How to Create a Marketing Strategy for Your Startup
by Chico Orange
Creating a marketing strategy is an important step to take before you are ready to launch your startup. If you don’t have one yet, it’s time to go back to the drawing board and follow this step-by-step guide to creating an effective marketing strategy for your startup business.
Especially in today’s competitive landscape, building a business from the ground up is no easy feat. And to put a cherry on top (in the negative sense), the road to a more connected future is making it harder, with all the new strategies and digital-first intricacies that you need to consider.
The fact that you have launched (or are ready to launch) your startup business is an achievement in itself, and for that, we congratulate you! Building your business from here is going to be a rough road, but with the right skills and strategies, it’s more than possible to emerge successfully.
With that, have you set up your marketing strategy yet? Marketing is one of the most crucial aspects of building a start-up business. And before you take any step further, you need to go back to the drawing board to craft your effective marketing plan.
To help you through it, we created this guide on formulating your marketing strategy.
Creating a Marketing Strategy for Startup Businesses: A Step-by-Step Guide
Step 1: Identify your target market
One of the biggest digital marketing mistakes startup businesses make is marketing to anyone and everyone. But in doing so, they’re wasting a ton of effort and resources without actually getting any conversions.
Identifying your target market is the first and probably the most important step in your marketing strategy. Decide the main group of people you will be selling your products or services to and develop a customer persona for each of your unique customer groups.
Step 2: Learn more about your target market
It’s not enough just to know who your ideal customers are, you need to dive into the specifics and learn as much about them as you can. This will help you create personalized and targeted campaigns that meet their needs and preferences.
Find out what their pain points are, where you can reach them, and what exactly it is they want to see, hear and learn. Some ways you can learn more about your ideal customer are:
- Interviewing people who embody your target market
- Implementing product tests
- Generating and learning from feedback
Step 3: Identify and study your competition
By now, you may have a solid plan on how you’re going to reach and market to your ideal customers. But here’s the catch — several businesses like yours may already be doing the same. You need to find a way to stand out. This is why analyzing your competition is a crucial part of your marketing strategy.
Select a handful of your main competitors and conduct the competitive analysis process. An easy way to go about it is by following the SWOT framework. SWOT stands for:
- Strengths – List the things that your company does well, qualities that separate you from your competitions, your internal resources, and tangible assets.
- Weaknesses – Now, list the things you need improvement on. Is there anything in particular that your competitors do better than you? What do they have that you don’t? Do you have any resource limitations?
- Opportunities – Find areas of opportunity that you can tap into, including underserved markets, niches or areas with few competitors, emerging needs, media coverage, etc.
- Threats – What can threaten or hinder your success? These can include things like emerging competitors, changes in the consumer landscape, customer attitudes, etc.
Step 4: Set a budget
This is where things can get complicated. You may have grand ideas for your marketing campaigns, but the question is: do you have the resources for it? A lot of startup companies never make it past the 5-year mark because of overspending, which is why it’s important to set a realistic budget to allocate for your digital marketing efforts.
Budgeting is all the more important for startup businesses that are yet to achieve a steady income flow. So make sure you accurately estimate the costs of your marketing efforts and stick to your budget! The good news is that there are many cost-effective strategies for digital marketing in the Philippines that can help you save money but generate conversions.
Step 5: Select and set up your platforms
Now that you have your budget and marketing efforts in place, it’s time to figure out where you should implement them. Digital marketing in the Philippines would often require you to have a website and tap into the most widely-used social media platforms, such as:
But before you create business profiles on these sites, make sure you consider where your target market is or where they spend time. If a social media site is not among the “Internet hubs” of your market, it won’t be worth focusing your marketing efforts there. Prioritize the platforms where your ideal customer is spending time so you can maximize your reach.
Step 6: Create your content plan
In the information age, content is king! But it’s just as important to know the type of content that your audience will appreciate. When creating your content plan, ask yourself what types of content will speak to your audience the best.
There are several content types you can apply to your marketing strategy, such as:
- Informative articles
Most of all, make sure that your content is engaging, captivating, and showcases the value that your business has to offer!
Step 7: Test your campaigns
Part of a successful digital marketing strategy is testing out your campaigns to determine if they do indeed meet your marketing goals. As they say, “you never know until you try.” Make sure all your campaigns are measurable so that you can arrive at a clear determination of which ones work and which ones are underperforming or not working at all.
Some things you can do are:
- Keep a close eye out at Google Analytics or other tools to determine website traffic data
- Look at and analyze conversion rates
- Measure social media engagement
Based on your results, make the necessary changes or adjustments. If a certain campaign or strategy is not working, don’t be afraid to scrap them completely and come up with new ideas. Remember to set benchmarks and goals to ensure that you are always on track with what you want to achieve!
A Final Note
This step-by-step guide to creating an effective marketing strategy for your startup should put you on the right track of building your business and steering forward! But it’s important to remember that results don’t happen overnight. These things take time, but as long as you stick to your plan, you’re guaranteed to see results.
August 26, 2021
August 26, 2021