How Do Appropriate Product Marketing Strategies Help Startups Succeed?
How can startups harness the power of social media?
When it comes to product marketing, there is no one-size-fits-all solution
Running a startup is stressful work. This is one of the undeniable facts of the startup ecosystem. Besides the expense of maintaining staff, miscellaneous office expenses, and overheads, startups struggle every day to stay afloat and maintain the cash flow necessary to keep their operations going. As a result, it’s no wonder that so many startups end up going out of business within the first two to three years of their creation.
According to an article from failory.com, 90% of all startups fail. These are indeed depressing numbers. And this despite the fact that startups offer products that meet a relevant market need. However, not all startups necessarily follow the same path to destruction.
One of the main reasons why so many startups fail, and some of them despite great products, is their lack of a proper product marketing strategy. In the chaotic process of trying to stay in business, most startup owners fail to address this important factor that most contributes to the success of any business.
How the right product marketing strategies help startups succeed
In the busy schedule of running a new business, all startup owners primarily focus on their day-to-day operations. While it is indeed true that a relevant product that meets a market need is absolutely essential for a startup to be successful, just having a product that no one knows or really cares about won’t help.
Along with a great product, a well thought out marketing strategy is the one ingredient that can help distinguish between reaching new heights and falling into oblivion. This is where many startups go wrong in ignoring the need for a appropriate product marketing plan using digital marketing services.
In this article, we’re going to explore some of the best product marketing strategies every startup should adopt and use in 2019.
Create a necessary product
The heart and soul of any proper product marketing strategy must be the product. When designing and creating the product, the focus should be on how the product solves some of the problems faced by the target audience.
Having a great product doesn’t mean it has all the features and capabilities available in the market. A well-designed product that focuses on the user and provides solutions to specific user problems will always be rated higher than a product that simply tries to integrate all of its functionality under the sun.
Create a brand story
When launching a new product, one of the most effective marketing strategies is to promote the product as a new brand that meets the needs of the users. And use the brand of the product to tell a story. Exposing new features and uses of a product is often not enough to engage customers in a way that piques their interests. This is where the storytelling comes in.
Stories have been embedded in the human psyche since time immemorial and can invoke powerful emotions that prompt action. Therefore, turning a product marketing campaign into a story that resonates with users is one of the sure ways to ensure the success of the product in question.
Focus on organic
Digital marketing strategies are becoming essential for improving a product’s organic visibility and ranking on Search Engine Results Pages (SERPs). According to a searchengineland.com article, good organic rankings help build a solid foundation for marketing your products. Of course, it takes time and diligent effort, but once you achieve a good organic position, it stays with you and provides a valuable user feed that helps increase your product’s visibility.
Using affiliate and influencer marketing
Affiliate marketing is another strategy that works very well for startups. Reaching out to top bloggers and influencers and getting them to promote the product is an effective way to generate interest. Influencers usually have a large and loyal follower base and by getting them to promote a product, startups can gain a significant number of customers in one go. Additionally, in affiliate marketing, the business only has to pay when someone purchases the product through the affiliate program; this also makes it profitable.
Use the power of social media
The whole world is on social media these days; as a result, startups cannot afford to ignore this essential channel to market their products. Harnessing the power of social media to generate interest in a product is one of the most effective and efficient marketing strategies that startups can employ.
In addition, a strong presence on social networks helps to retain a fan who becomes a powerful promoter of the product himself. This can be further improved by implementing referral programs and rewards-based incentives to encourage customers themselves to market the product. And as we all know, nothing is more powerful than word of mouth.
Build a loyal community
Another useful product marketing strategy for startups would be to target and develop relationships with the community that acts as the end user of the product in question. This can be done through careful audience research, followed by community building efforts through multiple channels, both online and offline.
Building a community of dedicated followers can go a long way in ensuring the long-term success of the product and creating value in the market.
Get off the beaten track
Perhaps the most important strategy startups should remember in 2019 is that there is no substitute for creating thoughtful and innovative ideas. By creating new ways to market a product, startups can save costs, while creating a strong and loyal customer base.
Attending trade shows, organizing giveaways, using print media and press conferences are all good ways to promote a new product. Startups need to create new, eye-catching ideas for product marketing, such as contests and exclusivity programs that engage users and generate buzz.
In the startup world, competition is fierce and changes are rapid. The only sure way to survive in this difficult environment is to be innovative and apply dynamic thinking. When it comes to product marketing, there is no one-size-fits-all solution. But by using a combination of the techniques described above, startups can hope to create effective marketing campaigns for their products and achieve desired goals.