In the world of startups, there is one buzzword that stands above all others: “growth.” Entrepreneurs often turn to well-known strategies such as social media marketing and SEO. These techniques are renowned for their ability to attract a larger audience, boost online visibility, and ultimately drive growth and revenue.
Still, there are several underdogs, often underrated, that could pack a significant punch when it comes to scaling your startup. Let’s dive into these hidden treasures and unmask the potential they carry.
6 Underrated Channels Every Startup Should Know
Table of Contents
Referral Programs
Remember when you told your friend about your favorite restaurant and they went there on your recommendation? That’s the power of word-of-mouth. Now imagine that, but structured. That’s what a referral program is. It rewards your existing customers for bringing in new ones. By incentivizing your current customer base, you’re leveraging their networks to grow your own.
Influencer Marketing
Influencer marketing, like that popular kid in school, if they wore a new trend, others would likely follow. Influencers, with their massive followers, can help startups gain visibility.
A study by Tomoson reveals businesses are making $6.50 for every $1 spent on influencer marketing. This approach is not just about getting a celebrity to endorse your product; it could be as simple as collaborating with a relevant blogger or niche Instagrammer.
Content Partnerships
Content is king, but you don’t have to create all the content yourself. Here enters the realm of content partnerships, an innovative strategy under the broader umbrella of partnership marketing.
By collaborating with other businesses or influencers to create content, startups can expand their reach and diversify their content mix. This could involve guest blogging, co-hosting webinars, or cross-promotion on newsletters. Such partnerships can deliver mutual benefits and bring unique value to both audiences.
Affiliate Marketing
Have you ever recommended a book and wished you had a penny for every copy sold through your recommendation? Affiliate marketing makes this possible. It’s a performance-based marketing method where you reward affiliates (individuals or companies) for each customer they bring in through their efforts.
Amazon’s affiliate program, generating 40% of its revenue, showcases the power of this strategy.
Community Building
A sense of belonging often drives loyalty. This is why community building is an effective but often overlooked growth channel. Creating online communities around your product or service (like a Facebook group, subreddit, or dedicated forum on your website) can foster engagement, loyalty, and word-of-mouth promotion.
Not to mention, these communities can be a goldmine of user-generated content and invaluable feedback.
Podcast Sponsorships
While traditional advertising channels are oversaturated, podcast sponsorships remain a fresh avenue. With over 144 million people in the U.S. listening to podcasts (as of 2021), this channel is ripe for marketers. Sponsoring a podcast that resonates with your target audience can boost brand awareness and drive conversions.
For instance, companies like Squarespace and Mailchimp have effectively used this strategy to build their brand image.
For example, slightly modifying the phrase to: Sponsoring a podcast or an internet radio station that resonates with your target audience can boost brand awareness and drive conversions.
Exploring Underrated Channels for Startup Success
Startups often prioritize mainstream marketing tactics when it comes to acquiring, converting, and retaining customers. However, there are several lesser-known strategies that can be highly effective in this race. Referral programs, influencer marketing, content partnerships, affiliate marketing, community building, and podcast sponsorships are the underdogs that hold significant potential for driving growth.
Startups that dare to think outside the box and explore these underrated channels may find themselves surging ahead in the race. Remember, it’s not just about reaching the finish line; it’s about how you blaze the trail. Stand apart, be unique, and let these hidden channels light your path to explosive growth.
Think of these strategies as gears in a well-oiled machine. Each has a role to play, and when combined, they can propel your startup forward in remarkable ways. So, the next time you map out your marketing plan, consider these underrated channels. You might just stumble upon a goldmine of growth opportunities waiting to be discovered.
Key Takeaways
While the traditional channels have their merits, it’s the roads less travelled that might lead you to unprecedented growth and success. Be willing to experiment, iterate, and innovate. Your path to growth is just as unique as your startup, and these underrated channels could be the secret ingredients that catapult your venture into the limelight.
Whether it’s the rewarding nature of referral programs, the ripple effect of influencer marketing, the mutual benefits of content partnerships, the performance-driven results of affiliate marketing, the loyalty boost from community building, or the fresh reach of podcast sponsorships, these growth channels are waiting for their moment in the sun. It’s time to give them a chance and watch your startup flourish in ways you’ve never imagined.
