Adapting Strategies to Differing Markets
Oftentimes in business we complain about too much data. But for marketers in newer companies, often there is no data to inform decisions. So how do marketing strategies change between established brands and startups?
Building a marketing strategy from the ground up with a start-up is different, no matter what way you slice it. There is no baseline, no knowledge of what works and no knowledge of what doesn’t.
Everything has to be done faster than ever before, and without data. Thus, creativity in gathering information is key. This week we on Maverick of Marketing we talk with Nick Stagg, Chief Marketing Office at Wooly, a cloud-based advocacy platform.
“When faced with obstacles you get creative and you rely on things you didn’t have to rely on before, says Wooley. You have to prioritize what needs to be done versus what you want to get done.” With what needs to get done winning out.
Owned and Earned Media
There is often a debate across owned, earned and paid media. But when budgets are minimal the decision is a no-brainer – creating content and distributing on owned channels. For big brands with big budgets, owned media can sometimes be a lost art. They throw money, and lots of it, at paid channels so they can move faster at scale, and get more data to optimize quickly.
But authenticity is more important to buyers than ever before, and in the long run the payoff of owned media is greater. With owned media there is a greater opportunity for employee advocacy. And today, everybody in the company is in someway, an extension of sales. Each individual just has a different role to support it. Listen in to this weeks episode of Maverick of Marketing for the full episode.