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Digital marketing can often be done at a much lower cost than traditional marketing. While print and television advertisements can cost thousands of dollars, an online advertisement may only cost a few hundred dollars. Also, a blog can reach thousands of readers for the cost of creating articles and paying for a server.
Digital marketing allows startups to reach new clients and develop relationships at a fraction of the cost of traditional marketing. Digital marketing for startups is a process to follow to grow your startup business using all available online channels.
For startups, the only hope of being successful is in marketing better and more efficiently than old businesses. Startups often have a limited budget, which means that they have to make the most of their limited finances in reaching customers and developing revenue.
Start by analyzing the marketing environment to gain a clear and realistic overview of the current situation. An external analysis will prove important for contextualizing and an internal analysis will serve to audit the online presence of your startup.
Focusing on digital marketing specifically, web and social media channel are analyzed to understand the online presence of your startup.
Web audit. We attend aspects such as search engine positioning (SEO), usability, design and web architecture.
Social media audit. Special attention is paid to the metrics typical of the different channels of Social media. Blog (visits, comments), Facebook (likes, outreach, people who are talking about this …), Twitter (RT, tweets, favorites …).
Once we’ve defined the niche, We will start with a small list of keywords that clearly define your product. Then, expand it with secondary keywords. This is important for your social media strategy, content and SEO.
Optimize your profiles and add a couple of posts to your pages.
What metrics will allow you to define success?. The evaluation of results is a crucial phase in any online marketing strategy, because it allows to see whether the objectives are really being reached and if necessary a reorientation of actions. To make this possible we define a series of indicators or KPIs at each strategic point. The idea is that the KPIs are distributed in the conversion funnel from the first contact until it is monetize.
Another great leveller is social advertising. Any business, no matter how new or small, can launch a social media direct response campaign targeting their audience in an incredibly granular way. You may not have the budgets of your competitors, but as long as you’re able to ensure a profitable CPA (Cost Per Acquisition) then you have a viable and scalable route to market.
One of the fundamental questions of any marketing strategy is how much can I allocate for my startup marketing?
Defining the budget requires a balance of income and expenses for the duration of your online marketing plan (recommended is between one and three years). Once you understand the cash outflows and inflows of varying strategic marketing activities, you’ll be able to establish your profitability threshold and an estimation of ROI.
To get more eyeballs to your content, website, and products you need to spend some money on advertising.
The actual amount depends on a number of things like your budget, the price of your products or services, the cost of goods, your target market, competition and many more.