Blockchain startups must use a variety of marketing techniques in order to grow their companies. Here are some simple tips to follow for new and upcoming businesses.
1. Know your market
How to know if the market is suitable? The following 3 indicators must be distinguished:
- TAM (Total Addressable Market): The total addressable market is the total value of the market in which your offer is located – all industries, all countries.
- SAM (Service Addressable Market): the market addressable by your service or product corresponds to your target within the market according to precise criteria – the selection of industries and target countries
- SOM (Obtainable Market Service): the market achievable takes into account your commercial resources, the difficulties of penetrating certain markets, etc. – Target Market Subsection
The good questions to ask yourself before attacking a market are:
- What is the level of competition
- What is my budget? What are my resources?
- What is the maturity of the market? Can I conquer customers beyond tech-savvy early adopters?
- Is the target clearly definable within the market?
- Is there a strong barrier to entry?
These questions may seem elementary. Unfortunately, they are too often neglected while they allow risking the approach of the conquest of the market.
2. Know your prospects
To realize the knowledge that one has of its prospects, the ideal is to define buyer profiles named “buyer persona.”
A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers.
When creating these profiles, consider the demographics of your clients, behavior patterns, motivations, and goals. The more precise you are, the better the results will be.
A detailed “buyer persona” will help you determine where to focus your time. Having a thorough understanding of the personality of your ideal buyers is essential for adapting content creation, product development, business discourse, and everything related to customer acquisition and retention.
To do the exercise, we recommend the following model.
3. Set goals and marketing budget
Some entrepreneurs think that it is absolutely necessary to be “100% agile”, to make the decisions one by one and thus to avoid making a marketing plan. This is a common mistake in small structures.
The marketing plan should define the major annual objectives. By objective, we mean something more specific than “to make more income” while having more height than “to make 56% more meetings at stage 3 of the conversion funnel”. Objectives must be related to business issues.
It is then divided into major periods (campaigns), and each campaign is subdivided into actions (press release, customer testimonial, newsletter, show, etc.).
The definition of the marketing budget goes hand in hand with the definition of objectives. Based on the performance of the previous year (when a history exists), calculate:
- Revenue goal to generate
- Number of opportunities to sign (= CA / average customer size)
- Number of opportunities to generate (= number of opportunities to sign / conversion rate)
- Number of first meetings (= number of opportunities to generate / conversion rate)
- Number of qualified leads (= number of first meetings/conversion rate)
- Total number of leads (= number of qualified leads/conversion rate)
From these metrics, you will be able to identify if your marketing budget is aligned with your goals. Your cost per historical lead (= marketing budget/number of leads generated) is the best indicator to confirm or inform the alignment between your goals and your marketing budget.
4. Do not rush on the “lead gen.”
Among the common mistakes identified by Selma, there is this belief among startup founders that you have to invest your entire budget in lead generation and all at once.
Without further marketing investment, such as branding, the cost per lead will increase each year mathematically. In fact, in the first year, you will conquer the easy leads (“low hanging fruits”), then those a little more complex to go and so on. Your potential market will gradually dwindle, and the cost per lead will grow exponentially.
As Ségolène Finet, CMO of Talentsoft also presented, it is imperative to invest gradually in the various stages of the conversion funnel. In addition, it is necessary not to neglect and invest in non-measurable aspects such as branding.
To have a complete view of its position and the actions to implement on the different markets, Selma has created its own matrix as you can see below:
5. Define priority marketing actions
To define the action plan, Selma had to prioritize her actions. Since it is not possible to do everything at the same time, it is essential to diagnose its level of maturity on each of the marketing levers. By identifying your strengths, neutral, and weak, you will be able to prioritize your efforts and correct your weaknesses.
This mapping of your level of satisfaction by leverage is an excellent steering tool. You will be able to justify your actions and communicate with the rest of the teams, your big projects (without going into technical considerations).
6. Invest in human capital & marketing tools
In small structures, you are looking for Swiss knife profiles that can do a little bit of everything. Quickly, you will need to invest in profiles with specific skills for its missions that are business in their own right: community management, content creation, events, press relations, CRM, email marketing, traffic management, etc.
However, do not think that recruiting the best talent is enough to achieve your goals. Marketing requires an appropriate suite of tools to automate, manage, and optimize marketing actions. Do not invest in a marketing stack is equivalent to refraining from scaling.
The two points are deeply linked. If you invest in relatively advanced tools, you will need dedicated human resources. Tools like Salesforce or Marketo require some expertise that your initial ultra-versatile profile may not master. We must, therefore, be cautious about introducing new tools, while being aware that it is necessary to equip ourselves accordingly when objectives grow with society. It is, therefore, essential to maintain a good budgetary balance between investing in the team and investing in tools.
7. Brings Marketing to Sales
Once your machine generates leads set up, do not rely on your Sales to contact all your leads. This is the role of the BDR / inside sales.
These junior profiles, less expensive, can manage all of your leads generated by events, the website, prospecting, etc. = No waste of money
They are responsible for qualifying the leads and understanding their need by getting the maximum amount of information needed after Sales Reps = clean process and satisfied customer
The BDRs also maintain CRM. They make sure all the information is up-to-date and that no account has been forgotten = No missed prospect
They have a goal of appointments to provide each month according to the available sales forces = Controllable pace and predictable growth.