21st Century marketing for startups (...and grown-up cos too)
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The document outlines a comprehensive marketing strategy, detailing the evolution of marketing from traditional methods to modern social media approaches. It emphasizes the importance of understanding customer segments, developing a go-to-market plan, and utilizing various channels and content types to engage consumers. Additionally, it discusses metrics for measuring success, such as lifetime value, customer satisfaction, and market feedback.
21st Century marketing for startups (...and grown-up cos too)
- 1. Marketing Plans (and a lot more) October 14, 2014
- 2. Agenda: What You Will Learn Today • Elements of Go-to-Market Plan • The Sales and Marketing Funnel Revisited • Determining Your Shtick • Launch Channels and Prioritization • LTV and CRV and NPS • Benchmarks and Measurement 2
- 3. Marketing Defined The Evolution of Marketing • Up to 1980s: Marketing the past • Telemarketing, radio, billboards, posters, print media • 1980-1990s: Marketing the present • Database marketing, relationship marketing, e-commerce, spam, guerilla marketing, CRM gains dominance in strategy • 2000+: Marketing the (social) future • Social media, an ongoing effort, creative exploration in developing technology and platforms Marketing of the Future • Products/services are never finished • Products/services never stand alone
- 4. 2000+: What People Buy • Promise that the brand will continue to deliver now and in the future • Trust = the belief that a brand is capable of delivering now and in the future
- 5. Startup Marketing: You Have Been Warned 5 Source: @MikeTrap
- 6. Startup Marketing: The Reality 6 Source: @MikeTrap
- 7. Startup Marketing: The Reality • Used a video of a non-existent product to gather feedback • Formulated hypotheses about features and tested them rapidly • Changed marketing approach and feature set when hypotheses were disconfirmed by market feedback • Started as a platform for gathering support using “tipping points” • Customers told them that the idea was too abstract and unfocused • The company almost ran out of money • Found that only one aspect was working: group deals
- 8. Startup Marketing: The Reality Payment system for PDAs Massively multi-player game Video-dating site Automated email recommendation service Podcasting (as Odeo)
- 10. For High Tech Businesses, Marketing is More About Opps Than Current Market 10 Current Market Demand Opportunity Current products meet current customers Novel products, often targeting non-users Needs well understood and stable Needs not well-defined, likely to change Substitutes for existing products within category Creating new categories of demand Selection, resulting in market share Rate of adoption and penetration Size of market, ease of addressing Potential benefits vs. behavioral change Source: Michael Davies, Endeavour Partners
- 11. Novel, Tech Innovative Products: Difficult to Adopt • Most people, most of the time loathe change • Investment in time and effort • Uncertainly, anxiety • Not familiar with novel products and their potential • Novel products always require trade-offs • Evaluation based on perceived value, relative to products in use • Sensitive to loss aversion • Companies underestimate the switching costs, overestimate the potential benefits 11 Source: Michael Davies, Endeavour Partners
- 12. The Gap b/n Eager Sellers and Stony Buyers 12 Source: Michael Davies, Endeavour Partners
- 13. What Can You to Do to Drive Rapid Adoption? • Accept resistance • Anticipate long adoption • Manage accordingly • Strive for >10x gain: • Make relative benefits so great they overcome customers’ overweighting of potential losses • Minimize resistance: • Target non-users – don’t use product now, no change needed or the unendowed • Target segments of customers who don’t give up as much • Make behaviorally compatible products 13 Source: Michael Davies, Endeavour Partners
- 15. What You Need at Launch 15 Source: @MikeTrap
- 17. Positioning/ GTM Roadmap 17 Customer Analysis Client Interviews Positioning & Messaging Supporting Evidence • Research, whitepapers • Shorter POVs, insights Channels and External Influencers • Website • Blog (internal) • Blogs (external) • Client testimonials • Case studies • Bios • Collateral • Meetings • Videos • Social media channels • Outreach to key influencers by sector Competitive Analysis
- 18. Go-to-Market: Engaging the New Social Customer 18 Unraveling their lifestyle, pains, passions Identifying their media consumption choices Identifying and connecting with those who influence them Connecting the dots between brands and their customer with/ social content
- 19. Positioning Defined Great companies are mission-driven; Great marketing is simple, intimate and mission-driven
- 20. Remember: It is ALL About the Why 20 Source: @MikeTrap
- 22. 22 The Insight Positioning is driven by the reason why you started your business – the insight or “aha!” moment behind it: • Why did you create your company? • What need did you want to address? • Who are “your people”? Example: Vitality A product designed to tackle the combination of factors that conspire to cause non-adherent behavior = GlowCaps
- 23. 23 “Your People” Understanding “your people” means designing a solution with your customers in mind: • Who are the beneficiaries of your product? • Who are the buyers of your product? • Why do they buy? • What’s important to them?
