Using Market Intelligence to Start up Your Startup
Does it feel impossible to get your business going? Are profits and customer base not growing the way you imagined? Is the goal of becoming a startup unicorn, like Facebook or Uber, fading into the distance?
Growing your business isn’t easy, especially if your goal is to become the 1.28% of startups which attain unicorn levels of success. It may seem impossible, but if you leverage the right tools and practices – such as market intelligence and video marketing – then you can become the next Facebook, Uber, or AirBnB.
Startup unicorns are companies valued at more than $1 billion dollar within 10 years. This rapid rate of success is rare, but not unattainable. Companies like Facebook, AirBnB, Snapchat, and SpaceX didn’t reach unicorn status sheerly through hard work and fulfilling a market need. They used careful planning, networking, and marketing to advance upwards. They used market intelligence (MI).
What is MI, and How to Leverage It for Success
MI is a business’s understanding of its potential audience, customers, competition, industry trends, and future growth predictions. It is comprised of data, collected and interpreted to reveal market insights and opportunities. Data has always been a source of valuable information for businesses, but the past 30 years has exponentially increased its value. Due to technological advancements in data collection and analysis as well as the unlimited online pool information, your MI can make you a viable competitor for unicorn status.
MI can be leveraged for multiple purposes. It can be used to make budgetary decisions; vis-à-vis how much to spend on marketing or how many people need a service. It can be used for revealing customer needs, sentiment, and feedback. MI can also reveal the past and current standings of a company along with future projections that decisions can be based on. Not to mention its ability to measure marketing efforts. For example, current MI suggests that video marketing is the best way to reach and convert client bases.
Video Marketing: Today’s Marketing Tool for Growing a Unicorn Horn
Current trends show that 90% of customers rely on videos for product information, and that the videos themselves can increase customer conversion by 80%. Why? Because it conveys necessary information in an engaging, easily digestible format that we’ve grown accustomed to since TV was invented. It engages the viewer without requiring them to read through lines, deciphering what information is important to them. Video marketing is quickly becoming king, and the gateway to further product review which still remains in print form.
To become a unicorn, leverage your MI data to identify target audiences. Then, create exciting and engaging video marketing directed at them. One of video marketing’s most important functions is brand retention. Focused videos will gain customer attention and stick with them even after the video ends. Finally, it comes full circle with video marketing metrics adding to and updating your MI.
Video Marketing Data that Improves your MI
MI is constantly changing and evolving per the data sets being collected. When it comes to video marketing, your startup should be concerned with: watch time, subscribers, and engagement.
Viewers may click on the video, but using SEO tools can reveal how long people watched. It doesn’t help your brand if they get bored and stop watching within the first couple seconds. Subscriber count is important simply because it shows how many people have shown interest and your tangible online reach. The number should always be growing. Engagement is also important. Your active participation with customers is a direct line to your business’s heartbeat. Engaging with viewers, commenters, and subscribers makes your company reachable, and gives you a chance to directly affect a sale or two.
Even if you don’t become a startup unicorn, MI and video marketing will increase your clientele base and conversion rates. Understanding your industry’s landscape is critical to your success, and progress has never been fast than it is today. Regardless of the service or product, people gravitate towards innovative and engaging marketing. To be one of the unicorns, you have to think outside of the box.
This is a guest post by Ryan Ayers. Ryan has consulted a number of Fortune 500 companies within multiple industries including information technology and big data. After earning his MBA in 2010, Ayers also began working with start-up companies and aspiring entrepreneurs, with a keen focus on data collection and analysis. Follow Ryan on Twitter: @TheBizTechGuru