{"id":29252,"date":"2020-08-18T10:00:00","date_gmt":"2020-08-18T08:00:00","guid":{"rendered":"https:\/\/www.euruni.edu\/blog\/?p=29252"},"modified":"2020-08-14T12:15:38","modified_gmt":"2020-08-14T10:15:38","slug":"5-item-survival-kit-startup-marketers","status":"publish","type":"post","link":"https:\/\/www.euruni.edu\/blog\/5-item-survival-kit-startup-marketers\/","title":{"rendered":"The 5-Item Survival Kit for Startup Marketers (During Coronavirus and Beyond)"},"content":{"rendered":"\n

Running a marketing campaign for a startup is equal parts frustrating and exhilarating. Most startup marketers have a large amount of freedom when it comes to setting the direction of their campaigns, with ample opportunity for testing new ideas and exploring uncharted territory.  <\/p>\n\n\n\n

But this lack of structure also carries risk. Among many other things, it\u2019s easy for marketers to lose focus of the bigger picture, mismanage limited funds, pick the wrong metrics to track success and sideline the wellbeing of their team in pursuit of fast growth.  <\/p>\n\n\n\n

As coronavirus loosens its hold on the world economy and more businesses return to the fray<\/a>, many marketers are wondering\u00a0how to formulate their strategies. If that sounds like you, this post\u00a0outlines\u00a0five practical tools\u00a0to\u00a0help\u00a0you\u00a0succeed.\u00a0\u00a0<\/p>\n\n\n\n

1. Financial Management Tools  <\/h2>\n\n\n\n

It\u2019s impossible to overstate the importance of proper financial administration to startups. Financial mismanagement<\/a> can kill a budding company faster than anything else.\u00a0\u00a0<\/p>\n\n\n\n

As a marketer, you will likely have a set monthly budget. Management tools will enable you to allocate this pot of money to various activities – established channels, new marketing opportunities, staff wellbeing\u00a0etc.\u00a0\u00a0in the most effective way. Ideally, you should monitor your budget and spend on a daily basis, ensuring that resources are correctly directed to the relevant areas<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

Integrating accounting software with other apps across your organization will enable you to keep up-to-date with spending in real-time. In this way, you can be alert to any potential threats to your budget, along with opportunities.  <\/p>\n\n\n\n

Crucially, a tech stack which provides you with a full overview of your cash reserves will allow you to weather any storms that come along. It\u2019s easy to overspend when you\u2019re not aware of how much money you have in the bank and marketing budgets will also need to be adapted based on spending in other departments.  <\/p>\n\n\n\n

2. Visual Branding and Design Tools <\/h2>\n\n\n\n

Branding and messaging is the basis of\u00a0all\u00a0<\/em>marketing campaigns. Many marketers make the mistake of developing an incomplete or superficial branding strategy<\/a> that doesn\u2019t account for the nuances of market research, positioning and the company\u2019s overall value proposition.\u00a0<\/p>\n\n\n\n

This is particularly the case when it comes to visual materials. In many startups, design takes a back seat. Professional graphics are costly and optimizing the visual elements of your branding across multiple fronts – ads, social media, websites, printed materials and so on – can be very expensive.  <\/p>\n\n\n\n

In most cases, however, this is an unwise approach. The return-on-investment for money spent on design is usually positive for startups<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

It\u2019s important to remember that your marketing budget is limited. As such, it\u2019s crucial to make a positive first impression. And nothing sends potential customers scurrying faster than sub-par, unprofessional visuals. <\/p>\n\n\n\n

What a lot of marketers don\u2019t realize is that beautifully-designed materials needn\u2019t break the bank. A whole host of apps and tools enable startups to create stunning materials in line with their tone, brand philosophy and value proposition, at a fraction of what an agency would charge. Invest in software and services like Adobe Creative Cloud, Shutterstock, InVision and so on. Once you see the quality of your marketing visuals, you\u2019ll be glad you did. <\/p>\n\n\n\n

3. Testing Infrastructure for Traction Channels <\/h2>\n\n\n\n

In their book Traction<\/em>: How Any Startup Can Achieve Explosive Customer Growth<\/em>, Gabriel Weinberg and Justin Mares outline a simple marketing philosophy.  <\/p>\n\n\n\n

They suggest that startups should focus on finding their \u201ctraction channel\u201d. This is the marketing channel (or channels) that will deliver the fastest possible growth. Examples include organic search engine optimization, Facebook marketing, content marketing and joint ventures.  <\/p>\n\n\n\n

Companies that are able to identify their traction channels early\u00a0on\u00a0have a much better chance at success<\/strong>.\u00a0\u00a0<\/p>\n\n\n\n

If you\u2019re going to find your traction opportunities, it\u2019s essential to implement a robust testing infrastructure. You need to know which strategies are working and which aren\u2019t. And the only way of doing this is to organize metrics from multiple campaigns into one centralized reporting area. <\/p>\n\n\n\n

As a marketer, you will likely need to collate data from multiple platforms and analytics dashboards. While elements of this task will need to be done manually, automation tools like Zapier will help to speed up the process of transferring data.  <\/p>\n\n\n\n

4. Core KPIs and Success Metrics <\/h2>\n\n\n\n

Your KPIs are the set of metrics that indicate the overall health and success of your startup. <\/p>\n\n\n\n

In the early days, it\u2019s crucial to distinguish between metrics that provide you with useful information and so-called \u201cvanity metrics\u201d<\/strong>. These figures are good for your ego, but don\u2019t actually provide any insights about the performance of your campaigns.\u00a0\u00a0<\/p>\n\n\n\n

\"business<\/figure>\n\n\n\n

While there are others, marketers should take notice of two KPIs in particular:  <\/p>\n\n\n\n