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Tips to Scale Your StartUp at a Fraction of The Cost

You’re ready to scale your business and need to know where to best allocate resources.

There comes a point in a startup’s business when you have built a small team around you, the business is beginning to stabilize and you realize you need to put your trust in others in order to scale your business. It’s time to move to the next step.

But…and there is always a but… where do you best use your resources and how do you know you’re getting the expertise you need?

If scaling your business is your goal for 2020, you need to take the first step now! It’s time to have a thoughtful long-term marketing strategy. Thinking short-term keeps you in reactive mode while thinking long-term puts you in the driver’s seat. Your marketing strategy is your overall game plan that takes a deep dive into your business goals, objectives and timelines and is made up of your value proposition and brand messaging while considering the wants of your unique target audience. Only when you have taken the steps to build a marketing strategy can you come up with an effective marketing plan.

Here are 3 tips to get you started on building your marketing strategy.

 Use the expertise of a marketing professional.

 It’s important to have a well-rounded experienced marketer with deep and diverse marketing roots who can guide you through the process. They are critical thinkers who look at the big picture and bring insights, connections and experience to your growing business needs.

That said, adding a Marketing team to your startup is often cost-prohibitive. The services of a Fractional Chief Marketing Officer (CMO), like ThinkHatch, may be just what you need. The “fractional” part of the CMO position means they work with you as an extension of your team either part-time or a predetermined number of hours for a fraction of the cost of a traditional CMO. Because you won’t have the expenses that come with a full-time employee, their services are often a better fit for your budget and can make a great deal of sense for your business.

Build a network of people.

 Your business needs you, but just as importantly it needs a network of people who advocate on your behalf when you’re not in the room. It’s about cultivating relationships, whether it is with those who work alongside you as an extension of your team, those you see as potential clients or those with connections who have your back.

Yes, social media plays a key role in keeping your business noticed but never underestimate the value of being visible to keep YOU front and centre in the minds of the right people. So, attend those events, join those business groups, make those connections and build a network of people who will help you identify opportunities.

Integrate a social media plan in your marketing strategy.

 Simply put – you need to have a robust social media presence if you want to be where the people are. Many startups still don’t realize the power that well-managed social media accounts can have to grow their operations.

People can’t use your business if they don’t know about it and social media is the place to show customers what you’re all about! Because marketing budgets for a growing startup are naturally limited, social media allows for small businesses to reach large and targeted consumers quickly and easily.

If you have a vision about where you want your business to go but are unsure how to make it happen, then consider the services of a marketing professional to help you develop a business strategy that will put you in the driver’s seat.

Reach out to ThinkHatch and ask how they can help you reach your business goals.

Emily is the founder and president of ThinkHatch, a business that provides Fractional CMO services to growing companies. Emily uses her years of experience at some of the largest global marketing, media and strategic agencies to provide a service where her marketing expertise meets her love of mentoring. She is proud to be a Mentor for the ‘Build Your Dream’ Accelerator program at Make Lemonade, a co-working space in Toronto. In her commitment to giving back to the community, she is honoured to be a SheEO Activator to help fund, support and celebrate women entrepreneurs, she is a supporter of CAMH, the Centre for Addiction and Mental health and she founded the charity campaign #HelpOurPetsTO. Emily has been recognized for her achievements with an Honorary Award for 2018 Female Entrepreneur of the Year from Startup Canada and is a 2018 Finalist for the Notable Woman Award from Notable Life and a 2018 and 2019 Nominee for RBC Women of Influencer Award.

Emily Foucault