Marketing for Startups
You have a business plan, you have a budget but where do you start with Marketing? Do you hire someone? Outsource it? Or go with what you are familiar with. This is something you need to decide depending on your technological abilities, your time availability and your learning capabilities. Before we get through some basic marketing strategies, it is important to understand why marketing is so important. The main reasons marketing should be an integral part of your business startup are:
Identifying customer needs and demands
Adjusting organisational strategies to meet those needs and demands
Builds reputation, brand awareness
Increases sales and grows businesses
Adjusting organizational strategies to meet those needs and demands is Traction by Gabriel Weinberg & Justin Mares. If you get the chance to read it - Do it! But if you feel that your time can be spent better elsewhere; I’ve summarized some really good points that the book makes. Also some questions to think about.
We all like to go with what we are familiar with, and biases can be both bad and good. Being familiar with something generally means that you have the knowledge and skills to work with. However, sometimes untapped channels might generate more sales. So ignoring biases, whether they are yours or advice from others can sometimes be a beneficial move to your startup.
#2 Bullseye Framework
The bullseye framework is an excellent model to work with; I’ve included an example of the framework. It’s important that not all channels will work for your type of business. So it is really important to look at what works for others, and what channels you have the time, effort of skills.
Have a look at the sample model below
The outer ring is filled with reasonable traction channels you could use. Balance these between your current biases
The inner ring combines the following:
Short term considerations - Which traction channels seem most promising right now?
Potential - Which traction channels seem like they could possibly work
And it removes the long-shots - where you must identify which channels seem like long-shots.
The bullseye is the identification of your inner circles that seem most promising.
The next step is to strategize within your budget - are these channels costly, or do they have to be costly to be effective.
Focus on what works - one traction channel will dominate in terms of consumer acquisition.
Written by Tumara Hall
Invercargill Digital Marketing