Most startups struggle with achieving growth and marketing is a major reason for the failure. In 2021, Orchid Agency surveyed over 50 startups and identified 10 common mistakes made by startups.
1. Poor messaging
Bad messaging invites confusion and disengagement. Startups should clearly articulate “what and the why” – what is the product and why is it valuable for prospects, customers and investors – across all marketing channels.
2. No key performance indicators (KPIs)
In order to “double down on what’s working” companies need to identify full-funnel and channel-level marketing KPIs.
3. Marketing without a plan
Instead of trying tactics that founders read in a book or heard on a podcast, startups should focus on executing against a strategic marketing plan.
4. Using the “Spray and Pray” approach
Steer away from investing in generic tactics to as many people as possible. It will not motivate prospects to engage or purchase.
5. Fixing something that isn’t broken
There are many factors for missed revenue targets yet founders often focus on “fixing” niche marketing tactics like over-analyzing a blog post versus looking at the bigger picture.
6. Not understanding the customer
Growth requires a maniacal focus on the ideal customer profile (ICP) and the buyer’s journey. Deep understanding of ideal customers will allow startups to create a far more tailored marketing strategy.
7. Leveraging the wrong marketing channels
Identifying the right marketing channel mix is crucial for success as it would eliminate inefficient spend and reduce the burn rate. B2C companies focus mainly on paid media, in-app campaigns, in-product offers, and email channels. However in B2B, the channel mix depends on the customers. Small-medium customers traditionally engage more via website, email and paid media channels. Yet enterprise customers engage more via account-based marketing, events (virtual or in person) and partnerships.
8. Not building a brand
Brand building and reputation management is critical, especially at the early stage of any startup. The brand identity should evoke an emotional response from the ICP and successful brand storytelling adds an element of personality that separates startups from just another business to become genuinely unforgettable.
9. Not investing in partnerships
Sales and marketing partnerships are key to accelerating brand awareness, demand generation and revenue growth at an early stage. Startups should look for partners that have a broader reach and target the same ICP with complementary capabilities and resources.
10. Following the crowd
Great marketing relies on originality and the ability to find novel ways to attract, engage and convert customers. While imitation is the best form of flattery, building a successful startup requires originality and startups should intimately invest in differentiation.
Orchid Agency offers tailored marketing growth services to business-to-business (B2B) tech startups and can help with these typical challenges.
More information can be found at https://www.orchid-agency.com/.
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Company Name: Orchid Agency
Contact Person: Mariya Finkelshteyn
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Country: United States
Website: https://www.orchid-agency.com/