‘Bootstrapped Startups are the beginning of a Big Bang for India’.
Researchers have found that not all start-ups end up being transformed as a leading company, only innovative ones with great ideas.
I firmly believe in the words of Dhirubhai Ambani – “Ideas are no one’s monopoly”.
What is Bootstrapping?
Hello startup Founder! Do you have the next big idea??
Being newly founded does not in itself make a company a start-up. Nor is it necessary for a start-up to work on technology or take venture funding.
Starting a business from scratch and building it up with minimum outside investment is what is called Bootstrapping.
Bootstrapped startups can be one of the best decisions you can ever make. There are many reasons for bootstrapping your startup. It is flexible and a good learning process being a sole proprietor. Because when you are a one-man show, you have to focus on the most important things to excel.
Don’t feel trapped if you are bootstrapped. All you need is an excellent marketing strategy. To know your customer and then to viral your product is what is needed.
Few marketing principles we need to abide by for a bootstrapped startups
- When there is no need, first you must create a need
- Once you have created the need, satisfy it
For instance, there is a Bald Man
Firstly, make him buy a wig,
Secondly, to advance your sale sell him the comb that goes with the wig.
If we talk about big brands like Adidas and Nike even they are fighting hard for seeking ‘our attention’ i.e., ‘the customers’. In the globalized and modern market today it is not simple to make your start-up at the top of everyone’s mind. Is it??
I believe that whenever we start anything new we do have that zeal and gusto within ourselves to make it reach the people’s heart and soul at its’ earlier. However, what matters the most is to reach target customers.
The biggest benefit of bootstrapping is its efficient and inexpensive way to promote things. However, it is not that easy to run your business smoothly being bootstrapped. The limited cash flow can at times challenge your decision-making especially at the time of marketing.
9 best marketing strategies that can excel your bootstrapped startups
1. CHEAP LABOUR- Hiring Interns
This is something that is prevailing nowadays. Bootstrapped start-ups are adopting this major tactic. Hiring interns that are low-paid or unpaid. Interns for the sake of major learning are curious to join start-ups.
Interning at a big company and on the contrary at a start-up is quite different. Interns work like Superman. Start-ups can ask them any work to do with no time bounds which never happens at a big brand company. Therefore, hiring interns at all most no cost is beneficial.
2. PUBLIC RELATIONS
Start-ups face a real challenge when it comes to maintaining public relations. To connect and to pitch more and more about yourself and your product is something that is needed. In a fast-moving competitive world, it’s not that easy to stand out of the crowd and shine brightly.
There has to be something different and distinguished. For instance, ‘Infographic’ telling people about your product and content visually that will create an obvious interest in people’s minds.
3. CONTENT DEVELOPMENT
Content is still the King. It should be compelling enough. It is evergreen because even if it is an old one it will surely generate traffic more and more.
Content strategy is the best way for marketing although it needs to be consistent. Today marketing through content writing is more truthful rather than days when the truth was spun and manipulated. It is all about story-telling.
Content development creates brand loyalty. Thus, it is one of the best ways to market and promote your product in an inexpensive way.
4. WEBSITE DEVELOPMENT
The website of your company should be appealing. Because that is the first step that will attract the prospects that’ll turn to be the final consumers of your product. Many start-ups even die at an early stage just because of the ugly websites they create.
There should be a good designer for you. On your part being the start-up founder you need to act as a good product manager to assign them to work and ask for what is needed.
5. SOCIAL MEDIA CAMPAIGNS
These words marked by Bill Gates are aptly said, “If your business is not on the internet, then your business will be out of business”. Rightly said to ignore online marketing is something especially start-ups cannot afford.
A social media campaign is something that is in the trend which is hot and even inexpensive. More and more follower means successful marketing done. To conclude, social media was a hit and will remain a hit for bootstrapped startups.
6. EMAIL CAMPAIGNS
Although times have changed people have stopped emailing rather they prefer tweets, etc. But still, after globalization companies prefer documentation and reaching to the crowd through e-mails. E-mail marketing is a great way to interact with customers.
Form the adding of recipients’ names to the writing of the subject line everything matters. So be a little smart and use email campaigns to promote and market your product.
Videos are lucrative enough. They always stand out and shine brightly. It’s good to create a pro-gun video at little cost to tell about your product. It helps in promoting and marketing your brand entertainingly.
But their needs to be a proper strategy to create good videos for marketing and to reach out to people.
8. MARKETING PLAN
Always make a marketing plan before laying down any business marketing strategy. We think that we are just starting up so we don’t need any market research and market penetration.
But I would suggest that one needs to make a proper plan. Marketing plan won’t include only pure marketing principles and strategies rather it will also give us detailed information about our consumers, what they want and even how to reach them. Thus, a marketing plan plays a vital role.
9. LISTING PROSPECTS
Prospect means people who have neither turned into customers nor consumers. So to make a proper detailed list of prospects is very important. Hereafter it becomes easy to contact them, communicate with them and at the end of the day to sell our products to them.
In short, it is a detailed information list of potential clients. This incurs no expense the interns hired can also do.
I believe startups can rock without investing much only if they follow the above-mentioned points. It is a million-dollar question that how to market my product inexpensively??
But, Marketing can be done even in a dwindled budget. All you need is an excellent strategy to put forth and you’ll easily run the show in n number of businesses, standing out loud.
There are many inspiring stories of startups and one can use them as inspiration for their own venture!