Securing series funding is a significant milestone for any company, and it tends to open a deluge of decision making – particularly around the best tactics to bring your offers to market. That includes increased pressure to effectively allocate and maximize additional marketing dollars to fuel growth.
We’ve seen that growing companies have a two-fold objective: to capitalize on momentum and simultaneously lay groundwork for long-term marketing success. That means, it’s crucial to develop a living strategy for your marketing goals, so that you have the basis to pilot your marketing efforts and quickly iterate on your messaging.
You’re tasked with profitability and expanded reach. You can’t wait months to put your ads in market while you wait on strategy, and you shouldn’t dip into your spend without purpose-built assets. A living strategy means taking a phased approach to strategy development that grows with your company. By building core strategic objectives, you can put ads in market to gain initial results in 2-4 weeks, which then further informs your overall strategy as you allocate the lion’s share of your marketing dollars.
So, what should you build (or update) before you bring campaigns to market after your series funding?
- Define Clear Goals: Before allocating any funds, it is essential to establish clear and measurable goals. Determine the target audience, desired market positioning, and specific objectives. Whether it’s increasing brand awareness, acquiring new customers, or expanding into new markets, having well-defined goals will guide your marketing efforts and ensure efficient allocation of resources.
- Leverage Data-driven Insights: Utilize the power of data to gain valuable insights about your target audience, market trends, and competitor analysis. Conduct thorough market research, customer surveys, and data analytics to identify key opportunities and areas of improvement. By understanding your customers’ preferences and behaviors, you can tailor your marketing strategies accordingly, thus maximizing the impact of your marketing dollars.
- Focus on Targeted Marketing: Instead of adopting a one-size-fits-all approach, invest in targeted marketing campaigns. Utilize customer segmentation to identify specific demographics, interests, and behaviors. This allows you to craft personalized messages that resonate with different customer segments, increasing the likelihood of conversion and customer loyalty. Targeted marketing ensures that every dollar spent is directed towards the most promising prospects, maximizing your return on investment (ROI).
And with those foundational elements in place, what tactics are series funded companies leveraging for 2024?
- Optimize Digital Advertising: Digital advertising platforms – specifically Google Ads, LinkedIn Ads, and Meta Ads – offer precise targeting capabilities, and the measurable results can be easily integrated into a dashboard for cross-channel analysis. Continuously optimize your ad campaigns by analyzing performance data, adjusting keywords, and refining ad copy. This way, you can ensure that your marketing dollars are spent on the most effective channels, driving growth and maximizing conversions. Invest in pay-per-click (PPC) advertising campaigns to reach potential customers who are actively searching for products or services in your industry.
- Embrace Influencer Marketing: Who do you turn to for updates in your industry? Your customers may be doing the same – and word of mouth is consistently one of the most trusted evaluation criteria for ITDMs and CISOs. Collaborate with influencers who align with your brand values and have a significant following among your target audience. Influencer marketing can help generate buzz, build trust, and drive customer engagement. By allocating a portion of your marketing budget to influencer partnerships (and to deepening existing partner relationships), you can achieve a greater ROI and accelerate growth.
- Implement a Multi-Channel Approach: In today’s digital era, a strong online presence is vital, both for paid and organic efforts. Once you have strong performance and audience in one channel, activate that audience with even more valuable content in other communities. Comprehensive multi-channel strategies encompass marketing plays across platforms, including social media, search engine optimization (SEO), content marketing, email marketing, and influencer partnerships. By diversifying your marketing efforts, you can reach a wider audience and increase brand visibility, ultimately driving growth and greater share of voice.