August 2, 2016
It’s no secret that startup failure rates can be as high as 58 percent in some industries, and while more and more people seem to be embracing self-employment and entrepreneurship, the rate at which startups fail hasn’t been slowing down. According to a recent study, 85 percent of startups are largely underfunded, and this is one of the contributing factors to startups failure.
If people aren’t ready to fund your startup, the solution is to generate enough revenue to be able to fund yourself, or until investors start to take you seriously, and a core part of this process is marketing. The main challenge, however, is that of effectively competing with the marketing budgets of major brands that are often willing to spend millions of dollars weekly on advertising.
Thanks to the internet, marketing has gotten much easier. Here are four low-cost marketing techniques for your startup:
Statistics from Hubspot show that businesses that blog generate 67 percent more leads than businesses that do not. Apparently, businesses that prioritize blogging are 13 times more likely to enjoy positive ROI compared to businesses that don’t. Who knew?
A notable case study on the effectiveness of blogging for startups is the popular social sharing app, Buffer: with a combination of blogging and guest blogging, without advertising, Buffer gained its first 100,000 users within 9 months. Buffer has millions of users now, and it easily generates millions of dollars in annual revenue. All this is thanks to a foundation built on a smart blogging and marketing strategy.
Involve Influencers in Your Startup
One of the best ways to get lots of high quality, highly engaged users to your startup is by getting influencers involved. Since influencers have built up their following and reputation as a trusted source over the years, their recommendation will result in both quality traffic and conversions for your startup.
Having industry celebrities, thought leaders and popular blogs and publications endorse your startup can go a long way in getting the attention you deserve without spending a pretty penny.
Create a Smart Email Marketing Strategy
In a recent study that analyzed over 500 million shopping experiences, Monetate came to the shocking realization that email marketing beats search and social media combined when it comes to conversion. It isn’t surprising then, that most startups and publications report email as their top source of traffic and leads.
There’s a right and wrong way to email marketing, though; it is important to make sure you get the right leads. You can also use funnels and segmentation to carefully guide prospects towards the right product and/or service your startup has for them.
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