Advertising a startup business can be difficult, especially with issues pertaining to limited finances and knowledge about the nitty gritty of advertisement. As such most startups fail in the area of marketing. Thus, I want us to talk about the three main types of marketing and what to consider when selecting a particular marketing approach.
This type of marketing refers to acquiring customers for the startup. The concept of growth marketing is to increase the customer base of a business. The concentration is on social media, SEO, paid marketing channels and doing whatever it takes to spread awareness and drive customer acquisition. The options available under this is Search Engine Optimization, Google Ads, PR etc.
To engage in this type of marketing you have to ask yourself: Do you love learning new things? Do you like testing new avenues of marketing and channels?
Product Marketing- improving customer loyalty
This type of marketing involves the communication of a startup’s product value proposition to the target customers. Product marketing involves working directly with the sales and product teams to get customers and keep them, respectively. A key focus of this type of marketing is customer experience and interaction. Thus, this type of marketing relies on knowing the mind of the customer based on customer persona research through customer interviews. The difference between product marketing and growth marketing is that product marketing is at a slower pace, relative to growth marketing. However, product marketing has a long-run impact on a startup, as compared to growth marketing.
To engage in product marketing, you have to ask yourself: Do you enjoy conducting research and synthesizing results into actionable steps? Do you do better working with a team or independently?
The concept of brand marketing relates to creating the ‘feeling’ that customers have when they interact with your business. A brand marketer mostly focuses on a business personality, thus considering the business as a person- the values the business operates by and what they business look like. Thus, brand marketing is about the emotion that a business elicits when people interact with them. This type of marketing has a long term appeal, in creating an emotional appeal for a business.
To engage in brand marketing, you have to ask yourself: Do you like thinking abstractly at a high level? Are you intoned to the feelings of others or have a high emotional intelligence? Are you more creative than analytical? Do you enjoy thinking about psychology?
For a startup, it’s difficult to engage in all these types of advertisement and marketing approaches, although all of them are relevant to growth, customer retention and development of the business. As such, every startup team needs to assess their potential in the various types of approaches, in determining the best approach. Additionally, the type of product, purpose of the business and how the approach fits within the entire business operations of the business. Furthermore, startups can use the different types, at different times to complement each other.