Author: Franz Malten Buemann

In a time when in-person networking events are being canceled, marketers and sales professionals are focusing on engaging with prospects digitally to sustain lead nurture and generation. This tactic isn’t necessarily cutting edge. Digital networking has been used for quite some time, but it’s especially fantastic to build and sustain connections with your leads during…
The post 4 Digital Networking Faux Pas That Will Cost You Leads appeared first on Benchmarkemail.

Note: This is the quarterly update sent to Buffer shareholders, with a bit of added information for context. We share these updates transparently as a part of our ‘default to transparency’ value. See all of our revenue on our public revenue dashboard and see all of our reports and updates here.

Before I get into the numbers, please join me in celebrating a pretty big milestone this season — Buffer’s 10 year anniversary!
In late 2010, Joel launched the first version of Buffer and has led the company from that early twinkle of an idea to building a company that is now generating over $21,000,000 in annual revenue.
It’s wild to reflect on the different checkpoints, successes, and challenges that have been experienced over the past decade. The experiences, growth pains, and learnings have really shaped where we are today and where we’re headed next. We’ll be sharing more reflections in the very near future.
We have another piece of exciting news to share as well. As you may know, we’ve been looking for an experienced product leader to join Buffer for quite some time. We are thrilled to welcome our new Chief Product Officer, Maria Thomas, to our team. We look forward to partnering with Maria to expand on a unique strategy that helps us serve customers, differentiate Buffer, and continue to realize solid, sustainable growth over the next several years.
Let’s take a look at our financial results for Q3 and end of year outlook.  
Financial results from Q3 2020
Q3 2020

Total net income: $700,996
EBITDA margin: 16%
MRR: $1,761,962 (up slightly from $1,705,370 MRR at end of Q2)

We’re projecting an overall end of year ARR at just over $21.1M. This projection is an overall ARR downturn compared to 2019 ARR and we can attribute it to a few factors:

Our Q1/Q2 decision to sunset Reply and focus those resources on building a product more complimentary to the overall Buffer experience for SMB customers.
Our Q2 response of extending payment relief to customers struggling to adapt to the detrimental impacts of the pandemic on their businesses.
The volatility of financial markets due to the economic effects of the pandemic on U.S. businesses and global businesses. Businesses represent a significant portion of our customer base and revenue. We’re all adapting to a new normal, experiencing uncertainty in this next wave, and this certainly impacts consumer behavior even in the social media space.

We have a number of initiatives in motion expected to have a positive impact on new business and retention metrics. We’ll share more about those product features in our Q4 report.
*Our drop in bank balance is due to us paying off a bank line of credit balance.
Looking ahead
As we head into the final weeks of 2020, the senior leadership team is solidifying our company objectives for 2021 and setting down shorter term OKRs across all areas. We’re so happy to welcome Maria to the team and to continue to build on the endless learnings from the past decade.

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I’m evaluating platforms for a project at work and wondered why people love the platform they currently use. I’ve heard pros and cons for so many but specifically, what is it that your platform offers that makes you stick with it? Is it functionality? Automations? CRM? Stackability? Customer support? Which platform do you use and why do you love it?
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As of March 2020, over 804,390 businesses in the U.S. were less than one year old. Combine that with the 31.7 million small businesses vying for customers, and the competition seems even more fierce. So how can you possibly create a marketing strategy that stands out? Diving into a specific niche is the way to set your business apart.

Let’s look at how a handful of businesses use niche marketing to their advantage, before walking through the steps to create your own growth-generating strategy.

5 Examples of a Niche Marketing Strategy
1. Flylow Gear
With 9.2 million skiers and snowboarders in the U.S, the pool of potential customers seems wide enough for all to share. But popular brands like Patagonia and The North Face can be found in almost every sports shop, making it hard to convince customers to seek out smaller brands with fewer offerings.
Flylow Gear figured out how to fight through the noise. Instead of targeting all customers interested in winter gear, their niche marketing strategy focuses on backcountry skiers looking for no-nonsense, quality gear. Their products are featured in all the right places — like Powder magazine — to reach their ideal buyers. Even their confirmation emails share that they’re a small, mountain-based crew of dedicated skiers.

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2. Octavia Elizabeth Jewelry
For ethically-minded consumers searching for jewelry, the most important factor is knowing about raw materials sourcing and product creation. That’s because this $300 billion dollar industry has come under fire for using child labor and causing extensive environmental harm.
Octavia Elizabeth understands the need for responsible jewelry. The company’s commitment to fair working conditions, legitimate living wages, and ethical production are clearly stated on its website.
Not only has Octavia Elizabeth honed in on customers looking for sustainably-sourced, handmade jewelry who are willing to pay a higher price, the brand has also elevated its niche offering by associating itself with celebrity clientele.

