Are you a new business owner looking for unique ways to market your products and services? Would you like to learn about marketing strategies that most startups overlook? How about insight into underrated marketing strategies that new businesses ignore? In any case, you will need a diverse tactic to stand out in a competitive industry.
Currently, there are over 33 million small businesses in America. Among them, 72,560 are startups. Nearly 20% of new businesses fail within the first 24 months. One of the main reasons is ineffective marketing techniques.
Organizations are using similar marketing channels. Hence, it reduces the chance of discoverability for startups. That is why startup founders should curate outside-the-box marketing plans to succeed. Unique marketing strategies help you increase conversion rates and build brand awareness, irrespective of your business’s niche.
If properly implemented, some underrated approaches can help your startup succeed. In this blog, we will discuss three marketing strategies that will help you outrun your competition.
1. Sludge Marketing
This type of marketing might seem unappealing to older businesses. However, it is beneficial to a startup’s initial marketing strategies. The industry often looks down on this cunning way of gaining a consumer base.
Sludge marketing is perfect for new eCommerce and online subscription businesses. Let’s say your customer signed up for a weekly food service. The initial sign-up process is straightforward. All they have to do is enter their location, meal preferences, and payment information.
Now, you can make the cancellation process strenuous and time-consuming. It can involve filling out questionnaires and talking to customer support. As a result, your subscriber would rather stay associated with the food service than go through multiple cancellation steps.
Most people hate this strategy because of the negative consumer experience. But sludge marketing techniques work on behavioral economics that influence situations to promote the outcomes you want.
Sludge techniques are ugly but effective in the competitive subscription-based service industry. Reports suggest that 75% of business-to-consumer (B2C) businesses will have a subscription module by the end of 2023.
Your startup’s success depends on this underrated marketing strategy. In 2020, Twitter used this marketing technique to promote informed decision-making. The users had to confirm whether they had read an article before being able to share it with others.
2. Traditional Marketing
With the rise of digital marketing tactics, traditional marketing took a backseat. However, recent reports by the Harvard Business Review state that marketers are slowly returning to traditional marketing methods.
As a new business owner, you can break through the digital clutter by using podcasts and trade show exhibits for marketing.
Traditional marketing techniques are great for all businesses in the industry. Examples include service-based, eCommerce, education, food, etc. Similarly, offline marketing is crucial in enhancing contemporary strategies for building trustworthiness.
Startup founders can create free podcasts, invite famous personalities, and discuss pressing issues. During these podcasts, you can promote your brand as a solution to the discussed problems.
You can also choose to advertise your brand on billboards. For example, Allstate Car Insurance’s billboard advertisement in Chicago made headlines. It depicted a real car dangling on the edge with the ‘Are you in good hands?’ statement.
As a result, it created chatter about the company among pedestrians and people who drove by the location.
You can also sign up for a trade show. These events are an underrated way to build brand awareness, network, and cultivate future relationships. New business owners can also get insight into the competition and learn more about the industry.
At these venues, you can create jaw-dropping trade show exhibits with ideas that resonate with your brand image. You can focus on sustainability and offer freebies or samples at your booth.
For example, Exploding Kittens’ puppet show using a vending machine at a trade show proves how brands can get creative and capitalize on trends.
According to Classic Exhibits, startups should showcase their products and services through stunning 3D displays and memorable graphics. Only then can they attract foot traffic to their booths.
3. Channel Marketing
For startups, channel marketing is a way to piggyback off other businesses’ success. You can use successful organizations to connect with potential leads and market your services and products. Ideally, you can build mutually beneficial relationships between your brand and other companies.
Channel marketing has standard incentives, like partial sales commissions, and terms that benefit both business models. Recent examples of channel marketing include celebrity endorsements, exclusive discount codes, and paid promotions. You can expand your startup quickly with minimal marketing strategies.
The most significant example of a startup gaining momentum after a celebrity endorsement was Little Spoon. This organic baby food startup partnered with Serena Williams and made over USD 17 million.
Furthermore, you can save time using an existing user base and create brand recognition. Amazon is also a prime example of channel marketing. With Amazon, you can access the most significant supply chain in the world.
In short, this marketing technique can change your business’s trajectory. However, you must have a plan to negotiate this relationship’s benefits and choose your customers wisely. Remember not to rely on the other brand’s marketing strategies, and do not surrender your brand identity.
The Bottom Line
These marketing techniques are effective but volatile. For instance, you might not get a positive outcome from channel and sludge marketing techniques. That is why you should have a proper marketing plan designed for your brand’s future.
Choose the marketing strategy after analyzing your startup goals, the company’s data analytics, and funding. As a startup founder, choose the correct tool to promote your organization. Traditional marketing is the safest technique. However, the outcomes can take longer than channel marketing.
Other unique marketing techniques include working with micro-influencers, creating video series, giving back to the community, and more. These underrated strategies will help you enhance your marketing game and go a long way. All you need to do is be strategic, ideate, and manage the tactics properly.