Have you just launched your startup? Congratulations! You’ve done a great job. Now you should take the next step – you should build an effective digital marketing plan and start getting the word out about your startup.
Luckily, we live in the digital world where companies of any level, including local businesses and new startups, can afford to promote their products online.
The only problem is that there is a great variety of digital marketing strategies for startups out there. So if you are a newbie in the field, it might be challenging for you to understand what startup branding strategy is better for you to choose.
If you opt for the right strategy, you will get your brand noticed and make your startup project successful. But if you choose the wrong marketing tactic, you will waste your time and money and achieve no positive results.
Do you need help with making the right strategic choice? Keep on reading. In this article, you will find the most effective growth hacking strategies for startups.
Why Is Digital Marketing Important for Startups?
While traditional marketing is associated with high costs, digital marketing is considered a more affordable solution. In contrast to TV commercials and print ads that usually cost thousands of dollars, the price for the Facebook ad campaign or single blog post may start as low as a few bucks.
Cost-effectiveness is not the only benefit of digital marketing strategies for startups. Online marketing allows new businesses to reach a wider audience and develop more meaningful relationships with customers.
Research your target audience
By leveraging digital marketing tools, you can get to know your target audience better. For example, you can find out how old your customers are, where they live, what preferences they have, and how they behave online. This information will help you improve your product, enhance customer experience, and boost your marketing efforts.
Modern customers are aware that there are lots of scammers on the web. For this reason, they don’t trust new brands that don’t have a solid online presence. Therefore, you should leverage digital marketing strategies for small business startups to convince people that your company is a real and trustworthy one.
Engage your target audience
The rule of thumb is: if you want your startup project to succeed, be there where your customers are. If you target millennials and Generation Z, who spend an average of 5.2 hours and 9 hours (omnidigitalmarketing.co.uk/) a day respectively consuming content on mobile — you must grow your online presence. Otherwise, it will be challenging for you to engage customers and increase revenue.
Help your customers make more informed purchase decisions
Gone are the days when companies successfully used intrusive marketing tactics to make people spend money.
Today, customers don’t trust brand messages. Instead, they tend to make more informed purchase decisions. They read blog posts, analyze product reviews, and contact companies via chatbots and messengers to ask additional questions.
If you want your startup to thrive, you should build a comprehensive content marketing strategy to guide customers to the right buying decisions.
Optimize your marketing budget
Online marketing strategies for startups usually include the use of more than one marketing tactic. By leveraging email marketing, influencer marketing, PPC advertising, and SEO, startups can reach a wide audience quickly and make the first sales right after launch. Since every business is unique and has its unique goals, business owners can use different tactics at different points of time to maximize efforts and optimize the marketing budget.
6 Effective Digital Marketing Strategies For Startups
We’ve already figured out why digital marketing is important. Now let’s talk about the best marketing strategies for startups.
1. Build a website
The first thing you should do to start marketing your startup is to establish your web presence and build your brand.
Your main task here is to build a website for your startup that will stand out from the crowd and appeal to the target audience. Here are several tips for you to follow:
- Create compelling content for the “About Us” page. Write about who you are, what you do, and what your innovative product is all about. Consider using storytelling to engage your website visitors.
- Add testimonials, if any. Modern customers value real customer reviews in the first place.
- Proofread page descriptions. Since bad grammar may scare prospective clients away, you need to ensure that your website is free from spelling errors and typos.
- Add visuals. Use photos, videos, infographics, charts, and other visual content to grab and retain your website visitors’ attention.
- Be mindful about choosing the color scheme and design of your site. Make sure your website looks visually appealing while also reflecting your brand’s visual identity.
2. Start a blog
If you want to attract more users to your website and become a thought leader in your niche, you need to start a blog. You should create high-quality content and share it with your target audience. Here are a few useful tips for you:
Use the best marketing tools like BuzzSumo and SEMrush to discover content ideas quickly.
Visit blogs and forums that are popular among your target audience. Analyze the frequently asked questions and define the topics which are worth covering in your blog.
If you don’t have a content creator in your team, get writing help from freelance writers or writing companies. Check out the following sites: PeoplePerHour, TrustMyPaper, Upwork. You can hire writers for one-time projects, or you can opt for long-term collaboration.
Add a “Write for us” page to your website and start accepting guest posts from bloggers and freelance writers. Get free content in exchange for backlinks.
3. Leverage SEO optimization
Digital marketing goes hand in hand with SEO (search engine optimization). Whatever content you create, you should optimize it for Google. If you don’t do it, your site will never show up on the first page of search results, and people will never know about your startup.
Here are three key aspects of SEO:
- Unique, valuable content
- Quality backlinks
- On-page SEO
If you want to improve your website ranking, you should do the following:
- Research keywords. Use Google Keyword Planner, Ubersuggest, or similar tools to find relevant long-tail keywords and then naturally integrate keywords into your content.
- Make your text skimmable. Add at least one heading per every 200 words and use bulleted lists where possible.
- Improve text readability. Replace sophisticated, rarely-used words with simpler alternatives. Avoid passive voice. Keep your sentences short (under 20 words).
- Write short and descriptive titles (under 60 characters) and meta descriptions (under 160 characters) for each page. Make sure to add a keyword.
- Build backlinks. Improve content quality to earn backlinks that come from high-domain authority websites. Try out various link-building techniques.
4. Build an email marketing strategy
Email marketing is one of the best low-cost marketing strategies for startups. According to the Campaign Monitor report, 64.1% of all startups use email marketing in their practices.
How can you get the most out of your email marketing strategy?
- Use each and every opportunity to build an email list. Create a pop-up for each webpage. Embed a sign-up form on your website. Use lead magnets (checklists, e-books, white papers, etc.) to encourage people to share their emails.
- Create informative, interesting-to-read emails. Don’t send emails that don’t add value to the recipients, resulting in a high unsubscribe rate.
- Add one or two CTAs to every email. Then, encourage users to visit your website, buy your product, or perform any other action to increase your conversion rates.
5. Advertise your startup on Google
Blogging, email marketing, and SEO optimization are great marketing tools for achieving long-term marketing goals. However, if you want to get immediate marketing results and make sales, you should use PPC (price-per-click) advertising.
What steps should you take to promote your startup on Google successfully?
- Choose the right keyword to get in front of potential customers searching for products similar to yours.
- Write a winning ad copy. Choose the words wisely to intrigue the user with your offer. If copywriting is not your cup of tea, visit Supreme Dissertations and get help from professional writers.
- Set up a campaign experiment. Leverage A/B testing to optimize your PPC campaign.
6. Take advantage of social media marketing
Social media is an integral part of modern customers’ life. And you can’t ignore this fact. If you want to stay connected with your target audience, you should grow your social media presence.
Before you do it, consider the following:
- You don’t need to be present on each existing social media platform. Instead, you should choose one or two platforms that your customers use the most.
- Interact with your customers in every way possible. Reply to their comments, invite them to participate in polls, encourage them to ask you questions.
- Strive to build a community. Share insights and strive to engage people who support your startup.
Try out these digital marketing strategies for startup
You will never know which digital marketing strategy is the best for your startup until you try. There is no one universal solution that works equally effectively for every company.
We highly suggest you try out these six online marketing strategies for startups and compare their effectiveness. It will help you understand how you should distribute your marketing budget to get the desired outcomes.
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Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!