July 14, 2021 | 6-minute read (1096 words)
An excellent product with high demand and a well-executed marketing plan are essential for starting a successful business. Yet many business owners question when it is too early or too late to start promoting their new venture. To make things easier, we've divided marketing efforts into four segments.
Each stage addresses one step toward creating a plan that will keep your company functioning smoothly. The following pointers will help you choose when – timing – and what you should do at each step to create more leads and maximize sales with fewer resources.
Stage of beta testing (proof-of-concept)
At this point, you may show that your company idea is viable and that it has market potential. Pre-launch marketing will help you build an audience and boost customer acquisition before your product launches.
Step 1: Before you begin working on the beta stage, create a strategic marketing plan that explains how it will help you achieve your goal. Every business founder will require this strategy to locate their first beta users, present to investors, and track their progress.
Information regarding the market need for your product or service, product pricing and features, competing products, product manufacturing, distribution costs, the investment necessary, and any internal and external resources you'll need should all be included in the plan.
It should also address common questions about the product or service, such as what it does, what makes it unique, who the target customer is, how to contact them (marketing strategies), and when you can expect to start making money, assuming all goes well.
Step 2: Communicate your marketing plan using the channels and technologies that will most impact — paid media, email, Facebook, LinkedIn, Instagram, Twitter, YouTube or any other platform where you can reach the most people.
To attract visitors to your website, you must first develop your company name, logo, email address and website. Your website's aims, mission, goods, services and debut date should be clearly stated. Attend industry-related events and conferences to get early traction before finalizing the prototype.
Step 3: Build pre-launch buzz and turn it into consumer leads by distributing beta invites, providing a sign-up form on your website and conducting contests with prizes. Your sign-up form should only collect required information, as users will abandon it if it takes too long. Use your social media network to host contests to expand your audience and convert them into consumers. Such interactions can also encourage potential consumers to join up early, resulting in increased website traffic.
Pilot Stage (minimum viable product)
You have a version of your product ready to entertain early consumers at this point, and you aim to use their input to improve future product development.
Step 1: Gather email addresses from your website visitors to nurture leads and grow your email list. You may then utilize email marketing to notify subscribers about things like your new product launch, blogs, a product demo video, forthcoming events, new promotions, and more.
Stay engaged with your town and other business owners by joining the local Chamber of Commerce (or other organizations). Set up a client referral program to encourage your consumers to tell others about your company.
Partner with the perfect influencers in your community who have significant social followings to market your brand through their distribution channels. Bloggers, educators, journalists, and other company owners are examples of people who can suggest your brand to their followers or subscribers.
Step 2: Collect feedback from consumers on the prototype to ensure that your final product or service adequately answers the demands of your target audience. Your pre-launch marketing efforts and consumer feedback will almost certainly pay off soon after the product is released.
Converting Leads to Sales
You need to create more leads and turn them into clients at this point. When a client hears your brand on the radio, sees it in a search engine result, and then sees it referenced in a blog (content marketing), they will begin to embrace it as a known entity.
Step 1: To raise brand recognition, run a variety of marketing initiatives. Then compare the results to see which marketing channels work the best. Local news or blogs, for example, may significantly boost your reputation and brand recognition. You can take the help of Google Alerts to keep track of what's being said about your company online. Create and share helpful material on your marketing channels regularly to keep information about your organization updated and visible.
Step 2: Assign search engine optimization to a team or a single individual (SEO). Create a free Google listing for your business to help new consumers find you when searching for phrases related to your industry. You may improve your search position by constantly releasing new blogs. As a result, higher website traffic, followers, and leads will result in increased revenues. Positive internet reviews are a great source of recommendations that help customers trust your company.
Business generating profit
If your company generates a profit, you can consider it ready to invest in paid advertising if you have the funds. You may use digital advertisements to attract more visitors to your website and reach out to more prospective consumers, resulting in more sales. The following are some of the most prominent marketing mediums.
- Search-engine marketing: This refers to ads that show at the top of a search engine’s results pages.
- Visual or social media marketing: This includes advertisements on Facebook, Instagram, Pinterest, Twitter, LinkedIn and other social media sites to help convert visitors into leads and customers.
- Podcast or radio advertising - As podcasts cover nearly every sector and interest, they are an excellent advertising medium. By sponsoring a podcast or hosting an ad, you may reach out to your ideal consumers in an environment where they are actively listening.
- Display or print media advertising - You may interact with local and national customers through newspaper advertisements, magazine spreads, and outdoor signs, but bear in mind that online ads are generally easier to monitor than television or print commercials.
- Mobile advertising- Paid or sponsored content on a website or mobile apps are referred to as content and mobile advertising.
- To monitor each visit, make sure to transmit each ad landing page to your website and include an analytics code on every page of your site. Start evaluating every marketing approach to assess the results a few months after your product launch. As your company grows and new marketing trends emerge, your marketing strategy must adapt.