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How to Market and Promote a service-based Start-Up?
Marketing is an invaluable asset to take into account, especially when creating initial financial projections. In the end, just building a great team & product does not guarantee people will find out about your product or service. In order to scale up the business, We will have to implement an effective, well-designed marketing strategy. After all, your shiny new product or service won’t go far if nobody even knows why it’s so great.
Here are the five steps to help to get a basic marketing budget & plan together to help the Start-ups
Step 1: Set goals
First, the budget spending should be limited by what we hope to achieve, and also by what can be realistically afforded. Regardless of what is chosen, it’s important to have a goal in mind when you start off the marketing campaign.
No matter what your goals are, it is vital to stay consistent and measure the success of your marketing activities undertaken. For example, if your goal is 1000 subscriptions or customers per quarter, you should focus on whatever the indicators of success are. This might be a number of newsletter subscriptions, eBook downloads, or a number of website visits. If 50% of people who download your eBook become permanent customers, then the number of eBook downloads would be the best metric for assessing your revenue and customer goals.
Any marketing initiative can grow your awareness, but you should at least be able to estimate how many leads you are gaining from each marketing activity and the dollars they are generating for your business.
Step 2: Set a budget
It’s too easy to go ahead and answer the budget question as, “I don’t know what the budget is.” or “not a lot”, or even “there is none.”. Of course, this kind of thinking isn’t sustainable since you need to use the budget to focus and prioritize the most important marketing activities.
There are a few tiers of spending that you can use as guidelines.
Step 3: Plan
After defining the goals and budget, it’s time to plan out which channels and platforms will be most effectively used.
By having the overall plan tied to your marketing activities, we will know what the results mean when we go to measure how well each marketing activity is performing. A specific goal will give the baseline and discourage one from taking the easy and ineffective approach and putting whatever money is left over towards marketing. Whenever possible, Thus we need to align the marketing plan to the startup’s purpose.
A marketing grid helps you to define your goals and match tactics and measurable objectives to them.
When you organize the marketing plan this way, you know exactly what is needed to be done to achieve your goals, and how you’ll measure the success (or failure) of those activities. While this is well and good for a marketing campaign, how do we make sure what objectives are going to help us with achieving our goals and objectives? Enter testing.
Step 4: Testing
This is where creativity either makes it or breaks it.
The primary key to any successful marketing campaign is to experiment and test to first find out what generates paying users and qualified leads. A qualified lead is someone likely to become a customer based on the information you have collected about them – they are the decision-makers with the money and need for your product.
There is no need to put a lot of money and resources right away in the beginning – test out the different marketing channels with a small amount of the overall marketing budget. There are countless channels, messages, marketing platforms and, content, copy, images, and more that you can change around with to see what works for your specific case and what doesn’t. One easy way to test ideas is to use the Google Adwords platform; We can break the budget down into a few small tests. Using ads, one can throw some light paid traffic at some of your creative ideas to see what sticks. Analyze the results and refine the messaging.
It is difficult to measure Return On Investments, but start-ups can focus on the cost of a marketing activity compared to the revenues that result from it. If it costs $50 to run a targeted Facebook ad, and seven people who clicked on the ad spent a total of $300, we can calculate the cost to revenue. Focus on the channels and methods that are giving the maximum return from while using small-scale testing on emerging platforms of interest.
Step 5: Scale-up!
Once we know what works and what is not working, it’s time to get to the next level. Your marketing budget should never be a fixed and permanent number. Your marketing budget should be scalable as the business scales. It should grow in tandem with the business. As we start to see a real financial return on your marketing efforts, you can slowly increase the budget.