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Should Startups Invest Heavily in SEO?

I read with deep interest today, an article in the Financial Post titled Marketing: Is SEO DOA? In this article, Chris Dixon, CEO of Hunch blogged that startups should not rely on SEO as a core marketing strategy. I wanted to weight in on this article, because a definitive "YES and "NO" is incorrect ... but rather it requires a situational response!

When Does SEO Work Best?
In order to understand when SEO might work exceptionally well for a startup, its important to understand why SEO works when it does, which means understanding the role that SEO plays in the marketing mix.

Conclusions:
When a startup is launching a novel new (revolutionary) concept (imagine Groupon 2 years ago), most of us don't know that the product or service already exists ... so SEO won't serve the company well. Instead, much larger investments in creative media such as newspapers, radio, television, social media, etc. would serve the company much better.

If on the other hand the startup is more of an evolutionary leap than a revolutionary leap forward (eg. Living Social, WagJag) ... and the industry has already been well established, then search works much better.

Lastly ... its also important to note that as a revolutionary new concept gains awareness, companies will need to begin investing more in SEO as search volumes for related terms increase. This is one of the other advantages of SEO ... because searchers per-qualify themselves as being interested in whatever it is they're searching for, they're typically much later in the purchase process (ie. nearer the purchase decision).

What are your thoughts? Do you have a different perspective?