Results-Based Marketing for Entrepreneurs - Getting Started
A small business can't survive without marketing. But with the many advertising platforms and marketing tactics available, it can be difficult for many young entrepreneurs to know where to begin. There are many marketing strategies offered by marketing agencies, and some of these strategies require significant investment. An entrepreneur's agenda is to improve return while also conserving their investment, so it can take careful consideration to choose the right plan of attack. However, you choose to market your company, it is your responsibility as a business owner to oversee the process or designate it to a trusted head of marketing. By following these four basic principles, your marketing campaign can deliver results without sacrificing long-term optionality.
Focus
Many new business owners want to cast a wide net - of course, you'd love to sell your product to everyone. But solid results-based marketing is focused on your core target demographic. Focusing on the audience that already wants and needs your service can quickly drive return. We often call this “look-alike” targeting, where you attempt to find additional customers that look like the ones already purchasing from you. One great way to do this is to focus on positive feedback and referrals from those who already endorse what you do. You can turn your main demographic into your sales force if you focus on making them happy first. Brian Chesky, a co-founder of AirBnb said the most important advice he received when building his business was, “it was better to have 100 people who loved us vs. 1M people who liked us. All movements grow this way.”
Timing
The winning move for an entrepreneur is timing. With any new business, there must be a demand in the market. Being able to launch the release of a product or service in time with that need is essential. When you make the right offer at the right time, you can return exponential results. Once you have clearly defined your target audience, you can time engaging with them on the correct channels. Timing your marketing campaign correctly can improve your results substantially.
Consistency
Many entrepreneurs try a marketing strategy for a short period or with half-effort and then give up if it doesn't return amazing results. I often refer to this as investing just enough to ensure failure, and it makes no sense to me why it happens so often. With any campaign, the initial return may vary. Consistency allows entrepreneurs to see the long-term effects and wait for statistically significant results. When you follow a campaign consistently and give a new strategy a fair shot, you can accurately determine whether or not it is right for your company.
For example, if you are running a social media campaign, posting consistently can drive results such as sales, new subscribers, and website traffic. But if you only post for the first week or two, you can't expect to see results. Many young entrepreneurs are looking for an easy fix, but the reality is, marketing takes consistent effort and sufficient impressions, frequency and conversions to make smart decisions.
Instinct
How does an entrepreneur market the right product, to the right audience, with the right timing? For one thing, trial and error. But also, gut instinct. You know your business better than anyone else, and sometimes the best moves are made by intuition. It is important to devise a plan and follow it consistently but listen to your gut. If you've done your market research properly, you know what makes your product or service special. Sometimes, following your own instincts can take your campaign to the next level. In the most successful cases, this intuition is grounded in real world feedback from customers and prospects, which is as valuable an asset as an entrepreneur can collect. - Eyal Gutentag