Why Every Startup Should Adopt Product Marketing Strategy In 2019

5 Million new startups come up every year, out of which 90% shut down Market research plays a key role in planning a strategy Digital marketing is the new age tool to advertise a product

Have you finally taken the leap of faith and pursued your startup?

Did you really think that was the most challenging part?

Well, you should know that startups are no more eye-brow-raising concepts in most parts of the globe. With distance turned into gigabytes of speed, the globe is literally a marketplace with opportunities infinite.  However, it is not a cakewalk.

According to Failory, a community formed by startup founders, 5 Mn new startups come up every year, out of which 90% shut down.

Clever product marketing strategy is the key to the success of the remaining 10%. Pricing your product, planning your advertising budget, identifying your target audience and their needs, and estimating the revenue that you could generate from advertising, are some of the many benefits of product marketing.

Although it is also quite possible that your product becomes a hotcake and your market share grows through word of mouth in due course of time. But until that happens you must adopt a comprehensive marketing plan to stay ahead of the competition.

Read on to discover the various marketing strategies that could help your startup stand up against everything that dissuades it from becoming a successful venture.

Market Analysis

Market research plays a key role in planning a strategy by helping you understand your competition as well as assess the demand for your product. One of the most efficient ways is a SWOT analysis. A time-tested technique followed by most of the successful startups, it tells you the strengths and weaknesses of your competitor’s as well as your product.

Another technique is to go for interviews or group surveys or both with your potential customers to estimate the demand for your product. A careful market analysis helps in pricing, positioning, promotion of your product.

Digital Marketing

Digital marketing is the new age tool to advertise a product.

It involves marketing a product through online advertising platforms, social media platforms, content marketing, web forms & surveys, instant messengers, SMS, email, and so on.

If you’re wondering why social media then check out, We Are Social’s report, which suggests that nearly 3.48 Bn people use social media.

Social media sites are longer used only for socializing but these days, are used for commercial activities as well. According to a report submitted by Oberlo, 73% of companies claim that social media marketing has proven to be effective in the sales of their products.

Well, the reason is obvious. The sheer number of users coupled with the many influencers on Instagram and YouTube can aid in marketing a product. With a huge fan following, these influencers can spread the word about your product like wildfire. While Google Ads can greatly help in the visibility of your product, social media platform is where the action is.

You can even create your own business account on social media platforms to promote your brand, as well as keep your target audience informed of all your updates, new offers, and discounts. You could post paid advertisements on Facebook, which as of March 31, 2019, had 2.37 bn active users. Just ensure that your adverts are quirky enough to force the viewer into watching the whole thing.

Content Marketing

When you create relevant and valuable content for your target audience, they trust you and it helps you in building brand loyalty. All you have to do is have a website with an attractive landing page and one that has blogs, videos, photos, or podcasts related to your product.

When creating a website consider there are 2.71 Bn smartphone users worldwide.

What it means is that it is highly probable that your customer might open your website on their smartphone. Therefore, besides being search engine optimized, make sure your website is mobile friendly and your content is short and simple.

Then there are instant messaging tools such as WhatsApp, WeChat, and Messenger that you could use to provide instant answers to your clients. And of course, there is the old-fashioned email marketing and cost-effective SMS marketing. However, when using emails, make sure that you avoid lengthy and wordy emails.

Share

Share on facebook
Share on linkedin
Share on twitter
Share on whatsapp
Share on email
Share on print