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The Foundations of Startup Marketing For early-stage startups, feedback is more important than customers. The faster you can resolve customer objections, and improve the product to match market demand, the more likely you are to win over the long run.
Dropbox, Hotmail, Eventbrite, Mailbox, and Snapchat famously acquired millions of users with almost no money spent on marketing. Building virality into their product.
Below is a graph to illustrate startup growth at different rates based on varying viral coefficients. Imagine that the Y-axis represents your number of user signups, and the X-axis represents time. If your viral coefficient is 1. If you have a viral coefficient above 1.
How do you embed marketing into your product? The first is to build a product worth recommending. If every single user recommends two new users, you have exponential growth. Brian Halligan from Hubspot put it best when he said: If that were the case, a better approach would be to produce user-generated content that could be used to scale producing high-quality whitepapers.
The fastest way to understand why potential customers are not converting is to ask them. Install Intercom — a great tool that allows you to talk in real time with website visitors. Ask visitors to fill out a survey using Survey Monkey. Ask for feedback in a forum your customers participate on.
Commission some user tests from UserTesting. Following this, hopefully you will have a good idea of what is preventing your visitors from converting. Focus on your headlines, call to actions, and lead capture forms. Use tools like Leadformlywhich will give you a high-converting form without having to spend months split testing different variations.
The following model by WiderFunnel is also a fantastic starting point for understanding how to improve the likelihood of a conversion. For example, can we reduce the navigation to minimise distractions? Once you have your mockups designed, I recommend using Visual Website Optimizer to test them against your existing landing page.
VWO has a great user interface, making it very easy to quickly test variations of your website without needing to make backend coding changes. Conversion rate optimisation is not something you do once. You should strive to constantly tweak and improve your landing pages to make incremental improvements.
At the same time, always remember the model below. Incremental tweaks will always hit a limit. Finding your perfect audience using segmentation Most people think of Facebook Ads as an acquisition channel for driving signups.
There is no limit to how finely you can segment a Facebook advert. If you wanted, you could run an identical adverts to different demographic and psychographic audience segments. Using conversion tracking, you can see which demographics and psychographics then have the highest conversion rate on your service.
Here are a few examples. For one of our clients, FanDistrowe found that 23 year old Canadians are approximately 3x more likely to convert than 21 year olds. We know that musicians in New Zealand are more likely to convert than Australians.
Facebook Ads are, in my opinion, the best way to quickly and affordably verify who your audience are, and what your cost-per-acquisition is for different demographic groups. Most people will not go out of their way to give you feedback. Use incentives, meet your users, and study user behavior data to understand where people fall off in your funnel, and more importantly — why?
Targeting Early Adopters Many inexperienced marketers make the mistake of targeting the mass market too soon. If you want to own the majority market share, your initial launch strategy and messaging must appeal to innovators and early adopters.
The laggards will follow. The gist of the book is that, if you want to inspire someone to take action, you must begin by explaining why you do what you do.
Not what or how. Apple challenges the status quo with everything they do — MacBooks, iTunes and iPads are just how they do that.As a busy marketer, it can be hard to keep up with the latest information.
But if you don’t, you risk being left in the dust by competitors. Keeping up with industry news and blogs is helpful, but if you really want to get in-depth information, reading the top marketing books is still one of the best ways to do it.
Bain combines in-depth customer insights with practical expertise in operations and economics to help our clients create sustainable, organic growth.
The marketing strategy you’re about to learn has helped CoSchedule generate % more page views, 1,% more email subscribers, and a whopping 9,% more marketing-qualified leads. A lot of that success has to do with marketing an exceptional product.
The Ultimate Startup Marketing Strategy For Incredible Growth Disclosure: We sometimes use affiliate links which means that, at zero cost to you, we may earn . Share Content Marketing Statistics: The Ultimate List on Facebook Share Content Marketing Statistics: The Ultimate List on Twitter Share Content Marketing Statistics: The Ultimate List on Linkedin Share Content Marketing Statistics: The Ultimate List via email As a .
Journal of Management and Marketing Research Role of Relationship Marketing, Page 2 INTRODUCTION The purpose of competitive strategy is to achieve a sustainable competitive advantage.