Udi Liberman, co-founder and CMO at Paybox
3. Gain local market knowledge
“We’ve seen huge success in Israel, in such a short period of time resulting in the company being listed as one of the most promising fintech teams in Israel in 2015.
“However, our next goal is to expand into Europe. With an initial launch in the UK we have been able to really understand the cultural differences between the UK and Israel, so that with help from the mentor programme it can inform our further expansion strategy and how to execute on it in a way that takes into account market nuances.
“In total we’ve spent about four months researching, testing and analysing our app, messaging and marketing content. We’ve just gone live with our pre-launch phase in the UK and so far have seen our customer base growing by 300 per cent each day, through organic activity alone.”
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4. Make data driven decisions
“We questioned over 1,000 consumers to map audiences and understand their motivations and preferences and used this data to develop A/B testing to make sure our interpretations were correct.
“For example, communicating with students about the benefits of Paybox to get money from flatmates as fast as possible. The research hasn’t just informed our messaging, but also our design process for social marketing – to make sure the visual element also works for our different audience groups.”
The experiences of these businesses is representative of the discussions we have with startups each day.
Overall we found that the key for startups looking to scale, is utilising the experts, peers and affordable resources around you.
Speak to co-workers, office neighbours and peers to get recommendations and feedback on partners or technology providers.
Fellow startups appreciate more than anyone the need to make every investment work hard, so they are perfectly placed to give relevant and useful recommendations.
Use free online tools and resources, like the Mailjet Flight Academy, to increase your knowledge and team’s understanding of marketing trends.
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