Frugality is the new mantra for Startup Success.
Whether you are self-funded or externally funded. The core values must be the same. To ensure minimal spend and maximum profits.
And without any doubt, based on my real experience I can say confidently that the biggest guzzler where Startup expenses are concerned is the Marketing Spend. Or let me be more specific, Paid Marketing Spend.
I will be quick to add here that I am not saying it is not needed. The kind of traffic and conversion boost that Paid Marketing can get, no amount of organic marketing can do the same. What is needed however, is a fine balance between Organic (Zero Cost) and Paid Marketing.
Learn about marketing funnels on the basis of examples
There is a very simple process which will help understand what your ideal customer is thinking at each stage of the buying cycle. Accordingly, you can then decide what is the best way to convince him to move to the next stage.
Awareness – What is your ideal target customer thinking when he has just been made aware of your product maybe via a FB ad or an email his friend forwarded him. What other methods can you think about so that you can make him aware about your offering?
Interest – What is your ideal target customer thinking when he has done some research about you and wants to find out more about you? What can you do to ensure you are found on a Google search when he tries to find out about your offering?
Consideration – What is your ideal customer thinking when he has gone ahead and provided his information on your landing page. What is the next step that you must take to ensure you can nurture him to take action and buy your offering?
Action – What is it that will make your customer open up his wallet and pay? How will you make it easy for him to do that?
Fan – How will you make it easy for your customer to recommend you to someone else he knows who can use the same offering?