How To Create The Best Marketing Plan For Your Startup?
28 September 2022 9minutes read
Reading Time: 9minutes
Hey there, entrepreneur! Is your product getting all the good reviews? Are customers raving about how amazing your service is? Are you in tune with what your buyers want? Ah! Too many questions, I know! But maybe that’s cause I have the answers to all your business problems. To begin with, all you need is the best marketing plan for yourself.
So if your answer to all the above questions is a big “YES!”, then congratulations! Because you have successfully completed the first step of entrepreneurship– starting a fantastic business!
But now what? Well, the next step is to attract more users and expand your client base. And the best way to achieve this is by—you guessed it—marketing!
And no! Marketing is not the same as advertising! In fact, it is much broader in scope. It encompasses the whole process of packaging and delivering your service or product to clients.
Unfortunately, marketing is an oft-neglected sphere. With all of the work that goes into launching a startup, there’s little time to consider successful marketing strategies that are feasible to implement.
But don’t be alarmed if you find yourself in such a situation. Because TheCodeWork’s Startup Ecosystem is here with its comprehensive marketing program to help your business thrive! Get access to the best marketing tools and answers to all your marketing-related questions here!
And now, let’s dive straight into today’s main topic: how to create the best marketing plan for your startup. But first, let me explain why marketing is so so important for your business!
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Why is it so important to plan a solid marketing strategy?
“Marketing is really just about sharing your passion.” — Michael Hyatt, NY Times Best Selling Author
In today’s uber-competitive business environment, your marketing plan is what sets you apart from your competition. So of course, your marketing plan has to be absolutely foolproof!
An effective marketing plan will help you identify
your target audience
the best channels for engaging with them, and
insights from analytics to guide the future course of action
All of this in turn will increase your customer engagement and ultimately fuel business growth. What’s not to love about that, am I right?
So now, here are some tips on how to develop an effective marketing strategy for your startup. (Don’t worry, they won’t cost a bank!)
Step 1: Tailor your marketing strategy
Since no two startups are alike, marketing strategies must also differ. Your marketing plan should be tailor-made for your startup. That being said, there are some elements you just can’t skip. When preparing your marketing plan, you must cover the following steps:
1. Set your goals
In the early stages, your goals can differ depending on what you want to achieve. Most commonly, goals prioritize one of the following: enhancing brand awareness or acquiring new users.
Of course, both are important in your startup’s growth. However, prioritizing the goals that make the most sense for you will make the process much easier.
For example, if you prioritize brand awareness, your marketing strategy may revolve around increasing the visibility of your brand’s name, products, or logo.
Take Apple, for example! Their top-notch marketing/branding campaign has ensured that anyone will recognize that shiny bitten apple logo from a mile away!
With minimalistic designs and a signature marketing style, Apple has established quite a loyal customer base. And this has paid off big time!
The company topped Forbes’ annual list of most valuable brands for the eighth year in a row! It currently enjoys a brand revenue of a whopping $228.6 billion!
Such impressive numbers!
On the other hand, if your aim is to gain new customers, your marketing strategy will differ a bit. It will involve creating an effective design, copy, and CTA that capture users’ attention and entice them to interact with your company.
When it comes to marketing, you don’t want to throw stones in the dark, do you? It is crucial that your marketing efforts reach the right people, and deliver the right message. So, before you finalize anything, consider who your ideal audience is—or who you want as your customers!
For example, if your audience is B2B, Linkedin is the best place to showcase your brand. It’s the best place to build sturdy professional networks. On the other hand, if your business is predominantly B2C, you should focus more on sites like Instagram or Facebook, where you’ll be more likely to interact with individual buyers.
Getting the picture, aren’t you?
3. Determine your market niche
As per CB Insights data, lack of market demand is the leading reason why many startups fail!
You’d want to avoid that mistake at all costs! So, make sure to thoroughly research the market for your product. Furthermore, learn as much as you can about your competition to give your new startup a better chance of avoiding these common pitfalls.
You must define your target market in order to customize your marketing strategy to their needs. But how do you know who your target audience is? The answer is, deploying an MVP (minimum viable product)! A minimum viable product is the most stripped-down version of your product idea that can be built with minimal time and cost. Once your MVP is out there, you can
Examine your target users’ basic demographics, such as their age, gender, and location
Analyze your audience’s personalities and/or purchasing habits to learn how to relate to them
Determine your product-market fit
Sounds pretty useful, doesn’t it? And it is! What’s more, with TheCodeWork team, you can now get your MVP up and running in no time!
