I have now been part of the Marketing teams of several start-ups that have proliferated and achieved phenomenal success, including:
Visual IQ, a Marketing Attribution Software provider (founded in 2006), was acquired by Nielsen last year for $2 Billion.
Zscaler (founded in 2008), a Cyber Security Software company, just had its IPO. Zscaler is currently valued at $50 Billion on the NASDAQ.
I have learned from being part of these successful teams and from previous experiences in the start-up ecosystem.
Hot Software businesses like Fintech and Cyber Security need marketers with smarts, training, experience and drive who can take a business to 'the next level'; whether that means faster growth, more sustainable or more significant revenue, or higher profits.
Angel investors, VC funds and private equity investors all demand individuals skilled in conducting market research, and strategy and who understand all areas of marketing, including, of course, lead generation.
Here's my 7-point plan to create a promising start-up Marketing Strategy and then execute it:
1. Ensure that you are on the same page as the person who has created your marketing strategy or, even better, create that Strategy yourself. So many problems occur when CMOs and CEOs or Investors do not agree on this. See 'Why CMOs never last.'
2. Data; explore this and find out what is going on. Don't just rely on the facts you see. Talk with people and establish whether the data you see on paper matches what you are hearing.
I have dealt with either no data or data that doesn't match reality. Don't devote hours and resources to creating complex models using lousy information.
Even a fledgling Start-up will inevitably have had many failures already, and you can use this information to avoid making mistakes and model successful behavior. “The essence of strategy is choosing what not to do.” —Michael Porter (See Porter's 5 Forces)
3. Targets - start thinking about what you are trying to accomplish.
- Is the problem that you have a weak brand?
- Is it that no one outside your core user group really understands your products?
- Do your competitors have an iron-grip in certain Regions or markets?
- Is it that you have weak growth?
- Are you sinking resources into the same old Marketing investments getting diminishing returns?
- Are you accurately measuring your Marketing investments?
4. Create a plan around that. For example:
a. If the problem is that your sales team is not converting your good leads, then bring in added Business Intelligence. A remarkable tool for this is Discoverorg , which has a team of researchers calling companies and finding information that will enable you to identify opportunities quicker and more effectively.
Additionally, if you are not lead scoring already, I suggest you start doing this. This works because your sales team will immediately get alerted automatically when a lead reaches a specific 'threshold' score.
So let's say that score is 100, then a lead from a company with $1 Billion revenue that has requested we contact them, is 'BANT' qualified and is the right target company and job title, that would automatically become a 'hot lead' at 100 points in your CRM system.
A lead from a company on our target list would immediately be a 10. A Lead from a company that could be a target would be a 5. When that lead downloaded 3 critical reports in the last week, it became a 30, and so on.
If the problem is that you need more leads to start with, then lots of high-quality gated content will generate more contacts for your database.
Google Display and search ads are effective for inbound leads. LinkedIn lead generation campaigns are good value as you can get more highly targeted. Ensure you target your prospect audience (maybe with the 'matching' tool).
Inmail campaigns work very differently from sponsored content on LinkedIn. So, figure out what combinations work best for your business.
I would also work with the Marketing team to create compelling content, from videos to infographics, from case studies to white papers.
Below: Forrester 'Wave report' on Marketing attribution with my company 'Visual IQ' in the top right-hand quadrant.
In the past, we've created great content with Gartner or Forrester or, failing that, some other well-known research firm, like IDC. These are high-value pieces of content that your prospects will 'trade' their contact details with you to gain.
One idea that We have done in the past very successfully is an 'Industry report' based on surveys we send out. Usually, I use SurveyMonkey, which I was familiar with at Business School in 2006.
CMO survey-backed report we ran every year at Visual IQ
Check out this Survey-based report on the State of in-video game advertising in 2022, that I created with Content strategist Damien Seaman. It's the first report of its kind created (check Gartner, Forrester, or IDC). It's based on survey responses from hundreds of thought leaders in Advertising, Ad Agencies, and Video Game companies.
Everyone is interested in what their colleagues are thinking about and sending these surveys out can also be an excellent way to reconnect with customers and prospects.
'The Money Show', Caesar's Palace, Las Vegas, where I ran an event for our Financial trading software tool.
Another highly effective area of Marketing I've managed over the last eleven years has been events.
I have had some great successes in this regard, from the Money Show at Caesar's Palace, Las Vegas, to the Adobe Marketing Conference in Salt Lake City, to the biggest Cyber Security event in Europe, Infosec, in London, UK.
Not all companies employ rigorous financial analysis of the results here, so I have created an edge in this way. I write more on this subject here.
We've had events that have generated thousands of leads, and business meetings that have created millions of pounds/dollars in sales.
Content from blogs can be effective. Ensure you optimize the content with important keywords to draw search traffic to your blog. Post on social media and wait for your blog's referral and search traffic to come to your site.
For this 'awareness' part of your content you need plenty of exciting content; think more about great ideas than flawless execution.
Also, your prospects value authenticity and originality. Keep blogs authentic and exciting. People know when they're simply being manipulated to buy something.
I have put together Ebooks, webcasts, industry reports, case studies, and infographics, all of which can be good sources of leads.
5. Ensure that everyone is on board with it. If the management team is not, then discuss it, and get to the bottom of the problem.
Once you have agreed on the plan, then execute it relentlessly.
6. Analyze your results regularly, at least once every month and if not sufficient, pivot. If it's not working, be honest and try something new.
The beauty of digital marketing is that you can A/B test continually to optimize all your metrics.
A typical A/B test
Look at Key financial metrics, like ROMI - Return on Marketing Investment (NPV, IRR, Payback period, Customer Lifetime Value, Cost per Click, and Transaction conversion rate).
Monte Carlo simulation for a new product launch*
*Mark Jeffery Data-driven marketing Using Oracle's Crystal Ball' predictive analytics software with a random number generator, showing many possible variations of profit/loss for a marketing investment.
|7. Finally, and most importantly, encourage criticism and make your entire company a safe place to share information and mistakes. |
You must make mistakes to take critical, calculated risks. But without listening to, and acknowledging criticism, you can't learn from your mistakes either.
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