Around 50 million startups are created each year, but only about 10% of those find success in the long run. That’s why it’s crucial that early-stage startups grow fast. The competition is intense, and making your mark in your industry means carving it out yourself.
That’s where successful marketing comes in.
One early-stage company was able to use marketing to its advantage using the help of Fractional CMO Chris Daniello to establish a robust revenue model.
The company was ambitious and had substantial funding, but they were struggling to translate that funding into sustainable revenue streams and establish a strong foothold in their target market while managing lean resources effectively.
Let’s explore how they were able to tackle those challenges and come out the other end more profitable than ever.
Hiccups Along the Way
The company had three major challenges in building a profitable revenue stream.
First, they needed help creating brand awareness with potential customers to make their innovative products known.
Second, despite having talented sales professionals onboarded, they struggled to convert leads efficiently due to ineffective processes.
Finally, as demand increased rapidly after initial success stories emerged from pilot projects, scaling up operations became challenging without compromising quality or customer satisfaction.
Knowing What to Say
Creating an effective marketing strategy was the first step to address each of the company’s challenges.
Chris Daniello conducted extensive market research and analysis to identify key target segments most likely interested in the company’s products and services based on demographics, as well as psychographic factors like preferences and behaviors.
Understanding buyer preferences often comes down to conducting buyer interviews, but most startups don’t have the time or resources to do them on their own. That’s why the help of a fractional CMO—like in this case—can make all the difference in truly knowing your consumer.
Part of the marketing strategy included developing strong messaging that spoke to their customers’ specific pain points. They then executed targeted digital campaigns across various channels, both social media platforms and industry-specific websites.
They also supercharged their content marketing efforts to create thought leadership articles and blogs that shined a light on their unique value proposition.
It’s clear that what a company says matters—but delivering that message involves a tailored, strategic approach.
Related: Why Words Matter
Streamlined Sales Processes
To optimize lead conversion rates while ensuring efficient resource allocation, Chris helped the company implement several measures.
First, they defined clear buyer personas that helped the company understand their prospects’ needs. After all, you can’t guess what your buyers want. Click here for a quick read on getting to know your buyer.
They also implemented a Customer Relationship Management (CRM) system to streamline their lead management. And with their valuable time freed, the sales team was able to up-level their selling techniques during training sessions.
While these first two approaches focused inward, the third solution looks outward to expedite growth.
Forming Strategic Alliances
Recognizing that strategic partnerships could accelerate growth, Chris facilitated alliances with complementary businesses in the company’s industry.
To do so, they identified potential partners who shared similar target audiences but offered non-competing products and services.
They then negotiated mutually beneficial agreements for cross-promotion and joint marketing initiatives, giving both the company and its new partners powerful incentives to work together.
To get things going, they collaborated on co-branded events and webinars to expand reach and generate leads collectively—creating multiple new sources for fresh prospects.
Victory After Victory
The company has a lot to be proud of
Within six months of implementing their new marketing strategies, the company experienced a dramatic increase in revenue of over 150%, surpassing their initial projections.
In addition, their targeted marketing campaigns successfully increased brand awareness among key segments, resulting in an expanded customer base.
And by optimizing sales processes through CRM integration, tailored training programs, and improved lead nurturing tactics, conversion rates rose by more than 30%.
The company is now able to tap into new markets while leveraging its newly forged partner networks, giving them a wide breadth to scale.
What Can Better Marketing Leadership Do for You?
Regardless of the size of your organization, there’s room to grow and revenue to gain.
yorCMO can help you identify and address the marketing challenges you might be facing and carve out a path forward.
A fractional CMO offers you C-Suite level expertise at a fraction of the cost of hiring a full-time CMO. They stay on board, help you execute your marketing strategy, and ensure that everything runs smoothly.
Chris is a seasoned executive with deep experience in all areas of marketing, sales, alliances, and customer success.
He is well versed in helping start-ups build their revenue operations as well as engaging with established companies to reinvigorate flat or declining revenues.