The vast majority of new companies entering the market fail to be successful in the long term, because they do not know different online marketing and promotion strategies.
A study shows that the failure rate of companies new to the market is approx 50% after five years, but may also reach 75% in several years.
But, you don't have to be discouraged. If you know the basics of a business done right, all you have to do is learn from your mistakes so you don't repeat them.
To position yourself on the right track, there are certain strategies that can help you:
Find your right target market
Many companies fail before they even launch because they don't know exactly where to go.
In order to create the best possible image of your business, you need customers, but it is important to know your target audience and create content accordingly.
So before you can talk about using strategies and tactics to grow your business, you need to make sure you're in the right market first.
You don't even have to think about distribution channels or how you're going to reach them right now, just figure out what kind of audience you want to attract.
One trick to help you find your right target market is to search different search engines for different topics, industries you might be interested in, to see how much traffic or searches these communities have.
Then you will know that there is already a market for what you have to offer. The next trick is to figure out how you're going to make your product or service stand out from that competition.
Basically, the idea is to make sure that you won't be competing with a lot of other people offering the same thing (otherwise the risk of failure increases).
So you may ask yourself the following:
- Is it easy to understand and communicate the value of your product or service to potential customers?
- How will you change features, pricing, and other factors to be the sole decision maker in this situation?
- Are you in an uptrend?
You don't have to figure out what kind of strategy you want to tackle in the beginning, because I don't think there's ever a moment where you can say you've got it all figured out.
Instead, it's a constant process during which you can tweak your strategy based on feedback to keep moving in the right direction.
Ideally, you should be flexible to certain changes or changes, but many companies choose not to change or evolve with time, out of sheer stubbornness.
"Use" other people's platforms
New companies (or any company) have a lot to lose when they stagnate or "move" too slowly.
But, it's even worse for new businesses, because at the beginning, nobody knows who you are or what you're bringing to the market, which means they still won't trust you and certainly won't be interested in your brand.
So the best strategy is simply to get your content on other people's platforms.
We have the example of the company Airbnb, which started completely unknown. However, they accepted this and looked for places where their customers were already.
When they started, people were still using Craigslist to find clients in cities they wanted to travel to, to offer them rooms to rent, or even homes.
So Airbnb started by first tracking people who were listing properties on Craigslist.
But that was not enough to attract even more users.
So, they thought of a very clever, but also a bit unorthodox, tactic.
Airbnb took users' contact information from Craigslist and sent them all messages inviting them to their platform:
The strategy they used wasn't exactly the most correct, so you don't necessarily have to do the same.
Also take advantage of other people's news or releases
Let's take the example of the launch of the new GAP logo in 2010, when it was originally announced.
Everyone thought it wasn't their most successful logo, and some people even publicly wrote how bad its design was.
A logo design company saw the opportunity and stepped in.
With their primary goal of creating and providing advice on logo creation, they could very easily turn this situation around in their favor.
By the way, taking advantage of this scandal with GAP, they also created a competition where you could create a new logo for GAP.
So a lot of people went to their website or at least looked up their name on the Internet because the topic was pretty well known to everyone.
Choose to approach potential customers in person
People like to do business in person because that way, it's much easier to gain someone's trust and have an effective discussion around your company's positioning.
You can take the examples of many companies who, in the beginning, participated in local meetings, social events, to learn more about the interest of the community in which they were located and not only.
You can then expand this approach by getting as many people as possible to attend your own events and keep them coming back.
It's the same basic strategy used in points 2 and 3 above, but it's an offline tactic where you can meet people in person.
This type of strategy also helps you stand out.
In a world where the most common approach to customers is email, be the one to decide to meet and approach people in person!
Word-of-mouth referral is the most effective
You don't necessarily need huge amounts of money to promote your brand, you don't even need other people have companies to do it. All you have to do is, be creative with the ads you want to make.
Dropbox is a company that approached an incredibly simple strategy, but one that helped the company achieve its intended goal and develop much more easily and quickly.
Another example is ReferralCandy, which works with e-commerce companies to do something similar to Dropbox.
Every time someone helps the company win a new customer, they will be rewarded with a small bonus.
It's a very simple, effective tactic, and it doesn't cost you anything.
This strategy helps you avoid spending a lot of money on advertising or other channels, otherwise you can reinvest those amounts in hiring the best team, buying more products, and other expenses that can be geared toward growth.
You need an influencer to help increase your brand visibility.
Influencers are the ones who have the biggest influence on the broad spectrum these days.
So a lot of influencer platforms like Tribe, have emerged to help connect brands and influencers in a much easier and more efficient way.
All you have to do is go to these platforms and simply list your products or describe your initial campaign idea.
Then either search for the influencer or you'll be matched with the one that best matches your target audience.
For a relatively modest amount, you can instantly gain access to hundreds of thousands of followers (resulting in more website traffic, leads, and more).
Another platform full of content creators is Instagram, and these days, it's getting easier to recognize an influencer.
But if you don't want to go to influencers or other people in general, you can opt for the option to become one yourself!
An example of this is the co-founders behind the company Luxy Hair, who simply decided to pick up a video camera and start filming the ads and promotions themselves.
It may be a slightly slower version, where you have to put in more effort, but it will definitely pay off.
The trick, with all these strategies involving collaboration with other people or brands, is to give each of them what they want or need, so you get what you need or want.
Bonus: 16 less commonly used strategies that will ensure your success
Launch a referral program (Referral program)
If you want to develop a huge number of people very quickly, you need to know the criteria of referral marketing.
This is a very simple strategy where the customers are the ones who help you promote your business name. Although it does not involve much effort, this tactic is not very useful for newly launched companies.
