Strategies to market new age businesses
The term Blockchain is hardly a decade old. Yet, according to some reports, the industry is expected to cross $55 billion in revenues by 2025. Like blockchain, there are other technologies like AR, VR and IoT that are quickly gaining ground in various industries and are expected to become mainstream over the next few years.
Product awareness is a big challenge that entrepreneurs in these industry categories face. Customers prefer status quo and may not always be willing to go out of their way to adopt newer technologies. In some cases, these new technologies are viewed as fads and this prevents wide-scale adoption among target customers.
As such, it is as important for entrepreneurs to educate customers about the technology as it is to market them.
Creating technology awareness
There are two ways to build technology awareness among your target customers. The first is the use of influencers and the other is the use of visual marketing.
The benefits of Blockchain, for example, can be difficult to explain even to the more tech-savvy customers. Writing for Merehead, a company that builds fintech and blockchain solutions for their clients, Olga Stashenko says that visual marketing plays a big role in marketing such solutions. Customers are naturally drawn towards visuals and engagement among such marketing assets is also very high. Explaining what your product does and how the technology impacts the process through visuals can thus be rewarding.
Influencers enjoy a personal brand and this allows them to create a level of engagement that may not be possible for regular social media users. Looping in influencers from your industry to talk about your product and the technology is a great way to build awareness and potentially nurture your target audience.
Nurturing your target audience
The sales cycle for new age businesses is typically far longer than it is for the average product in the industry. This is primarily due to the time it takes to build technology awareness and in nurturing your readers.
One challenge that you may face because of this longer sales cycle is that you may not realize how effective your campaigns are until much later. This means a higher marketing spend than usual.
You may overcome this issue by experimenting with multiple marketing strategies. For businesses that do not have the in-house budget to try this out, affiliate marketing campaigns can come in quite handy. With affiliate marketing, the marketer promises a commission to third party influencers for every customer they send their way.
The reason this is so effective is because every publisher and influencer has their own nurturing strategy. By creating an attractive affiliate commission model, you allow these influencers to experiment with different nurturing strategies to sell your product. As a marketer, you may then analyze the best performing campaigns and share this with other affiliates. This is a win-win strategy for your business and the affiliates.
You may also nurture your audience with the help of influential communities in your space. Digital marketer Itamar Blauer from London based MintTwist recommends the use of Reddit communities for this purpose. According to him, niche subreddits are frequented by “like-minded individuals” who engage on topics of interest in your category. By building relationships with these individuals, you may establish a team of evangelists who take your marketing message forward with people they interact with online.
It is worth repeating that nurturing your target audience is an extremely long process when it comes to new age businesses. Given the cost of educating your audience, it is perhaps a good idea to collaborate with competitors who are disrupting the space just like you – this allows your businesses to pool in your budgets in educating customers. At the end of the day, this should allow you to optimize your marketing costs while nurturing and building a customer base in the long term.