Startups have limited resources. They have limited manpower, financial constraints are rigid and most founders & promoters are perennially pressed for time. Marketing, which is a quintessential requisite, seems too daunting in such a scenario. Yet, it must be done and fortunately there are some marketing strategies that every startup can afford.
- Consider affiliate marketing. The concept of affiliate marketing is simple, it is effective and there is no major investment. Affiliates only get paid if they generate a lead, redirect traffic or help with sales. The commissions vary depending on the eventual development. Leads are paid more than redirected traffic but sales yield the highest commissions. Affiliates are self driven as they don’t get paid unless they deliver the results. You wouldn’t need to chase them to do their job. You don’t need to spend much time, you don’t have to put any extra effort other than managing your affiliates and you don’t need to spend even a penny in vain. However, try to help your affiliates in any way you can as your success and theirs are correlated.
- Self promotion is an affordable tactic. It is also necessary. Today, every entrepreneur or chief executive has a personal brand value and exposure in the public domain. There was a time when a chief executive was known only to operate among the stakeholders and with senior management or at times with the press. A contemporary chief executive cannot function that way, especially if it is a startup. One has to work with every employee, every stakeholder, every media outlet and one must also be responsible for her or his public persona. There are many ways to promote oneself. The simplest ways are blogging and social media engagement. Mentorship programs can be handy in relevant scenarios. Networking events and business seminars or industry galas are also fitting platforms for self promotion.
- A startup must make the most of every free or affordable medium available. Get listed on every directory that matters. Use social media to develop a following. Procure relevant email databases and use direct marketing. These are either free or extremely affordable. One doesn’t have to spend a fortune on airtime or to hire a massive billboard somewhere in downtown to gain exposure. A startup must also consider online advertising, especially the pay per click kinds where one doesn’t pay anything if no one clicks on an advertised link. Such concepts are in place to help new businesses. Major brands don’t rely on such opportunities and yet they are going hammer and tongs to explore such avenues. There is no reason why startups shouldn’t.
- Piggyback a phenomenon, a popular product or service or platform. When the first digital wallets or payment apps were launched, they targeted existing relevant technologies and tied up with them to get noticed, to prove their utility and to become a seamless integration into the lives of targeted users without being something new and different or a disruptive introduction. A startup is almost always about something new and different but it doesn’t have to exist in isolation.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Importance of a Business Plan for Entrepreneurs, 5 factors to consider before starting a business and all topics related to Business development, if you are interested setting up company in Singapore contact us or visit our website for more information.
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