But you need a tool, like Ambassador. It will take care of everything the referral program entails, so that you only have to deal with the creation of the product itself and the promotion.
Turn your product into a challenge for potential customers
One of the biggest problems with viral marketing is that it is often difficult to highlight exactly what the company has to offer.
If you create a video that everyone loves, you may not be able to stand out, but a clever video may not properly explain the product or encourage viewers to buy the featured product.
So the solution is to make your product the centerpiece of whatever viral marketing campaign you decide to run.
And to do that, you need to find the exact customer need that your product fills and make it a challenge for others to solve that need.
Get started with an exclusive beta version
It's part of human nature: we want what we can't have.
By using a beta for new users when you launch your company, you can create a sense of exclusivity about your product and give that opportunity to be the first to sign up.
Attend trade shows
If you don't mind socializing offline (in person), you can build a huge following by connecting and building relationships with influencers or content creators at various conferences and trade shows.
This type of offline promotion can be a great way to grow your new business.
Although it seems ridiculously simple, you can build a huge network of users by offering free stickers and placing them where people can see them publicly and often.
If you want to create more stickers to give away, I recommend using a custom sticker printing company.
This can be a cost-effective way to stand out and attract people who might be interested in your company.
Visit forums for similar products
To target people who are likely to choose the product or service you offer, you need to pay attention to users who post on related forums.
If you want to build a huge following of fans excited about your product, you can help by avoiding public mistakes that people complain about online.
To do this right, you'll need to look at forums related to your product, create a solid solution, and promote it to those interested in the solution you've created.
It's a great way to provide value to the company and get promotion from that value.
Build relationships with major publications or companies
If you want a massive increase in traffic, you need to be featured in a major publication.
Many companies have chosen to use this strategy and have had immediate success due to effective collaboration.
You can start building relationships with publications or companies with large platforms right now. Share their content, interact with publishers and don't be too focused on promoting your product first.
As you build a relationship, you may very well be able to promote features or information that help you get an increase in traffic to your website.
Target a specific audience or community
If you want to build a user base quickly, you need to have a clear understanding of what your ideal customer looks like.
You can then create content specifically for this community. The more precisely and clearly you can target this group, the more effective your promotional campaign will be.
Become your product's biggest fan and user.
If you've just created a company that involves user input into its image (as it is in almost every case), it's important to have as many users as possible, on the site, at least.
A small user base means little content, which discourages other users from joining.
Host a contest (giveaway)
If you want explosive growth for your business, you should consider running a giveaway contest.
Giveaways are those very popular types of contests, especially on Instagram and Facebook, where different people offer their followers the chance to win certain products or services, based on very simple and easy criteria.
While it may seem like a shallow way to attract new users, it's the strategy used by some of the most successful new projects of the last decade.
Attracting users of a competing product
How can you identify the users you know will love your product?
You can start by targeting people who are currently using a similar product but are not getting very good results from it.
Then try to offer improved services or products but in the same field and you will definitely attract those customers.
One way you can contact potential customers is through email, but try not to seem too focused on promotion, but on solving those problems that these customers would need.
Offer cash rewards to new customers
Chances are you're already spending money to attract each new user. However, this money does not go directly to users, but is spent on advertising or marketing costs.
What if you gave that money directly to every new customer?
While it is certainly an expensive way to attract new customers, it is extremely effective.
If you're hoping to grow your user base right from the start, consider allocating your marketing budget directly into rewarding users this way.
Partner with another brand
If your business is too small to attract a large audience on its own, a very effective solution could be to partner with another company that is larger than you.
This strategy can help you gain visibility for your business name and attract new audiences who may be interested in your product or service.
If you are looking for a highly creative promotion that will build your brand to success, we recommend using the product itself for a social cause.
That way, customers can interact with your physical product in a way that helps serve a larger, more general purpose.
Offer a free gift with every product
It is well known that a free gift encourages people to buy your product.
Regardless of the amount of that gift, people will be much more excited to learn about the product when there's also a guaranteed win in the middle.
But why limit ourselves to occasional, seasonal or special-occasion deals?
Instead, you can offer a free gift with every product you sell. This may sound like a surefire path to bankruptcy, but it's an effective method that has worked for a lot of companies.
If you want to create as much traffic as possible and encourage as many people as possible to buy your product or service, then a funny or ironic video about your product is the solution you need.
Try to put the product in an image that would delight those who will see it.
If you want to grow your business, you need to start using creative marketing.
Instead of spending more money on traditional advertising and digital media, look to think of more ingenious and unique strategies for much greater results.
Making strong connections with other brands and publications can also provide a huge boost, giving you great coverage at a low cost.
But the first thing you need to do before promoting is to figure out what people actually want!
You need to make sure there is a viable market before you launch your business, because along the way, many of the same people will also be your path to success.
What is Referral Marketing?
- Referral marketing is a tool, a personal initiative, designed by various companies and firms to grow and build new customer bases based on existing customers.
What is an influencer?
- An influencer or content creator is that person in the online environment who has the power or credibility to influence or guide a person, regarding the decision to buy a certain product or service, in most cases. They can also bring recognition to their followers about a particular social cause or social movement.
What is the best Marketing Strategy?
- There are many effective marketing strategies that you can use successfully, but the best strategies are those that are based on consumers, on customers. For example, strategies that involve meeting customer needs or those that involve solving certain existing problems are the ones that will have the most to gain. But if you want to stand out from the crowd of similar products, charge to bring it a little originality or a unique element.
What does Content Marketing mean?
- Content marketing is that type of marketing that is based, in particular, on the creation and distribution of materials online, such as videos, blogs or posts on various social networks. They are not necessarily shared for the purpose of promoting a brand, but rather to create interest in that brand's products or services.