- 24. “Your People”: Market Segmentation “Your people” are not a homogenous group. Address each group individually: • Market segmentation means dividing your market into distinct groups with: • Distinct needs • Characteristics • Behavior • Each segment may require separate products/services or marketing mixes
- 25. Developing Positioning Statement • Positioning statements summarize the company or brand positioning • To (target segment and need) our (brand) is (concept) that (point-of-difference) or • For (target segment) who is dissatisfied with (pain point) your (brand) is (concept) that (point-of-difference) • Example: For drivers who value automotive performance, BMW provides luxury vehicles that deliver joy through German engineering
- 26. Backing Your Positioning by Segment: Opternative Target Audience Segment Specific Value for Audience Segment How Service is Provided Evidence Patients Doctors Pharmacies • Evidence – anything that supports your case: • Irrefutable facts • Statistics • Examples & case studies • Visual aids • Hypothetical evidence • Parallels or analogies • Testimonials & references
- 28. Typical Go-to-Market Plan Goals • Gain new customers/ revenue • Definition of a customer: account, member, services/ products bought, frequency of usage, customer satisfaction/ feedback • Market feedback and recognition: • By industry experts • By media • By potential partners • Test assumptions: • Product vs. solution • Pricing • Acquisition channels • Cost per acquisition • LTV 28
- 29. Channel Fragmentation 29 Source: Forrester and @MikeTrap
- 30. The Customer Journey 30 Top of the Funnel Top of the Funnel Middle of the Funnel Middle of the Funnel Bottom of the Funnel Bottom of the Funnel Buying Stages Sales & Marketing Funnel
- 31. The Elements of the Go-to-Market Plan Buying Stages GTM Elements Channels: • PR/ influencers • Advertising (online, offline, 31 syndication) • Social Media • Sponsorships/ trade shows • Channel partner programs/ distribution • SEO • List buys Content Types: • Blog posts, infographics • Videos, demos • White papers, eBooks • Webinars • Demos • Special offers
- 32. The Right Channel Mix: Is There Such a Thing? • How to prioritize your channel mix • Is your audience there? • How is each segment using the channels? • Top channels for building awareness: • Which ones? Why? How do you measure them? • How do you use Facebook, LinkedIn, Twitter, Pinterest, YouTube to build awareness? • How about interest, desire and trial? 32
- 33. Measurement 33
- 34. Measurement Structure: Overall and By Channel Increase Traffic VOLUME 34 Total Visits Bounce Rates Top of the Funnel Middle of the Funnel Bottom of the Funnel Increase Traffic QUALITY Time On Site Return Visits Average Pages/ Visit Capture/ Act on Leads Downloads/ MQLs Contact Sales Request a Demo Technology Stack Competitive Analysis Traffic Analysis Paid Search Analysis User Experience Marketing Automation CRM
- 35. 35 Customer Metrics: LTV
- 36. 36 LTV Exercise
- 37. 37 Customer Metrics: Net Promoter Score Source: @MikeTrap
- 38. Customer Metrics: Customer Referral Value 38
- 39. GTM Revisited: Quick Checklist 39 • Market vs. Demand Opportunity • Established category or disruptive product/ solution? • Positioning and segmentation • Addressable market • Why customers would buy • What is the promise? • The emotional connection, hook or shtick • Channel mix: • Detail the channels and how each one will be used • Detail specific marketing tactics by channel – use the 6 principles of persuasion • Measurement: • Cost per acquisition • LTV, CRV, NPS • Launch and optimization
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