There are many things on your plate while growing your company. You have a team to manage, a product to develop and deals to close. You may or may not have already hired a marketing manager, but you know marketing is crucial for your company’s growth. You also want to make sure you don’t throw away valuable marketing money.
Making mistakes is normal and as Joseph Conrad said, “it’s only those who do nothing that make no mistakes.” Working with entrepreneurs and startups, I’ve learned you can’t avoid all mistakes. But you can avoid some.
Here are the top 4 growth-stage startup marketing mistakes and how to avoid them.
1. You don’t have a fixed marketing budget.
Just like your general budget planning, you should work with a detailed marketing plan. Creating such a plan makes it easier to understand where your marketing money is going and when. For example, if you’re looking to launch your blog mid-year, your marketing plan should take into consideration the time and budget needed to build the blog and create the initial content.
Growing your company and showing growth in your forecasts is nice and all but it has to be backed with a growing marketing budget. SEO work is another example for a marketing initiative that spans through a period of time and needs allocation of funds throughout the budget timeframe (there’s no such a thing as an “SEO campaign”). Setting a fixed marketing budget can be okay for the first couple of months, but if you want to grow, you need to take into consideration a growing budget.
2. You don’t keep track of the competition.
Some startups mistakenly operate thinking that they don’t have competitors. Even if you don’t have direct ones, it’s crucial to look at the nearest ones. Being an entrepreneur, it’s impossible to operate in a bubble (on a side note – telling potential investors you don’t have competitors is probably in their top three things they hate to hear).
Knowing who your competitors are and following their work can help your business and marketing strategies as well. By signing up to your competitors’ newsletters, and using alert tools such as Mention or IFTTT, you can stay on top of what’s going on in your field.
3. Your tracking tools are not in place.
Having tracking tools, such as Google Analytics in place is crucial, as otherwise you’ll be operating like a blind person. Google Analytics is the most popular tracking tool, 100 percent free, well-known, and reliable. If you don’t like using Google for tracking, there are other tools such as Piwik or Clicky that are just as good (and free) as well, or for both a web and mobile presence, Mixpanel.
If you haven’t done so already, set your tracking and make sure that you know how to create goals, funnels and read reports. Having the majority of your traffic marked as “unknown” in Analytics is terrible as you’re spending money on marketing but cannot calculate the ROI. If you are unsure of how to set analytics and connect them correctly yourself, hire a freelancer to do this small project for you.
4. You’re not where your audience is.
If your product is an innovative baby sensor that is sold directly to customers on your site, a LinkedIn campaign may not be the best use of your marketing money. Plan your marketing according to where your audience is. If you are a B2B cyber startup and your target audience are CIOs and CISOs of large enterprises, meet them in industry events, publish in blogs and newspapers they read, and re-target them on LinkedIn. If your product on the other hand targets millennials, you have to be very active on social media and mostly these days, Snapchat.