Did you know that there were over 530,000 new businesses every month during 2015? Well, according to the Kauffman Index of Startup Activity, it’s definitely true. Whether you knew about the number or not, the fact still remains – that number is quite mind-blowing. Let’s assume that the number stayed relatively the same during the course of 2016. It still means that at the end of the year, we’ll be having 6.4 million new businesses worldwide. Let’s focus on some simple yet effective strategies for startup marketing. I strongly believe, such strategies can help startup to survive and sustain the growth.
Differentiating yourself in such a competitive market is definitely not easy. Probably you’re also aware of those “overnight success” stories require years and years of hard work behind the scenes.
Startup marketing is a unique challenge that often demands attention because of the limited time and resources. To help you get things off the ground, here’re some Internet marketing strategies that will boost your launch.
For many years, promotional items have been a popular choice for building brand recognition. Now that we have the Internet and when we can easily track the effects of advertising. It is easy to see that promotional products have a positive effect on brand recognition and sales.
For instance, we can look at a 2012 BPMA survey of more than 15.000 people who received promotional products within the previous year. According to their results, around two-thirds of respondents said that they could recall the name of the brand on the promotional product.
This may strain your logistics capabilities a bit, so consider using 3pl logistics or 3pl warehousing services companies like Invenco offer, that can handle everything with ease.
Naturally, your giveaways have to be both attractive to your customers, and budget friendly. But there’s another important aspect you have to think about – usefulness. According to the latest ASI Global Impressions Study, this is the main reason consumers keep promotional items they receive. In fact, 77% of people explained that they keep the product if it proves useful in their day-to-day lives.
People are usually most excited by promo codes for various online services they often use or wanted to try. If you listen to a lot of podcasts, you probably know that Audible has used this strategy for years. So if you’ve been wondering how to promote your website, there is no better example than that.
Strategic Price Drops
If you’re a small developer, then you surely know that launching and marketing an app can be a Sisyphean task. However, according to the app analytics company Distimo, you can make quite a few bucks if you drop price. You see, when vendors drop their prices, downloads go up.
As the report shows, the price change has on consumer behavior is more pronounced in the App Store. The average growth in cumulative purchases for iPhone applications after 5 days was 1665%. And you have to admit, that’s quite an impressive number.
This is actually a widely-known app marketing strategy, and it is one of the cheapest and simplest ways to increase downloads. It can be used at any point in the lifecycle of the app, however, it is definitely most effective right after the launch.
This basically means that you should price the app at a price that is noticeably higher than what you want it to ultimately be priced at. Of course, this doesn’t mean that you should initially price it at $99.99 and drop to $0.99 – this simply isn’t believable. On the other hand, a drop from $3.99 to $0.99 will definitely get some attention.
Gamify Your Marketing
Gamification is blowing up, so much so in fact that gamification market is predicted to grow to more than $11 billion by 2020, according to the latest Gamification Market report.
Most organizations use gamification to empower and engage employees, generate social buzz and encourage loyalty, but it can also be used to help solve your marketing problems.
Many people see marketing gamification as a simple loyalty program, but that’s simply not the case. In order to examine this marketing strategy, let’s take a look at a specific example.
In 2012, Starbucks started using gamification to enhance customer experience and boost sales. Their customers register for My Starbucks rewards through a smartphone app, and every time they make a purchase they accumulate points (which look like the company’s famous cups). There are three levels, depending on the degree of user loyalty, and as customers visit Starbucks more frequently, they progress through levels.
Some the awards for progression include extra cups of coffee and birthday gifts. The results? That year, Rewards users totaled around 4.5 million and brought in $3 billion in additional sales for the corporate giant.
When marketing your startup, there are only two fundamental truths you need to know. First, even if you have a great product, it is not enough to succeed. and the other is that no amount of marketing efforts is enough to make a bad product gain a mass audience.
So make sure that you’re not ignoring anyone of these two because successful marketing requires you to have both a fantastic product and a fantastic marketing campaign.
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