entrepreneurial marketing - mitportugal program may 2013

Entrepreneurial Marketing

Frank Days

VP, Marketing, Correlsense

www.tangyslice.com

@tangyslice

Agenda• Marketing basics

• Prelaunch

• Launch

• Scaling

Transparency…

Frank DaysVP, Marketing, CorrelsenseFast growing private companiesSoccer dad, BBQ lover and chili headTangyslice.com

THE BASICS

What is Marketing?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

American Marketing AssociationOct 2007

4 P’s and 3 C’s (4 C’s)

How marketing world is sorted

• Strategic/Product marketing• Programs/Promotions• Communications

Pragmatic Marketing Framework

Theories are great but…

• Things are different for entrepreneurs

Discussion Question

• What makes entrepreneurial marketing different from traditional marketing?

Differences

• Uncertainty• Moving fast• Entrenched incumbents• Limited resources• Low awareness• Competing priorities• Vision vs. reality• Establishing a new market

Question

• How can marketing help your business?

How marketing can help

• Awareness• Brand• Credibility• Users• Prospects• Customers• Investors• Revenue• Acquisition/IPO

Why care about marketing?

• Understand the needs of the market• Spread the word• Build awareness• Get customers

BEFORE YOUR LAUNCH

Need a target market

Common Challenges

• Too big• Not big enough• Not specific enough• Need to build segment• Extrapolation

Positioning

Positioning Questions

• What are your two dimensions?• Do they matter to your target customer?• Can you own this?

Value Proposition/Unique Selling proposition

• Simple statement of value for your target• Think elevator pitch• Avoid

– Jargon – Big words– Extraneous adjectives

Go to Market Strategy

• Direct vs. indirect?• Questions:

– What’s in it for them?– If you can’t sell it yourself, can someone else?– How much margin do you need to give up?

• Big companies love to talk with startups…• Getting them to cut a check is another story

Importance of Marketing

Importance of marketing =

1__________________

Size of average Selling price

WHAT ONE MARKETING THING DID YOU TRY THAT DIDN’T WORK?

Tagline and logo

• Are overrated at early stages• Get something good enough• You will likely update both

“We need some buzz…”

• Marketing is hard work… not magic …• You want

– Awareness in your target market– Prospective customers– Closed deals

• Buzz is a distraction

LAUNCH

FACT: THERE ARE MORE WAYS TO SPEND MONEY ON MARKETING THAN THERE ARE PRODUCTIVE PROGRAMS

Build a Simple Marketing Plan

Consider agile project management

How much to spend?

• As much as:– You can afford– Your investors can agree to– You need to grow

Marketing Mix

• Where can a startup spend it marketing resources?

Common Startup Programs• Viral product• Search engine marketing (paid and organic)• Public relations• Content marketing• Emails• Sales enablement• Social media• Tradeshow/events• Advertising• Partner marketing• Sponsorships• Lists• CRM• Lead nurturing

Viral Business Model

Viral Marketing Model

• Advantages• Disadvantages

Pro’s and cons

Pro’s• Can go viral• Users do marketing for you• People like you• Need a way to monetize• Product takes a lot of work

Con’s• Might not go viral• Lots of people don’t buy• Third world leads• Activation rates• Data quality• Still have to get people to

your site

Search engine marketing

Paid

Organic

Public Relations

Content marketing = content + SEO + social media

Outbound Inbound

Print Ads

Television Ads

Cold Calling

Trade Shows

E-mail Blasts

Blogs, Ebooks, White Papers

Viral YouTube Videos

Search Engine Opt

Webinars

Feed, RSS

Credit: blog.hubspot.com

Social media

IT Sites Link Builders

Blogs/Microblogs Tools Monitoring

Visuals Video Sites Core Networks

But you can’t live by content marketing alone

• It is still a marketing mix• PPC, SEO, Email, web, CRM …• Result dictate your mix

Start blogging

Write some guest blogs

Leave comments

• Find some place you feel confident

• People you know

Invest in a decent website design

And a short video…

Add keywords to LinkedIn profile

• Mark profile public

• Mention products and markets

• Create short URL to you with keyword

Don’t let someone sell you a viral video

SCALING

Series A or B: Turning the Crank

• You know your target• Hire a CMO• Brand consultant• Build a marketing team• Go big or go home• Sales enablement• CRM• ROI

Where to learn more...

• Online resources– Mashable.com

– Techcrunch.com

– Marketingprofs.com

– MPDailyfix.com

– Copyblogger.com

Stay tangy my friends…

Frank DaysVP, Marketing, CorrelsenseLinkedIn.com/tangyslicefmdays@tangyslice.com