We sat down for an interview with our Head of Business Development, Amit Perry. Amit has played a part in contributing to the growth of many successful startups, and we wanted to share his experience with you.
What do you think is most important for a startup to take into account when developing a digital marketing and growth strategy?
I think it’s very important to define your goals and measure your success. When you define your goals clearly you will have a better idea of what reverse engineering is required to meet them. Measuring your success and having the right KPIs will help you understand what needs to be done in order to take your company to the next level. This is something that will help both the entrepreneur or founders of the startup, as well as their marketing team.
And I would like to add that it’s important to be realistic and do research on the budget required to meet your goals. In a lot of cases we, as a digital marketing agency, help early stage startups define their goals and build their business plan. This includes understanding customer lifetime value and how much funding needs to be raised in order to achieve the results they desire.
So it all comes down to finding your KPIs, doing the right reverse engineering, and asking the right questions about your product or service. These steps will allow you to plan a coherent marketing strategy and maintain sustainable growth.
“Measuring your success and having the right KPIs will help you understand what needs to be done in order to take your company to the next level.”
What is the best way for a new business to do a competitor analysis?
I believe you have to be creative with the way you look at your competitors. Look beyond companies who offer the exact same product or service and try to find other companies that are competing with you on the end user.
For example, a competitor can be a company that offers a different product that can capture your audience’s attention and fulfill their needs. Broadening your perspective as much as possible will allow you to be more creative in who you define as your competitors.
It’s also important to map the data from your competitors so you’ll understand the competitive landscape marketing wise. This means researching what they’re involved in, how they are spending their money, and where they are publishing their content.
This mapping will make it much easier for you to adjust your strategy accordingly.
“Broadening your perspective as much as possible will allow you to be more creative in who you define as your competitors.”
How can a startup make sure they are targeting the right audience?
Personally, I think the best way to build the right buyer persona for your audience is to create a few different personas and target and test each one separately. You might find that one persona that you thought was the perfect audience is not a good fit for your startup marketing needs.
Interviewing clients is also a good way to define your target audience, whether they are design partners or paying customers.
I prefer interviewing clients for feedback as opposed to sending out surveys. Especially when it comes to B2B marketing, you can learn a lot more from sitting down and speaking to a client than you can from a survey.
When you speak with them and ask the right questions you can get a better understanding of who is your advocate in each business, who is your influencer, who is the decision maker, etc. This can teach you a lot and it will help you understand your audience better, and figure out the right messaging or content strategy to reach them.
“You can learn a lot more from sitting down and speaking to a client than you can from a survey.”
What is the most common mistake startups make when getting into digital marketing?
It really comes down to the business plan not fitting the market’s environment. What is a start up at the end of the day? It’s a new company that has a new solution to a common problem, and they’re trying to find their product/market fit.
When a business is in its early stages, it needs some wiggle room for testing, trying new ideas, and pivoting. Be open to pivoting the message of your brand, or the strategy, or how you divide your efforts if you find you aren’t fitting into the market. I truly believe that flexibility and the ability to adjust quickly is a key factor in a startup’s success.
“When a business is in its early stages, it needs some wiggle room for testing, trying new ideas, and pivoting.”
Amit has been helping startups grow through consulting and managing marketing strategies for the past 3 years. He is currently the Head of Business Development and heads the customer success team at MindAd.TALK TO US