MaRS Library The purpose of marketing analytics: Optimize your startup marketing
To execute an effective startup marketing strategy, you need to implement marketing processes, including a control process to monitor your marketing analytics. This marketing control process will help you ensure your startup marketing strategy meets its objectives and that you catch any problems early.
Implementing a process to monitor your marketing analytics
Marketing is a process in and of itself. Your marketing processes are levers in your overall marketing strategy. Utilizing a process to monitor your marketing analytics is key to the successful implementation of any marketing strategy.
Typically, your key startup marketing processes will have two main objectives:
Building awareness: This can be accomplished by pursuing your thought leadership strategy. You can also use social media to get your message out as widely as possible
Establishing preference: This can be achieved through branding, and also through social media, but in a different way than above. This social media objective here is to achieve implicit recommendations from your audience via likes, shares and so on
Over time, your startup will need to measure, evaluate and monitor the results of your marketing efforts. Compare the results shown by your marketing analytics against the expected results. Are you achieving your objectives? Use the information learned to optimize and adapt your marketing processes. This is the marketing control process. This control process is necessary to ensure your startup allocates its resources wisely.
Involve your startup marketing team
Your startup marketing team will be responsible for carrying out the implementation of your marketing strategy. As such, this team needs to be included in the development of both the strategy and its implementation. By involving your team, they will not only contribute ideas about which processes are most likely to work, but they will also understand exactly what is required of them.
Startups and analytics: Further reading
- Sales metrics and the sales process for early-stage tech startups
- Guiding Your Lean Startup Using Business Model Analytics: Four Tips for Startups
- Internal controls in accounting: Key benefits
- Internal controls in accounting: Oversight of financial transactions
Startup marketing and stages of company development
The Startup Genome model defines five stages of venture development:
Your marketing processes, including your marketing control process, will emerge in the validation stage. You will need to optimize these processes throughout the efficiency stage.
- The marketing mix in marketing strategy: Product, price, place and promotion.
- Lean Analytics: Using data to build a better startup faster - MaRS Global Leadership.
- Creating a mission statement for your startup: When to do it and what to know.
- Should startups build distribution channels or sell products directly?.
- Revenue models—Online advertising and website advertising and marketing.