Imagine you're driving a car. How do you spend your time? You balance it between watching the street, glancing at the speedometer, the gas gauge, the rear-view and outside mirrors. At the light you stop and quickly check your phone for new texts or emails or calls. So many things demand your attention. How do you manage it all
To market your startup you have to balance your time between building and looking at dashboard metrics (first data of limited quality/quantity) and listening to your prospects and customers. To follow the driving allegory, if you employ the old outbound marketing formula, you're focusing on your dashboard only. For example, you mistake the amount of people who follow you on Twitter for marketing success. But let me ask you this. Of those people, how many have engaged with you? If you get too engrossed in checking your numbers, you'll forget to look at the road. Guess what happens when you don’t watch where you’re going? You crash.
You've got to shift your thinking to inbound marketing. Who's out there? Your customers. What do you do? You navigate between them. Your actions have consequences and they need to be relevant. Generate demand. Drive leads. Measure everything you do: the shifting of the gears, the slowing down, the speeding up, the stopping, the turning. At the same time, don't get carried away. Most big organizations use about 15 core metrics. You’re a startup. You don’t have the time or the resources to evaluate them all. 50% of your marketing budget should be spent on demand generation assessment, the rest on your brand and brand awareness. Apply the 80-20 rule. Use 20% of marketing data to have an 80% impact. Even if you measure only 50% of your marketing on an ongoing basis, you’re making huge progress.
Your to-do list: