Today we’re looking at a step that often gets overlooked in the startup process: marketing. Mike Scott chats to Azadeh Williams of AZK Media, who has 15 years in the tech space and brings with her a wealth of media and marketing knowledge. Let’s dive into it!
Marketing for FinTech startups:
The value of marketing in the startup phase
Is marketing really necessary in the early stages?
“To put it simply,” answers Azadah, “any prospect will engage with you if your website and marketing mix look like how your customers understand the problem. It shows you can take them seriously and you know how to market to them – simple as that.”
Marketing to an audience you don’t know yet
As Mike points out, in the early stages many startups have not yet gotten to the point where they know exactly who their customer is. They don’t even know what their minimum marketable product will be. How do they go about marketing?
“Feedback, feedback, feedback,” says Azadeh. “Get some surveys out and aggregate as much data as you can from those who were using it. Analyse that data and leverage it to keep improving your product, and really hone in on who your target customer is. Using the right data analytics tools to help really hone in on that is paramount.”
How to get customer feedback
Okay, so feedback is important. How do we get that from consumers?
One easy-to-use method is Survey Monkey, which AZK Media actually uses for their clients. Another super simple option that we’ve done at Nona Digital, is to create a Google form, which is free. “We sent it out in the fitness space,” recalls Mike. “Just to our own networks, but we got close to a thousand responses. We were literally sending it on Whatsapp, asking others to share it to their networks as well.”
DIY PR and marketing
Azadeh shares the absolute do’s of DIY marketing:
Understand and value marketing as a critical component of a growing business.
“Don’t think that marketing is just some automation platform you can plug in and play, and it will do the magic for you,” advises Azadeh. “It doesn’t really work like that. There’s a very complex ecosystem that you really need to understand.”
Invest in brand equity.
Make sure you have a well-designed logo and a functional website. “It’s an absolute essential component to get that competitive advantage,” says Azadeh. You don’t have to spend hundreds of thousands on this, but it is obvious when you cut corners in this department.
Articulate what it is your business provides.
One of the common mistakes that Azadeh sees are “generic, waffley mission statements” and customers don’t actually understand what you do. Be clear about why your business exists and what it provides.
From these few points alone, it’s clear to see that marketing is an overlooked and highly valuable component of business. If you’d like to hear more advice from Azadeh and Mike, listen to their full conversation on the How to Be Moderately Successful podcast here.