It may be that your startup offers the best product or service in the industry, but without effective marketing, you’re dead in the water. People won’t know your brand exists, won’t understand why they should choose you over your competitors, and won’t want to become loyal customers who recommend whatsapp data your business to their friends and family.
So let’s roll up our sleeves to explore and implement the marketing strategies that your new business needs to become unforgettable.
If you’re just getting started with your business idea, first read the previous article in this series for the mindset, logistics, and marketing checklist, so you have a strong foundation to build on: Three pillars of a successful startup: Ultimate guide for small businesses.
The key to effective marketing
Before we dive into the strategies you’ll use to attract customers and build brand loyalty, we need to talk about the core factor that steers successful marketing: data insights.
You may be tempted to think this means boring number crunching, which you can put off for later when you’re more established.
But what you need to understand as a small business owner is that without performance analytics and understanding how chatbots power phone number data capture your target audience, you’re flying blind, like a ship with no navigation. This will waste time and money, so getting to grips with data from the get-go is critical.
You don’t need to know the more advanced analytics and metrics, but let’s look at the need-to-know data which will put the wind in your startup’s sails.
Performance indicators
These are the most important ones when you’re starting out, and how you calculate them:
Customer Acquisition Cost (CAC)
This measurement gives you clarity on the total cost of acquiring each new customer. For long-term profitability, you’ll want to bahrain lists keep this number balanced with how much you earn from each customer. Naturally, the lower your CAC figures the better.
Formula:
Total number of sales + marketing expenses ÷ the number of new customers acquired.
Example:
If you spent $10,000 on marketing and sales in a month, and acquired 100 new customers, that would be: 10,000 ÷ 100 = $100 spent per new customer.