The Indian startup ecosystem has really taken off in the recent years. India has paved its way to
That said, Indian startup ecosystem faces quite a few challenges - from scaling up, to marketing their product & services.
'Great marketing starts with a great product!'
Today, consumers have such a strong voice through social media that they can either propel a product to stardom or obsolescence! As Sorav Jain rightly pointed out during the #SocialPowWow Twitter chat, it's imperative for a startup to pick the right medium and put together a competent marketing team at an initial stage.
"While building a great product is the key, marketing is the keyhole which opens doorway to customers" - Sorav Jain
Most Indian startups put money in product, processes, people etc. but do not allocate the right budgets for marketing. Startups must plan and know how much they can spend and over what time period. Poor marketing strategy can lead to a failed startup.
With the evolution of social media over the years, digital has become the go to medium to attract and engage consumers.
According to EY’s second annual social media marketing India trends study, about 90% of organizations reached out to in the study planned to spend as much as 15% of their annual marketing budget exclusively on social media, up from 78% organizations in 2013.
Indian startups should invest in smart custom audience based marketing on Twitter, Facebook and Google for brand recall. Digital marketing not only helps in getting leads and sales conversion, but also helps the brands to understand consumer behaviour.
Analytics in fact, play an important role in understanding consumer's journey. While social media lends itself to creating communities, social analytics helps with engaged communities.
"Make community building and audience development a primary goal of your digital strategy. A startup can't make it with out" - Kelly Hungerford
So if you are a startup or an upcoming startup OR an upcoming unicorn: Be nimble. Experiment with social media strategies. Be willing to change strategies or tweak if not working. Don't be rigid!
Note: Digital marketing & marketing challenges for startups was discussed during the #SocialPowWow Twitter chat and the full transcript of both the chats can be read here: http://sfy.co/c0nCK / goo.gl/ExBLvn