3. Measure the success of your startup marketing campaigns
Startups often have a limited amount of funds and resources available, so it’s important that every dollar spent leads to tangible, measurable results. Here are 3 ways to use data to inform your startup marketing campaigns.
Set (and track) your marketing KPIs
Key performance indicators are the metrics used to track the progress you’ve made toward your marketing and business goals. If your goal is to raise awareness for your brand, choose KPIs like website traffic, social shares, and new contacts to measure growth in your audience size. If, instead, your goal is to acquire more customers and make more money, measure your KPIs against daily or monthly sales and conversion rates.
Test, iterate, repeat
No matter what type of startup you operate, you’ll always need to listen to your audience—even if they’re only communicating with you through click-throughs, page views, and conversions found in your reports. Be ready to make adjustments when something isn’t working.
If you’re planning to include email in your startup marketing strategy, A/B testing is a great way to learn how small changes can have a big impact on your results. When you create A/B tests in Mailchimp, you can choose a single variable (subject lines, from names, send times, or content) and up to 3 variations of an email to see which one generates the most engagement from your audience. And since you’re also able to select the factor that measures your email engagement—whether it’s clicks, opens, or revenue—it’s easy to learn what adjustments will help you reach your goals faster.
Learn what works for your audience
With each marketing campaign you create, you learn more about your audience. And when you manage your audience in Mailchimp, it's easy to turn that information into action.
Using Mailchimp as a CRM, you can get an overview of the people you're talking to in your audience dashboard, and at the individual level in contact profiles. See how your campaigns resonate, learn more about who they are demographically, check out their interactions with your brand, and add any organization of your own.
With all of this data, you can improve your strategy based on who is in your audience and what's working for them. Let your audience drive what you do, and you'll hit those marketing KPIs in no time.
Startup marketing strategy FAQs
What's the difference between a marketing strategy and a marketing plan?
Though there are similarities between the 2, there is a clear difference between a marketing strategy and a marketing plan. Their purposes and applications are never the same, nor should they be. Where marketing plans are driven by goals, marketing strategy is driven by the business strategy you employ.
The purpose of a marketing plan is to clearly state the ways you plan to achieve your business goals. This is where you devise the plans and tactics you're going to use to help drive profits and brand recognition. It includes any events your company plans to attend in an official capacity, and any campaigns you plan to run.
In contrast, a marketing strategy addresses what and why your business exists. This includes any deliverables you plan on creating, as well as how you present your products or services to consumers.
Despite the fact that these two tactics are different, you need them both to run a successful business. It helps to think of your marketing strategy as the result of brainstorming your approach to building your brand. Whereas your marketing plan is about bringing the vision for your business to life.
What makes a startup marketing strategy different from a generic marketing strategy?
There is a significant difference between a generic marketing strategy and one used for a start-up business. A startup marketing strategy needs to position the new company to take its place in its chosen industry. But generic marketing strategies are used by already established businesses, for the purpose of being able to stand out from the competition.
What are the 7 Ps in a marketing strategy?
The 7 Ps in a marketing strategy are product, price, promotion, place, people, packaging, and process. When it comes to the product(s) you're selling, it's important to think of it in terms of sales conversions. You'll need to determine the want or need that your product or products will fill for customers. You can then use this information to market your product to the right demographic.