We’ve all seen it, the Chief Martec landscape - which just released an updated version for May 2017 - featuring the hundreds of marketing related businesses organized by specific industry types. For someone who’s looking to start a business in the space, this landscape may be a bit concerning for the competition ahead, but for others it may be used as an incentive to join an ever evolving marketing atmosphere. It’s been noticed that 90% of startups fail (source), so being motivated and ambitious enough to start your own business takes a lot of risk. While many non-entrepreneurs may not understand the risk, we understand the risk-reward of being an entrepreneur and want to help you make a successful business by marketing the right way.
Here are some steps you can take to stand out from this crowded space and exceed the expectations of your non-entrepreneurial counterparts!
1. Build genuine relationships
Selling in today’s landscape is all about relationship-building. Many people view marketing and sales as a bunch of touchpoints - or pokes. PSA alert: nobody likes to be poked. Create a nurturing and polite introduction by reaching your customers in a genuine way. Care about their needs, their opportunity to grow with your product or services and help them recognize this ‘pain point’ or ‘opening’ for productivity and growth. Use influencer discovery tools to build relationships with micro-influencers of similar interests to your brand so you can tap into their audience with a genuine connection. People trust people. When a brand goes through a micro-influencer (aka an individual with smaller following but higher engagement), their followers trust that they believe the brand they’re promoting is something they can trust to use as well.
2. Know your audience
Understanding your primary persona, how they interact with the online community and their buying patterns is crucial. Many people start marketing without knowing exactly who their ideal customer is, which leads to wasted marketing efforts. Hitting everyone, rather than your optimal customer is driving unqualified leads and skewing your metrics. Understand the demographics, firmographics and needs of your customer to create the right call-to-actions and benefit-driven marketing collateral. Your audience wants what you’re selling, but you need to have the right wording to reach their interests and help them understand the investment of their hard-earned dollars.
3. Keep up with the evolving trends
Marketing as an industry and as an activity is always evolving. Trends come and go, but understanding which ones will return the most on your investment and your efforts is key. Don’t hop on the ‘hottest’ ones, instead understand how they work, how or if they’ll impact your marketing growth and if they’re sustainable. If you’re learning new ways of doing marketing every couple months, there’s bound to be more time going into the learning than into the executing - which can be costly for your marketing budget (without even realizing it).
4. Talk to your customers
Customer discovery surveys are often the last thing on a small business or startup’s list of tasks. Understanding your customers, how they use your product or service and what you can do to improve is probably the most important information you can collect. Don’t be afraid to ask your customers for feedback, most of the time people want their opinions to be heard - and with a proper outreach, they’ll feel more rewarded from a caring customer service call than no contact at all. Take your customers feedback and prioritize the optimization process. Remember: you can’t win ‘em all.
5. Learn to upsell
New customer acquisition can be expensive - like, really expensive. Nail the upsell to current accounts and you could grow your revenue exponentially. Don’t be afraid to churning your clients, most of the time they could probably use an add-on or additional services. Create your strategy around what you can offer and how you can keep them happy if they say no. The economics of the upsell isn’t a difficult one, but often times it takes time to understand what your customers can use in addition to what they’ve already paid for.
Source: Insight Squared, The Economics of the Upsell (link)
Whether you’re a new startup or a matured small business trying to evolve your marketing activities online, these 5 ways to stand out from the crowded Martech space are guaranteed to help in one way or another. Whether it’s better targeting practices or growing sales with current clients, always have a plan. Strategies and understanding data are often times two of the largest mistakes companies make before they jump into a large investment (even if it’s time). By knowing the ins and outs of your business, your audience and your marketing plan, you can become an influencer in the MarTech landscape!
To find the micro-influencers that can help grow your reach, try Socialpeeks for free today! You can discover, engage and grow your reach online like you’ve never experienced before.