What new startups can learn from established online brands
Every year, about 305 million total startups are created globally. 1.35 million businesses out of those startups are tech-related. Each one of these businesses starts out with an innovative idea and a passion for the solution they’re providing to the market. Yet statistics aren’t on their side. With many startups failing within the first four years, early stages are critical and it’s also crucial that startup founders have the ingredient for success.
On the plus side, the US has the largest tech market in the world, generating an average of $1.6 trillion each year. As the home of successful tech giants like Google and Apple, the US offers a wealth of opportunities for startups to get going. In addition to having the right plan, some of the key ingredients for startup success include building the product that customers want, product offerings (positioning), and branding. You also need to find and maintain the right product/market fit. Alongside branding, you also need to have a strong marketing strategy to connect with your customers and get them to buy your products or services.
One of the best ways to increase your chances of success is to learn from successful companies with track records. So, what can we learn from the major names out there already? We’ve all been impacted by the likes of Disney, Netflix, and Amazon to some degree, but how did they become so successful? Let’s take a look at what we can learn from major brand names when it comes to the first critical few years of startup success.
Customer experience is non-negotiable
When it comes to customer experience, it’s essential to have a watertight digital strategy where users can seamlessly glide from one of your channels to the next. Whether you’re B2B or B2C, being able to communicate an integrated brand story across your website and social channels will enable customers to have a good picture of your brand and contribute to that all-important sale.
Is your website in top shape? Google recently announced a Page Experience Update that’s set to launch in May 2021. According to Google, the update will take expected user experience into consideration for ranking in search results. The new algorithm is designed to judge the webpage based on how users find the experience of interacting with your content. Amongst some of the things to focus on to rank highly with the new updates include:
● Page loading speed
● HTTPS secure connection certification
● Visual Stability (CLS)
● Easily accessible content
Take advantage of social media
Social media can be a hugely powerful tool in promoting your business and telling your brand story to the world. It opens up a two-way dialogue between you and your clients and prospects, increasing brand engagement.
One of the best ways to get fresh eyes to see your brand is through the use of hashtags. Hashtags enable your content to be found when users are looking for a particular topic of interest.
You can also take advantage of tending themes by looking up trending hashtags for that day and then jump on the back of it. You just never know who might pick up your content.
One thing that large organizations have is visibility. Whether that’s on TV, on social media, via their website, or in an editorial feature. Large brands generate a huge amount of high-quality content.
Let’s take Salesforce as an example. Cloud computing giant Salesforce recently began to notice that some of its competitors were more dominant in the market. They decided to take a close look at their content strategy in order to boost their search and paid traffic.
Some of Salesforce’s tactics included educational video content that demonstrated what their platform does, a highly engaging Prezzi presentation that demonstrates one of their best case studies, and the world’s first stop-motion slide share.
As a result of this activity, Salesforce saw an 80% increase in web traffic, a 2,500% increase in traffic to their social media channels, and over 1000 downloads of their e-book.
There are a number of digital tools that smaller brands can use to help create quality content. You no longer need to employ a branding agency or expensive graphic designers as these tools will enable you to create professional content, from social media stories to engaging presentations and even animated gifs. Some of the top tools include:
● Canva – Canva is a graphic design platform that enables even the most unfortunate creatives to design something that looks great. Think snappy Instagram posts, captivating e-books, and an endless amount of templates to choose from to save time.
● Prezzi – Prezzi is a software presentation platform that enables businesses to create complex multi-layer and interactive presentations. It’s also an excellent tool for creating webinars. PowerPoint is so 2019.
Of course, your products or services are the core of your business, so portraying them in the best possible way and adding to your offering is vital. Let’s take DraftKings as an example, their online casino is continually evolving, offering players new games and experiences, so when you log in to play online blackjack, you’re met with over 10 different variations of the game, something which you’re unlikely to find elsewhere. While as a startup it may be difficult to provide a large product offering at first, it’s worth taking the time to really develop your product portfolio before a premature launch.
Overall, statistics are not on the side of success for startups. With most startups failing within the first four years, it can be tough. Yet, as the US has one of the strongest startup markets globally, and a wealth of technologies that can be implemented to make life a little easier, there’s a good chance for success.
Marketing your business plays a huge part in that success, so be sure to follow the above tips to get you on the right track.