So give us a call and book your free consultation now!
Step 2: Find ways to reach out to your target audience
Once you have made an outline of your marketing plan, it’s time to fill in the details. Now you have to chalk out different ways on how to reach your target customers. And in this digital era, there are so many options to choose from!
1. Social networking sites
If you have a product you want to advertise, social media is the way to go. Nowadays almost everyone is on some type of social media platform– be it Facebook, Instagram, or LinkedIn. And this means, your startup needs to be on there too!
Social media has become an integral part of businesses’ marketing plans. I know, the options may be overwhelming, but TheCodeWork Startup Ecosystem can help you cut through the noise! Focus only on those sites that’ll benefit your company the most and reach your target audience effortlessly!
Websites or web pages have been effective marketing tools for quite some time now, and they remain as popular as ever. Websites are your go-to marketing tools if you want to showcase your products and communicate with your audience round the clock.
Don’t have any experience in web development?
What are we here for? TheCodeWork’s tech team has everything you need to help you build a professional website for your business.
Email marketing is an evergreen marketing strategy. It’s also one of the best ways to connect with your customers and keep them engaged in the long run.
And you know the best part? It’s super easy (and cost-effective) to implement! Just set up a form on your website’s landing page to obtain email addresses from visitors and you’re good to go! You can then share updates about your products, services, offers, and just about anything else that may be of interest to them.
Take the luxury beauty brand Sol de Janeiro, for example! Their eye-catching lead capture overlay incentivizes users to sign up by offering attractive discounts.
Once visitors enter their emails, they are added to the mailing list for regular updates on offers, products, and more. Talk about effortless results!
4. Most importantly – Content promotion
Content marketing focuses on creating (and sharing) content for your target audiences, such as blog posts, articles, reels, and podcasts. Content marketing can be a tricky beast.
The content you share should provide relevant, valuable information that people care about. It should attract–and hold–your customers’ attention and make them want to engage!
In the long run, content marketing can yield significant benefits for your company. Not only will it help you attract (and convert) new customers, but it will also help you establish yourself as a reliable source of information in your field.
Although the internet has revolutionized the marketing game, offline (traditional) promotion still has significant value.
You can leverage some popular offline marketing techniques to maximize benefits for your startup:
Circulate brochures and/or business cards: Nothing screams professional like a sturdy old business card. Or a well-designed brochure. They are an excellent way to build business credibility and tell potential buyers what you have to offer.
Get people talking: One of the most effective marketing tools for any business is word of mouth. Buyer reviews can make or break your product. So, strive to provide a great customer experience at every step!
Invest in some good old networking: Keep an eye out for opportunities to interact with people who might be interested in your products or services in person.
Step 3: Monitor (and analyze) the outcomes
Once you’ve deployed all your marketing tools, it’s time to track their performance! With the help of different digital analytical tools, you can now easily monitor customers’ actions, intentions, and engagement rates. This will help inform your marketing strategy going forward.
This is especially important if you are operating on a limited marketing budget. Every penny you spend should give you tangible, measurable returns. Here are two popular ways in which you can use data to design your marketing campaign:
1. Establish (and keep track of) your marketing KPIs
KPIs (Key Performance Indicators) are standards that you can use to track your growth toward meeting marketing and business objectives.
Some important KPIs include:
Return on Ad Spend (ROAS): Used in online as well as mobile marketing
Return on Investment (ROI): return on investment, you know that
Customer Acquisition Cost (CAC): basically the money spent to acquire new clients
These are the major KPIs that I wanted to give you a heads-up about!
Don’t be afraid to mix and match various marketing ideas and tactics. You’ll never know what works best unless you’ve tried them all, right?
And when something isn’t working, be prepared to make quick changes.
A comprehensive marketing strategy can reveal new opportunities and help scale your startup to new heights! In this day and age, you simply cannot go forward without one. And here’s some good news!
Designing the perfect marketing campaign for your startup doesn’t have to be a hassle. Chances are, you already have the tools you need; you just have to use them to their fullest potential. Need some tips on how to market your product for best results?
Remember, developing your brand is an ongoing process. Even the best-laid marketing plans take some time to show results. Whatever you do, keep in mind that your marketing efforts are only as good as your planning.
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