
What are the popular PR (Public Relations) tactics?
- Writing useful blogs or press releases to attract media and create buzz around your business.
- Building relationships with journalists publishing articles on products or services in your niche
- Plan promotional interviews by contacting media houses and asking for paid press conferences or interviews to promote your brand.
2. Content marketing
Creating informative content that is relevant and interesting to your target customers can assist you in generating leads.
How?
- First, identify your target market and address important points concerning your audience.
- Determine the correct format to showcase your value proposition according to your consumers’ stages in the sales funnel, like creating blog posts at the awareness stage and putting case studies at the consideration stage.
- Look out for content distribution channels like email, social media or websites where your target audience is primarily active.
3. Partner marketing
Partner marketing is engaging when you agree to partner with another company or organisation and target the same consumer base. You can share marketing resources, cut costs, reach a massive audience, and improve your brand reputation.
4. SEO
Most of today’s product and service searches are on Google, which makes SEO the best marketing strategy for early-stage startups. An organic search can boost a website’s traffic. You can introduce yourself to target audiences with high purchase intention through strategic search engine optimisation.
How to strengthen SEO tactics?
- Add relevant keywords that relate to your business goals
- Select topics that are highly searched on the internet
- A meta description that summarises your content and a good page title
- Create contents that remain useful at any point in time to the audience
5. Email marketing
Researchers predicted that globally email users will reach around 4.3 billion by 2023, a powerful and cost-effective way to get your audience.
You can create an email list of prospective audiences to receive your content regularly, focus on subject lines, share emails at frequent intervals and track your results.
6. Social media marketing
Social media channels are not just a source of communication but help you build a community around your brand. It is a free channel and a great place to create user-generated content and receive feedback on your products and services.
Tailor your content according to the needs of your audience and the social channel you are using. Consistently publishing high-quality content, tracking your progress and engaging people will help you to improve conversion rates.
7. Influencer marketing
Experts state influencer marketing can deliver 11 times higher return on investment than traditional marketing. You don’t need to add enormous marketing costs like other forms of advertising and yet get great rewards.
However, you must choose the right influencer to collaborate with your niche and deliver goal-oriented content. That’s not the end; you need to track your campaign’s results by monitoring the KPIs, brand awareness, engagement and conversions.
8. Referral marketing
Referral marketing is the most cost-effective way to grow your brand. Request your customers to give feedback about your products and services and their experiences with you. Word of mouth spreads faster than anything attracting highly qualified leads at a lower acquisition cost.
Hire Startup Accountants
Work with a UK-based accountant for tax, accounting, payroll, & EIS/ SEIS needs.
Wrapping up
Launching a new product and service in the market takes time and effort, but a well-designed marketing strategy can save you from this hectic process. You can seek assistance from a professional planner to design your strategy, reach out to customers, develop a brand reputation, and help your business grow.
