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How Your Startup Can Effectively Collaborate With Influencers

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As a startup, your priority is to attract, engage, and turn potential clients into lucrative, long-term consumers. And the optimal way to make this possible is by incorporating startup influencer marketing.

Most consumer brands these days collaborate with influencers to grow their business. Why? Because these individuals have built a lot of trust behind them, they can promote your product or services to their audience and get them to trust your brand. This is a huge sales-driving strategy, especially for new and upcoming businesses.

Collaborating with influencers is still a relatively new marketing strategy and there’s a lot of room for errors. Startups need to know how to collaborate with influencers and build real relationships with them, otherwise, they will end up wasting their limited budget. That said, if you manage to find the right influencers, the quality of customers you will get is generally higher.

Here are some ways startups can make use of collaborations effectively and build their brand’s presence and growth:

1. Engagement is more crucial than the follower count

To make sure your marketing campaign delivers results, examine how an influencer’s audience reacts to their posts, instead of looking at the number of followers they have. If people comment on posts or send shoutouts to your product or services, it shows that they are aware of your brand.

Generally, influencers with high follower count tend to receive fewer interactions when they post. People who are interested in such semi-famous individuals only see them as eye candy and don’t really take their product recommendations seriously as it is not relevant to their daily lives.

Consumers usually tend to relate more to someone with, say, 12k followers and as such, they are more likely to take their product suggestions seriously. It is also often recommended for brands to associate with as many micro-influencers as possible. Micro-influencers with 2-10k followers are not approached by brands that often, and can become willing and happy promoters solely in exchange for a free product from your brand.

“People do not buy goods & services. They buy relations, stories and magic.” – Seth Godin

2. Look within your fans

Find influencers you wish to collaborate with by searching among your current fans. One of the best ways to do this is by determining the type of social channels your consumers are more likely to use. If your company has customers and social media channels already, find individuals who love your product/service, ones that have more influence among their peers.

Remember, you are looking for the popular girl in college, not the Kardashians. While we all know the Kardashians can sell out dresses and products in minutes, it is not easy for most brands to afford these megastars, even more so for startups.

You are left with thousands of influencers, scattered across a number of channels, each charging a different price for promoting your brand. And often, they don’t have much evidence that their content can actually drive sales. This is why finding popular individuals who love your product and collaborating with them can help considerably in driving your brand awareness amongst their peers, which is also your target market.

This strategy is not only great for startup companies with a tiny marketing budget but also drives endorsements from the heart and not the wallet.

3. Pay for performance, not posts

Rewarding influencers for a set number of shoutouts or posts is the easiest way for brands to waste their money. In such instances, the brand manages all the risks of a failed campaign and the influencer is not encouraged to make use of their imagination and creativity. While this marketing format is comparable with the traditional magazine and TV placement, it is being replaced by paying influencers on a performance basis.

Not every influencer will want to collaborate this way, but there are some who will. You just have to put in some effort to find them. For example, the influencer market in the US is more mature as compared to the UK. In the States, there are more influencers who are willing to partner with brands that reward them on a performance basis.

Also, the cost in different industry segments varies and is related to the ones on digital marketing platforms. E.g., hyper-casual games cost around 1 dollar per download on iOS but increases to 3-5 dollars for e-commerce and shopping apps. And although Facebook provides instant scale to brands, influencers offer an endorsement.

“People influence people. Nothing influences people more than a recommendation from a trusted friend. A trusted referral influences people more than the best broadcast message. A trusted referral is the Holy Grail of advertising.” – Mark Zuckerberg

By implementing these tips on your next marketing campaign and following a well-articulated strategy, you can build a successful startup.

Beauty and fashion companies may have been the first ones to collaborate with influencers but the industry has changed. Influencer campaigns are starting to become a major part of the marketing strategy of most consumer brands, including paid media and public relations.

However, people are becoming more incredulous of conventional advertising as well as influencer promotion. If you want your influencer campaigns to be successful, you should find the right influencers, ones that love your product genuinely, and have an authentic interaction with their audience.

Robert Jordan, a seasoned marketing professional with over 10 years of experience, currently working as Media Relations Manager at InfoClutch Inc, which is a leading supplier of most sought after technology database including Amazon AWS customers list, Salesforce CRM customers list & many more technologies. Have expertise in setting up the lead flow for budding startups and takes it to the next level. His passion is working. Now he works at Study Clerk as a content creator.

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Startups

5 Strategic Power Moves to Successfully Build Your Empire

Transitioning from idea to empire is a journey of strategic planning, execution, and constant evolution

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how to build your empire

The journey from a fledgling idea to a thriving empire is both exhilarating and daunting. The Startup Launchpad is not just a process but also a strategic framework that enables visionary entrepreneurs to become market leaders. This framework comprises five power moves, each a critical steppingstone in building a successful business.

These moves—Ideation, Business Plan, Online Presence, Strategic Marketing, and Launch and Growth—are the blueprint for turning aspirations into achievements. (more…)

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Startups

How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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Startups

From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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Startups

12 Things I Learned in 12 Months of Working on My Startup

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A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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