‘But who does your solution and company actually serve?’ - A question that's become my trusty companion in the world of web3 and emerging tech, especially when diving into a startup’s marketing and branding strategies. Usually, the response sounds a lot like, 'We believe there's a gap in xyz, and we've got the tools to shake things up and fill it.' But here's the kicker: when I dig deeper and ask about the #research backing up these claims, there's usually no concrete data found.
After spending over 7 years with startups, here's my humble advice: Don't kick off with the fancy tech. Start with understanding the market needs and the persona of who you're building for. It's the bread and butter, often overlooked but oh-so-critical. Because let's face it, without solid research, you have no direction. As someone knee-deep in marketing and branding, I'd much rather see startups take a step back if they haven't done their homework. It's about setting them up for success. So, what does this research entail? Let's break it down together.
Step 1: Market & Target Audience Analysis
Take all the available information into consideration, including geographical data and demographic details. Pinpoint the typical behavior of your target market and attempt to understand what their values are. Always keep your finger on the pulse of what’s trending and analyse cultural and societal pillars of the regions you aim to reach. Build buyer personas!
Step 2: Competitor Analysis
We all know the saying, “Keep your friends close, but keep your enemies closer.” Keeping a close watch on what your competitors are up to is essential for business success. It gives you a solid idea of what you’re up against, and what you need to do to rise above it. Research what other similar companies in your niche are offering, how long they’ve been in the market, and any other key details. Look at their content marketing and keyword strategies. This information will help you determine your unique value proposition so you can carve out your own position in the market.
Step 3: SWOT Analysis
With the information about the scope of your market, competition, growth trends, and target customers in your back pocket, it’s time to focus on your SWOT analysis. This requires breaking down your company’s strengths, weaknesses, opportunities and threats. Assess the results of this analysis to determine which areas of your solution are strong and which could use some love. Identify which features of your offering are of most interest to your ideal customers. And, finally, investigate any and all opportunities to further develop and improve your business.
Assess the results of this analysis to determine which areas of your solution are strong and which could use some love. Identify which features of your offering are of most interest to your ideal customers. And, finally, investigate any and all opportunities to further develop and improve your business.
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