Most successful venture portfolios have startups that reach a stage in their growth and development where they need some level of advanced marketing support: digital advertising, demand generation, trade shows or events, collateral, social media, etc. Many also require high-level planning but don’t have the in-house expertise to effectively execute, never mind prepare, a marketing strategy.
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Nascent technologies and startups, on the other hand, require more basic support, but even they are beholden to the needs of marketing if they’re to survive the competitive investment landscape. This article outlines the various stages of venture growth and the marketing support required to meet both investor and market expectations.
Early Stage Technologies
While the venture capital market is becoming increasingly saturated with investors, so too is the rapid rise of technology startups. This confluence of investment and technology makes it an exciting time to be an entrepreneur, but it also creates challenges, especially for early stage technologies.
Gaining trust and building relationships with investors is a critical requirement for every startup; but how do you announce yourself when you’re not even sure what you’re announcing?
At this stage it’s imperative that you put a stake in the ground. Or, better yet, draw a line in the sand. What is your technology’s value proposition? Have you executed market research to support your suppositions?
If you’re confident in the business, then you need a company – and perhaps a product – name and logo that connects emotionally to your brand promise. And because we live in a digital age, you need a basic website that supports your premise.
You don’t need to shout out to the world, “WE ARE HERE!” But, you may need to hang a shingle and make it official.
Capital Raise
Content marketing and thought leadership are great ways to demonstrate viability and build credibility. From blog posts, podcasts and videos, to white papers, case studies and editorial, if you’re looking to raise capital you need to prove you’re worthy of it.
It’s not about the brand, it’s about the efficacy of your technology and the promise/ability to connect with a market. Build credibility with peer-review articles and early adopter testimonials. Give the investment community what it needs: confidence that your technology is progressing as planned and that you’re steering the ship in the right direction.
Revenue Stage
The key to revenue stage marketing is to establish a sufficient, sustainable and defensible beachhead in the target market. This involves creating a customer-focused ecosystem and executing on actions that signal to the market that you’re a stable business. More importantly, it means instilling in customers the confidence and desire to engage with you.
Focus your marketing efforts on early wins. Start promoting successes and reference accounts. Social media and public relations are critical. Case studies and testimonials grow in importance. Instead of walking trade shows to gather business cards and shake hands, consider attending with a booth to generate leads and opportunities. Speak at key conferences and symposiums. If you haven’t already, post on your website product demos and/or free trials.
Your business is at a critical stage. Don’t waste the opportunity to generate much needed awareness and revenue. Marketing can help you do both.
Growth Stage
In order to maintain growth, you need innovative marketing and communications that foster meaningful connections with core audiences. As an organization with some maturity, ask yourself:
- Is marketing a shining star in my organization?
- Is anyone listening to you?
- Are you prepared for success?
If you answered no to any of these questions, then go out and find a marketing provider that understands the following:
- In a world where performance is the only metric that counts, ensure you’re doing the right things, at the right time, because chances are you’re not.
- The way to your customer’s heart is through the channels they trust most. Do you know what those are? It’s a trick question: it’s all of them.
- If you want customers and prospects to continue engaging with you, then give them something to engage with. Be bold. Be daring. Be smart.
Liquidity Event
Selling a company can be an emotional decision. It’s no small thing, and it’s not a quick process. Don’t underestimate the role of marketing in the evaluation phase. You, and your investors, want a fruitful and profitable exit, one that might lead to more venture opportunities. Consider the following:
- Brand: Nothing represents the sum of the market’s perception of your company than its brand. Plan to create and leverage brand style and usage guidelines to ensure accurate and consistent applications of use across all messaging, assets and employees.
- Website: Is it current and reflective of your brand promise and value proposition? The website is the gateway to your company’s soul. You only get one chance to make a first impression. Make sure it’s fresh and up to date.
- Intellectual property: Your most valuable asset is your IP. Make sure it’s protected – everywhere. Consistent and accurate representation of technology throughout your collateral system ensures clarity of message and helps protect against fraud and confusion. Make sure every piece of material is accurate and up to date, from PPT, brochures and case studies to videos, white papers and data sheets.
- Social media: When was the last time you truly reviewed your social media feeds? If they’re outdated or underused, consider deleting them. If negative or inappropriate posts exist anywhere on your timelines, now is the time to clean them up. Remember, even the most benign comment has the potential to cause heartburn, derail negotiations, or impact valuation.