Starting a business mainly requires lots of resources, financial options, innovation, and many others.
There are two basic elements is required for the successful startup:
- Great product or services
- Great marketing plan
As said, 50% of the start-up fails in the first five years of a consistence,
Product Marketing Strategy for startup is one of the integral parts of business success to the highest extent.
As Mark Cuban said, “No sales. No company.”.
Whether you like to improve your product or enable a small business marketing framework, it is most important for executing the right strategies exclusively.
Product Marketing Strategy For Startup
We all are familiar with the Borden’s Original Marketing, which is a basic foundation of successful product marketing. The 4 P’s of marketing that especially includes:
The product marketing strategy for startup is one of the most important aspects of the business startup. It is useful for generating better revenue for your company and business.
Having the right marketing strategies for small business to reach target audiences and gaining their trust is the need in today’s digital world..
According to recent statistics, more than 5 Millions of startups have come up every year but more than 90% of which is shut down. When implementing the right strategy, it would be an efficient choice to withstand even in the heavy competition.
Follow below list of 7 startup marketing strategy ideas which helps in building successful product marketing strategy for startups.
1. Launching A Referral Program
When you want to ultimately develop your business hugely and quickly, it is best to look at better referral marketing. Launching a referral program is considered as basic marketing strategies for startups in India that effectively works.
Referral Program allows your customers to easily promote your products. Customer referrals certainly play a important role in their marketing playbook.
More than 92% of the people have trusted the personal recommendations when compared to all that is formed in the marketing.
Examples like Ola and Uber which started referral program to fuel their growth.
What you can do? (Tips to launch a Referral Program)
- Set goals-what do you want such as increase customer loyalty, grow sales, product awareness.
- Make it easy for your customer to share referral program.
- Choose the incentive for your customers.
- Start promoting and keep tracking its results.
2. Trade Shows And Conferences
“99% of exhibitors discover unique value conveyed by trade shows which are not offered by any other marketing channels.”
Connecting with the influencers for your product advertisement at the Trade Show or Conference is still strong. Live events in which the exhibitors meet the people to discuss the products could lead to more conversations, more sales leads, more product promotion than other marketing events. That’s the best product marketing strategy for startup.
What you can do? (Successful Trade Show Tips)
- Start participating in trade shows and expos.
- Invest some amount in membership.
- You can explore more trade shows through Expocheck, Expodatabase, 10 times, tradefairdates, Tradeindia, Eventseve etc.
3. Digital Marketing
Undoubtedly a Digital marketing is the new product marketing strategy for startup. Some marketers said that the marketing strategies have been changed in the last 2 years than in the last 50 years. It is just because of DIGITAL MARKETING.
Right said by Bill gates,
Below are some of the effective strategies in digital marketing for small business:-
- Email Marketing
- Social Media Marketing
- Pay-Per-Click Marketing
- Search Engine Optimization
- Influencer Marketing
- Content Marketing
- Viral Marketing
What you can do? (Digital Marketing Tips for effective results)
- Connect with the best digital marketing consultant.
- Tell them about your products and how you want to market it.
- Digital Business Consultant will make a complete marketing framework in various platforms and use the infographics, marketing videos, case studies, white papers etc.
4. Enhancing Product Strength
Understanding the psychographic as well as demographics of the Audience is more important. When you are working high on the product quality, it would be much more useful for increasing the complimentary with maintaining the customers.
Create the right Advertisements that everyone loves to be a part of it. Advertisement video need not explain entirely about the product but can implement an idea about the product.
What you can do?
- With the use of the right social media marketing strategy for startups, you can know the psychographic as well as demographics of your customers and improve your focal point on viral marketing campaigns.
- Learn the way for your customers to get excited about your products.
5. Awareness Via Major Publication:
Major Publication provides a great way to increase your business traffic and get more people to aware about your products.
When sharing the business products or services details on the large publications then it would create the right awareness among people and building the right relationships with them. Share your content and engage with the editors. When there is a right increase in the visitors there is plenty of new users which helped the business to easily grow larger.
What you can do?
- Try to publish about your products and services in magazine like Business Today (India), BW Business World, ISBInsight, Entrepreneur India, Forbes India, Outlook Business Magazine etc.
6. Reaching Out Specific Community:
Do you want to build a strong customer base?
Then reach the specific people’s community. You need to understand the mind of customers and their problems and needs. You may need to reach specific business group or community in India like Chartered accountants, Small businesses, Doctors, Marwari community etc.
When you like to implement more on the targeted group then it is an efficient option for the campaign.
For example, Dropbox uses one of the strategies that made more than 75,000 people know about the product overnight. Founder of Dropbox has created the explanation video about the key features involved in it along concerning the memes as well as jokes that could be only understandable by the Digg community.
What you can do?
- Reach out to various communities in Facebook, LinkedIn, local offline groups.
- Start creating unique piece of contents that targets the specific community. For local group, start meeting more and more people’s.
7. Market Analysis:
Having complete Market research is more important for planning the strategy. It helps you in knowing the customer, competition, proper pricing, promotion, Positioning of your product/service and market segments. Here a professional Digital Business Consultant helps you to assess the complete time-tested technique for the product.
The best example is Jet Blue, where they did market research before launching. They discover that customer like comfortable leather seating and TV entertainment than a hot meal, 1st class cabin etc. So Jet Blue invested in upgraded their seating and TVs and start offering peaceful journey at a relatively decent price. This way Jet Blue has skyrocket their sales with the right market research.
What you can do?
- Look for market reports and local markets by geographical area of your industry.
- Find your market segmentation such as “market share”, or “industry categories.”
- Know your target audience.
- Find your customer problems and provides them a solutions.
Let’s learn from the renowned business which put theories into practice:-
Capitalizing revenue: Know how Apple has been using the innovative business model ‘Razor-Razorblade’ for easily capitalizing the applications on the iPhone.
Enabling Product marketing: Surface Pro has been developed with setting the 2-in-1 laptop market.
Better customer insight: The analysis of complete Customer Insights across various industries has been widely increased. ‘On-demand’ marketplace model by Uber is mainly enabled across all industries.
Role of Customer care: The main role of Customer care is resolving the issues of customers. Voice-over-IP solutions are a perfect example.
Product marketing is considered as a basic channel for communicating with a wider number of the audience more effectively. You can use the above-mentioned product marketing strategy for startup. Understating customers needs and demands, makes it easier to create marketing strategies for your small business.
Watch the Mr. Vivek Bindra insight on “3 steps to build your product strategy”.
The Cool BloggerJanuary 21, 2020
The information on your blog is really useful.
Something that I strongly believe is that new businesses/startups should mandatorily frame a Multi-Stage Content Marketing strategy.
In this manner, they would be able to engage their viewers at every stage of the decision making journey.
Brand Awareness- Light and non-detailed content just to raise awareness and drive leads.
Lead Generation- Detailed and high-value content to address the consumer’s pain points.
Lead Conversion- Content that can facilitate the consumer to make decisions.
After-Sales- Follow-up e-mails offering coupons and discount