Startup Guide to Marketing

This is the first in a series of startup guides that EME will be publishing on key business skills for startups. 

Marketing - the process of making the customer journey clear and accessible - is perhaps the most important challenge an early-stage company needs to solve. As legendary management theorist Peter Drucker said,

Because the purpose of business is to create a customer, the business enterprise has two— and only two— basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.

We have seen many startups focusing more on product than customers, and expecting the business to grow itself. While this might work in some close-knit or cutting-edge industries, most startups need to develop and master this skill if they want to scale. This is particularly true in Myanmar, where large parts of the population are coming online for the first time.
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Successful marketing isn’t just about spending money to boost Facebook posts. It’s about defining and executing a comprehensive plan to engage customers across different platforms over time. The chart from Marketing MO below shows just how many business areas are related to marketing, from pricing strategy to design, social media, CRM systems and sales management.

Companies that execute a successful marketing strategy can become global stars, almost overnight. For example, ONE Championship, an Asian sports media company founded in 2011, has become one of the biggest destinations for mixed martial arts (MMA) fans worldwide. By combining savvy social media use with high-quality live events and exclusive relationships with local stars, ONE Championship has quickly built a loyal fan base and enduring reputation - read this Forbes article for more of their story.

While all this may seem like a lot to tackle, here are a few key steps to get started on your marketing journey:

• Define your audiences and goals - know who you are marketing to, and what you want to achieve. Are you looking to increase awareness of your brand, sell a specific product, or generate high-value sales leads? Be as clear as possible on the problem you are solving and the value you are creating for the customer.

• Decide on a campaign strategy. Pick a platform, make a schedule and start producing content. In Myanmar, Facebook is the easiest way to reach most people, but it isn’t a  one-size-fits-all solution. Your best customers may respond more to a targeted LinkedIn post, or an in-person ground marketing survey.

• Implement, and measure your results. It’s often a numbers game, so just get out there and post, post, post. There are many great free tools on the web, including the following.
  • Google Analytics for monitoring web traffic
  • Canva for easy graphic design
  • Buffer for scheduling social media posts
  • Mailchimp for running newsletter campaigns
  • Hootsuite for social media monitoring
  • Wix and Weebly  for building free websites

• Optimize - run A/B tests, try new forms of content, vary the schedule, as you figure out the best and cheapest ways to connect with your customers. Use data to inform your decisions, but don’t neglect qualitative feedback.

We’ve also curated the following set of resources that the EME team has personally used to learn about marketing. As with anything worthwhile, some of these resources require significant time and energy. Also note that some of the content is not free, although we will provide access for EME’s portfolio companies. Books are available from the EME Library - please ask for more.

Introduction to Digital Marketing

• Resource: Article
• Time Required: 15 mins
• Price (USD): Free
• Review: Quick overview of the different types of digital marketing, useful for understanding the key terms and definitions.

Strategic Marketing for the SME

• Resource: Guide
• Time Required: 1.5 hours
• Price (USD): Free
• Review: Broad overview of how marketing strategy can transform a small business, with exercises and links to further content. Suitable for anyone looking to think holistically about how marketing fits into the business as a whole.

Digital Marketing for Dummies

• Resource: Book
• Time Required: 5 hours
• Price (USD): 19.99
• Review: Definitive and well-written book on how to implement a range of digital marketing strategies, with lots of useful examples + ideas. Suitable for marketing staff looking to grow their skillset and/or CMOs.

Facebook Ads & Facebook Marketing MASTERY 2019

• Resource: Online Course
• Time Required: 16 hours
• Price (USD): $11.99
• Review: Technical guide to running Facebook ad campaigns, with detailed sections on A/B testing, video ads and more. Suitable for social media staff looking to optimize their Facebook ad spend and grow engagement.