Digital marketing remains an effective way to grow a business, but far too many startups are failing to use their data to guide their marketing strategies. Partly, this is due to a lack of resources.
Startups face many challenges, but having a clear vision about the role of marketing and the value of using data is becoming a critical component of startup development at every stage. If you’re focusing on the seed round and aren’t paying attention to the potential of data then you are limiting your chances of startup success.
Marketing is all about building connections, and a data-driven campaign can provide you with a more streamlined approach that can enhance your marketing strategy and ensure that you get to launch day and beyond far easier. Here are some tips for creating a data-driven marketing strategy that could see your startup build a name more effectively than you might have thought.
Your Startup Story
When you have the right data, you make it easier to get to where you want your startup to be. Unfortunately, if you fail to make use of your available data then you are often simply working in the dark. Use your data to determine exactly what your startup brand is going to look like, and for building a brand personality that will resonate with the right people.
Think about what your startup is offering, and who will be interested in those offerings. Everything that you create to build your brand needs to be tested in the real world, and that means measuring impact, reach, and interactions. Use your data to find out what works and what doesn’t.
Using Data Sources
One of the misconceptions about data for startups is that many entrepreneurs think that they won’t have access to valuable data until they have launched. This is a basic mistake. You may not have a year’s worth of data to analyze, but you have more than enough to help you get to your launch. Start by looking more closely at your competitors. Track their marketing strategies, and make use of social listening tools to build an understanding of how those competitors are getting their website traffic or building their SEO strategies.
You should also consider making use of traditional market research to build a more grounded, data-driven understanding of customer pain points. This will give you an excellent foundation to build on.
Collect Data From Day One
The moment you have decided to build a startup is the moment that you should start collecting data. Continue collecting data about your competitors, but start creating a collection of data as your customer base grows. You’re going to need to learn how to best collect, store, and use that data, so educating yourself is vital.
If you ignore the value of data in the digital age then you are simply hindering your startup unnecessarily. Make sure that you understand the need for a well-developed data governance framework so that you aren’t making mistakes, and remember to track everything from real-time interactions with consumers to industry trends. In 2020, there’s no such thing as too much data, as long as you know how to use it.
For startups, using data should become ingrained into your company foundation. If you are waiting to build your startup before making use of your data then you are already creating a barrier to growth. Make no mistake: startups that ignore the value of data in 2020 are going to run the risk of failure.