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3. Natural Dog Company
Research estimates Americans will spend $99 billion on their pets in 2020 alone. So how can a pet-focused business stand out amongst the thousands of memory foam beds, custom carry-on bags, and dog-friendly ice creams saturating the market?
Natural Dog Company caters to a very specific kind of pet owner: the eco-conscious consumer who pampers their pooch. By giving their organic and all-natural skin care products names like PAWdicure Pack and offering discount codes for free dog treats, they put pups first — which is exactly what their customers do.

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4. Pimsleur
Learning a new language can be a struggle, and the options for doing so are definitely overwhelming. Will you really be speaking like a Parisian after spending $1,000 on a program?
Rather than making promises of perfect grammar and flawless accents, Pimsleur focuses on learners who need to improve their speaking and listening skills. The program includes a 30-minute audio lesson every day, with each conversation building off the previous ones. While not the most innovative language-learning app, its audio-first approach is great for customers looking to improve their conversational skills.

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5. Photographers Without Borders
It’s one thing to entice people to buy a product, but it’s another thing entirely to attract donors for a nonprofit. While this type of organization may not seem like the right fit for a niche marketing strategy, it’s essential for bringing in donations and volunteers.
Photographers Without Borders has partnered with major organizations like Adobe, Sony, and Patagonia by honing in on a particular marketing technique: storytelling.
By prioritizing ethical storytelling, whether in a social media post, email newsletter, or online webinar, the organization has built a reputation for producing high-quality work that address the 17 UN Sustainable Development Goals and UNDRIP. Plus, their Code of Ethics makes it clear what type of community members and partners they’re aiming to attract.

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Developing a Niche Marketing Strategy
Now that you have a better grasp on how brands from all types of industries create strategies that drive growth, it’s time to shape your own.
Step 1: Know your competition.
Developing a niche marketing strategy is impossible without scoping out your competition. That’s because it’s crucial to understand your unique selling proposition — what you do differently that makes customers choose your company over another.
Maybe you design ceramic dishware that can’t be found anywhere else, or maybe you’ve developed a tool that makes it easier for marketers to send emails. Whatever is it, find your speciality and craft a story around it.
Step 2: Narrow down your niche market.
Airbnb Co-founder Brian Chesky is famous for having said, “Build something 100 people love, not something 1 million people kind of like.” Put simply, it’s better to reach a small group of people who sing praises about your company, rather than a large group who thinks it’s just okay.
You can do this by honing in on the right niche market for your business. While this takes time and thought, it’s worth the effort to find loyal customers who will gladly choose you over competitors.
For instance, Thirdlove is the first underwear company to offer bras in half-size cups. Through their inclusive sizing options and emphasis on body diversity, they’ve built a loyal community of over 327,000 Instagram followers.
Step 3: Go where your buyers are.
If your ideal customer spends all of their time scrolling on Facebook, it wouldn’t make sense to develop a niche marketing strategy around email campaigns. Enter market research.
You already know who your buyers are, but research helps you go deeper to find out where they shop, how they find products, and what influences their purchase decisions. Once you have that information, you’ll get the most return for your marketing dollars.
Step 4: Listen to the word on the street.
Everyone has problems that need solutions. If you listen to people’s thoughts about a certain product or service, you can find opportunities to fill in the gaps.
David Barnett did just that when he engineered a solution for constantly tangled headphones. What started out as two buttons glued to the back of a phone case quickly turned into Popsockets, a company that brought in $169 million in revenue just seven years after its founding.
Step 5: Create a unique brand.
Once you’ve defined your unique selling point, outlined your buyer persona, found out where to reach them, and listened to their problems — all that’s left is to build a brand identity. A well-defined brand will help you develop a niche marketing strategy that’s authentic to you and attracts ideal customers.
For instance, Etsy’s position as the marketplace for independent artists has attracted more than 138 million buyers. In a 2020 TV commercial, the brand touched on the pandemic and used emotional marketing tactics to encourage support for small businesses that sell through the platform.
Creating a niche marketing strategy that drives growth for your business is more than creating a social media ad or sending a weekly email promotion. If you take the time to learn about your customers and differentiate your brand, you can develop a strategy that attracts the right buyers and helps you hit your growth goals.