Economic uncertainty combined with intense market competition makes this year a tough time to scale a startup. Yet investors are looking to get in on the ground floor of the next unicorn — and the secret to proving a startup’s potential might be surprising.
In 2022, since the pandemic accelerated the go online—digital marketing is the main engine of growth for the majority of startups, which makes it essential to master this art. Yet, when exploring how startups typically build a digital marketing strategy, there are a few common mistakes that many startuppers make.
Startups are under tremendous pressure to show rapid growth in order to attract investors and achieve their business goals. As a result, many are turning to paid marketing for “fake” growth.
Synaptic, an alternative data platform that helps investors research their potential investments, has revealed investors increasingly want to see statistics on companies’ digital marketing efforts and assess their effectiveness. In their experience, companies that show a more sustainable and balanced pattern of marketing growth generally have an advantage over those that invest heavily in advertising alone.
To appear attractive to investors, startups need to invest in their long-term online visibility.
Every startup’s digital marketing strategy starts with research, and startuppers are often looking for the wrong thing.
Yes, it’s important to focus on general trends and learn the ins and outs of digital marketing basics, such as email marketing, organic search, and social media. Ultimately, however, market dynamics, competitive landscape, and audience insights should guide overall strategy.
Instead of reading another “how to build a digital marketing strategy for your startup” article, startuppers should roll up their sleeves and go into full research mode to learn all about their particular market.
Many startuppers rely on general marketing advice and end up missing out on many growth opportunities within their market niche. With the right data and marketing insights, they would know what the key growth channels really are.
“When exploring how their niche should shape their digital marketing strategy, startups need to assess their online presence across all channels and pick the ones that work for them,” said Olga Andrienko, vice president of brand marketing at Semrush, a leading online visibility management SaaS platform. .
While the latest trend report may say that social media is dead and businesses should stop putting all effort into it, that might not be true for all niches. Therefore, having access to industry-specific trends and patterns is crucial.
The best thing startups can do is find the right market and competitive information and create a budget-friendly and effective digital marketing strategy to bring sustainable growth.
To see how market and competitive insights can help shape a long-term marketing strategy, companies can take advantage of tools like Semrush. Offering a comprehensive toolkit for managing online visibility, Semrush covers everything from SEO, PPC, market insights and competitive analysis to content marketing, social media and digital PR.
“We recognized this problem long before it was expressed. While the web is full of general advice on how to create a solid digital marketing strategy for your business, it’s never really about your business,” Andrienko said. “As a result, we have refined our market and competitive Intel tools so that they can provide both general (industry-specific) data and more granular insights about certain competitors or anyone else. Startups need to go local and global when developing a digital marketing strategy.
Although many of these lessons seem easier said than done, all the necessary data and information is readily available. Startups just need to know where to look and how to identify the most relevant information for their business.
More importantly, they need to give their online visibility the sustainable growth it deserves – it’s what investors want, what customers respond to, and what will help them gain an edge over the competition.