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How to Increase Your Startupís Growth Magnetism

by ruby singh - 17 May 2022, Tuesday 77 Views Like (0)
How to Increase Your Startupís Growth Magnetism

The world is changing. New startups are created every day, and the competition for customers is fierce. In the past decade, startups have been on an incline as more and more entrepreneurs are looking to take their ideas to the next level. It is a great time for any startup that's looking to grow! However, it is hard for new businesses or startups to find their footing, especially without a marketing plan. We've compiled some of our best advice below on how you can create a marketing plan for your business and increase growth magnetism! Sometimes, just by tweaking your marketing plan, you can see great results with little effort!


Write Your Goals

Knowing your goals is the key to a successful business. Before you can create your first draft of the document, make sure to sit down and decide what it is that you want out of this whole process! Do you want to find more customers? Are you looking to promote current services or products? Make sure that all goals are clear before starting on anything else! For a successful marketing plan, you will need to know exactly what your goals are and why. Keep all your goals in mind before proceeding to the next step. The goals of your business should be written down somewhere so that you can revisit them regularly.

Read Keyword Research

Keywords are the key to a successful online marketing plan, and they're especially important for businesses with a small budget! Before creating your first draft, read up on what keywords are best to use when writing content or finding relevant ones to drive more traffic to your business. Once you know that keywords are best for your business, it's time to draft up some content! You will want to make sure that each piece of writing title matches what is searched by people looking online. This way, more potential customers can find you and convert you into sales or email subscribers.


Create Your Marketing Strategy

Now that you have your goals set out before you, it is time to start creating a marketing strategy! You may be wondering what exactly this document entails. It is essentially all the information needed for people or businesses interested in working with you to start a campaign. This strategy should include your overall marketing goals for the year or quarter that you are currently on, as well as your long-term plans and objectives. It is important to set time limits with deadlines to know how soon they can expect results from their ad campaigns. For instance, if you run a business regarding area rugs or home dťcor, your strategy should include how many leads you want to get in general and the time frame. Break it down into smaller tasks for each month or even week!


What's Your Audience?

An important aspect of marketing is knowing who it is that you're talking about! Knowing your audience can help shape the message and how often (and where) those customers visit. Who do they buy from currently? What interests them most? There are a number of ideas to go about this. One way is through demographics (i.e., age, income level), and the other is a psychographic experience (attitudes, interests). Knowing what it's like in your customer's shoes can help you create something they'd want to be part of! Knowing your audience and customers is a key part of marketing, so take the time to know your market!


Know their Challenges

Your customers have challenges just like you do. You may be facing product launches or getting through regulatory laws/approvals while others are trying to figure out what works best for their business and how to increase it. Knowing their pain points can help you figure out how to reach them and create a marketing strategy that speaks directly to their needs. Knowing your customer's challenges allows you to provide them with realistic solutions that they can act on. It also makes you more personable and relatable to them.


Find Opportunities with Social Listening

Social listening is an excellent way of finding out customers' needs, problems, and challenges. It also allows you to find opportunities for your own business and those in the industry at large. The more you listen, the more opportunities you can find for your startup. With a strong marketing plan in place, startups and small businesses have an opportunity to grow at a faster rate than ever before. There's no need to spend years building up brand awareness when it is possible to take advantage of every customer touchpoint with strategic planning from day one.


Understanding the Market

The marketing plan needs to have a strong understanding of its target audience. It is one of the most important concepts for startups and new businesses in general. Create buyer personas, including demographics such as age, education, income level, location (in local markets), family status, or marital status. With Social Listening tools, it is possible to understand better what people are saying about your brand and industry. For example, if your startup is about the best Persian rugs, you must know and understand the market of Persian rugs, including who is buying them and why.


Focusing on Key Metrics

With a strong understanding of the target audience, it becomes easier to focus on key metrics for your business. These metrics will change from company to company but generally include customer acquisition cost (CAC), lifetime value, or average revenue per user/customer (ARPU). The key is to find metrics that are worth focusing on and find the right data. The marketing plan should be a clear and comprehensive document that includes targets and deadlines for each metric. Once you have identified the metrics, think about what you're going to do to get there, i.e., your marketing strategy. It's not enough to select channels like Facebook or Twitter; instead, focus on how these platforms can help achieve specific goals.


Gathering Customer Insights

The customer insights need to include the right data to help you create an effective marketing plan for your startup or small business. It can be done by utilizing tools like Google Analytics (to track website traffic), Hotjar (to track how customers interact with your website), and Facebook Pixel (to create custom audiences and run effective retargeting campaigns). The process of gathering customer insights can be broken down into three steps:

  • Define what you need to know about your target audience. You should identify the main characteristics that define them, such as age, gender, family status, or lifestyle. You can also discover their needs and motivations by looking at how they interact with your website.
  • Identify the channels that are best for you to reach them. It will help you get a better idea of where to place your marketing budget to get the most out of it.
  • Use your customer insights to create a marketing plan that will get you the right customers at the right time and through the most effective channels.


Listening to your Customers

Learning how to listen and engage in what your customers want while still keeping the big picture in mind is an important part of knowing their pain points, but so is listening closely for opportunities! Take note when a new business opens up or a new product that customers are showing interest in. Knowing and understanding the customers is vital to know how they will act, what motivates them, and ultimately meet their needs. Moreover, Listening for opportunities is about understanding the business side of things too! Take note when a new competitor enters your market or changes in legislation that could affect your industry. Sometimes it's not necessarily something obvious like an increase in rent or a new competitor, but it's important to start looking at your business from different angles.


Know their Thinking

Your customers' mindsets play an important role in your overall sales approach. Take the time to understand what they're thinking, especially when facing challenges or fears about buying from you. Knowing what types of questions they may have or how their minds work will help you address potential problems before they happen. Understanding the thinking behind the sale is one of the keys to increasing sales. For instance, if you are running a business like RugKnots (a rug seller), you will want to understand things like:

  • Is your customer looking for high quality?
  • Are they on a budget?
  • Do they have any allergies or sensitivities?

Knowing these answers will help you create an approach that speaks directly to your customer's needs and wants.


The Key Message

Once you have your audience pinned down, the next step is to figure out what exactly it is that they want. It's really important for this message not to be directed at YOU but rather them! You need to figure out how best to present your product attractively that appeals directly to their needs and desires. A good place to start is their obvious pain points. Not only will this help you come up with ideas for potential content, but it should also inspire your next product release!


Marketing Planning Is Essential for Success

If you want to grow your business, taking a good look at how you market it now and what challenges or opportunities lie ahead can help pave the way toward growth. Once an understanding is reached, many tips will be helpful in marketing planning for new businesses. Figure out how best to present your product in an attractive way that appeals directly to their needs and desires. A good place to start is their obvious pain points. Not only will this help you come up with ideas for potential content, but it should also inspire your next product release!


On a Nutshell

The growth of the business is important for everyone, but it gets even more difficult when you are the owner of a startup. Startup marketing is tough because most businesses don't have enough money to spend on expensive advertising campaigns or large-scale PR efforts. Additionally, they may not be well known yet, so there's no way to rely on word-of-mouth referrals right away either. With this in mind, here are some simple ideas to help increase your startup's growth magnetism!


Author Bio

Naheed Mir is the founder of RugKnots, a rug-selling company that has delivered rugs to over 80 countries worldwide. She founded the company in 2006 after she was laid off from her job as an engineer at Boeing. Today, Naheed and her team are passionately working on spreading their love for rugs throughout the world with each delivery.