HOW CAN MARKETING HELP TECH STARTUPS WITH BUSINESS GROWTH
Technology is growing at an unbelievable pace. Such that it is hard to keep up with all the innovation taking place in the field. The tech sector is also one of the most crowded markets when it comes to start-ups. Every sub-area of technology, from Fintech and medical tech to engineering, IT, digital and others, is seeing a rise in new businesses. And while there is room for all of these tech start-ups in the market, they still need to optimise their business approach to be conducive to sustainable growth for a long period. All companies, regardless of their age, scale, or size, want continuous growth. And the only way tech start-ups can ensure business growth is by finding the USP which makes them stand out and attract high-value customers. That’s where intelligent marketing can make a difference!
So how can tech start-ups leverage marketing to ensure sustainable business growth?
IDENTIFYING THE RIGHT OPPORTUNITIES
The first and most important thing to do would be to identify and capitalise on a forthcoming trend or opportunity proactively. Be consistent with this strategy, and your start-up is bound to stay ahead of the game. Since innovation is at the centre of everything in the technology sector, your marketing strategy must focus on establishing your tech start-up as the best source of information for all the latest developments in your area of expertise.
THE BEST MARKETING STRATEGIES FOR TECH STARTUPS
Saying traditional marketing doesn’t work for tech start-ups is an understatement. Considering the evolving nature of the sector, it is clear that the growth marketing strategy for tech start-ups needs to have many other layers on top of the traditional marketing approach. It should focus on increasing sales and revenue and prioritise improving user experience and market penetration.
Based on the immediate requirements of the company and the current stage of growth it is at, a tech start-up can choose to adopt the following growth strategies:
Market Penetration – The lowest risk approach, this strategy is focused on selling more of the existing service or product in the same market. Some of the specific marketing tactics that can be used to achieve this are – Increasing awareness and attracting more audience on digital channels, introducing special offers and incentivising sales, improving distribution, etc.
Market Development – This strategy is based on targeting new markets using existing products or services. In addition, the marketing activity can focus on expanding the reach nationally or internationally and using new channels for sales and promotion.
Product Development – Although relatively risky, this approach of launching a new product or service in the existing market offers the best chance of growth for tech start-ups. Since it is based on identifying the needs of your current customers and then offering them a suitable product that addresses their pain points, it has a great chance of success. However, it is important to conduct market research and execute this strategy correctly to get the desired results.
Diversification – The highest-risk strategy, diversification involves introducing a new product in a new market. It demands a considerable investment of time and money into product and brand development. The majority of the tech start-ups that involve an innovative product or service need to start with this approach before trying the others. Most of the marketing tactics are focused on developing and highlighting the need for their product that the customers didn’t even know they had.
HOW CAN TECH MARKETING EXPERTS HELP
Regardless of the type of growth strategy, every tech start-up must adopt the right marketing mix to ensure business growth. A/B testing, referral programmes, loyalty rewards, data analysis, user experience, video marketing, copywriting, funnel marketing and personalised customer service are some of the marketing methods that tech start-ups can employ to achieve sustainable growth.
It is not always possible for start-ups to have an in-house marketing team for strategising and executing the growth marketing plan. In that case, hiring a tech marketing specialist is the best way to get the desired ROI. As the leading tech forum of Milton Keynes, BizTech has access to the best tech marketing experts in the region. So if you’re a tech start-up that wishes to make a mark in this tech-friendly region, we can get you access to the best resources that will help with business growth. Contact us to learn how a BizTech membership can open all the right doors for your tech start-up!
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