Traditional, pre-planned go-to-market strategies are no longer effective because consumer behaviours and expectations have changed. People are now less trusting of top down advertising, instead word of mouth becomes the most effective marketing channels.
Marketing as always is constantly evolving.
The approach to marketing has also changed. Working for a startup has also changed my perspectives on marketing. In fact the approach to marketing adopted by startups because they have little marketing funds have come to be widely adopted by big organisations who are working keep costs down. This paradigm shift is especially useful in the current landscape of marketing.
Businesses need to match the speed of customer shifts and outpace the competition at the same time. Agility is the new name of the game. I have to make numerous adjustments to my marketing plan. In fact most long term plans are already outdated by the time the milestones are reachedI may be working in a startup, but the concept of startup marketing (Agile marketing) applies across many type of organisations.
In fact for traditional organisations struggling with reducing margins in a competitive environment, these concepts are ever more important as marketing budgets shrink. Marketers will need to have more precision in their marketing, combining the power of story telling.
Here’s what I learned
(1) Establish Product Market Fit
“Great products aren’t built by product guru. Only customers can decide if the product is great.”Sean Ellis, Author of Hacking Growth
Indications of Product-Market Fit include the marked reduction of churn and a stable level of n-day retention metrics that no longer trend towards zero.
The path towards Product-Market Fit includes primary customer research, ideally of behavioural observation, that clearly articulates an unmet need, for a market that is of sufficient size and revenue potential to make a successful business.
Before establishing product market fit, the marketing team should continue to adopt a structured approach to experimentations and learnings so that funds are conserved for a big launch when product is launch.
(2) Rapid and Structured Experimentations
Digital Marketing costs are rising, and efficiency is the way forward. Compounding the issue is the inflation marketers are experiencing in the cost of customer acquisition (CACs), and the unpredictability of return on investment (ROI) with new launches. Pre-launch or even post launch experimentation can now be a source of dependable data. It provides insights to help marketers pivot or sharpen their messages. Learnings from the experiments provide greater clarity on ROI, and enhanced efficiency in CACs (from more effective GTM strategy) reduces budget trade-offs at the board level.
(3) Build Brand Love
Brand experience marketing is taking place as a key player in any marketing strategy. Studies have shown that consumers make decisions emotionally. To connect with customers emotionally, marketers need to ensure that the messages relate to them at every stage of the user path to purchase and in all channels that customers interact with.
In the case of a mobile app, we want to build a positive onboarding experience and create better in-app engagement and achieving the “Aha moment” as quickly. This drive habit formation and increase product adoption as well.
There is a lot more to marketing in a startup or in the new age marketing. Takes a huge paradigm shift.