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Entrepreneurial Marketing
Frank Days
VP, Marketing, Correlsense
www.tangyslice.com
@tangyslice
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Agenda• Marketing basics
• Prelaunch
• Launch
• Scaling
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Transparency…
Frank DaysVP, Marketing, CorrelsenseFast growing private companiesSoccer dad, BBQ lover and chili headTangyslice.com
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THE BASICS
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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
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4 P’s and 3 C’s (4 C’s)
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How marketing world is sorted
• Strategic/Product marketing• Programs/Promotions• Communications
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Pragmatic Marketing Framework
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Theories are great but…
• Things are different for entrepreneurs
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Discussion Question
• What makes entrepreneurial marketing different from traditional marketing?
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Differences
• Uncertainty• Moving fast• Entrenched incumbents• Limited resources• Low awareness• Competing priorities• Vision vs. reality• Establishing a new market
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Question
• How can marketing help your business?
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How marketing can help
• Awareness• Brand• Credibility• Users• Prospects• Customers• Investors• Revenue• Acquisition/IPO
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Why care about marketing?
• Understand the needs of the market• Spread the word• Build awareness• Get customers
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BEFORE YOUR LAUNCH
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Need a target market
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Common Challenges
• Too big• Not big enough• Not specific enough• Need to build segment• Extrapolation
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Positioning
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Positioning Questions
• What are your two dimensions?• Do they matter to your target customer?• Can you own this?
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Value Proposition/Unique Selling proposition
• Simple statement of value for your target• Think elevator pitch• Avoid
– Jargon – Big words– Extraneous adjectives
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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
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Importance of Marketing
Importance of marketing =
1__________________
Size of average Selling price
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WHAT ONE MARKETING THING DID YOU TRY THAT DIDN’T WORK?
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Tagline and logo
• Are overrated at early stages• Get something good enough• You will likely update both
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“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
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LAUNCH
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FACT: THERE ARE MORE WAYS TO SPEND MONEY ON MARKETING THAN THERE ARE PRODUCTIVE PROGRAMS
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Build a Simple Marketing Plan
Consider agile project management
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How much to spend?
• As much as:– You can afford– Your investors can agree to– You need to grow
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Marketing Mix
• Where can a startup spend it marketing resources?
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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
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Viral Business Model
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Viral Marketing Model
• Advantages• Disadvantages
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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
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Search engine marketing
Paid
Organic
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Public Relations
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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
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Social media
IT Sites Link Builders
Blogs/Microblogs Tools Monitoring
Visuals Video Sites Core Networks
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But you can’t live by content marketing alone
• It is still a marketing mix• PPC, SEO, Email, web, CRM …• Result dictate your mix
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Start blogging
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Write some guest blogs
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Leave comments
• Find some place you feel confident
• People you know
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Invest in a decent website design
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And a short video…
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Add keywords to LinkedIn profile
• Mark profile public
• Mention products and markets
• Create short URL to you with keyword
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Don’t let someone sell you a viral video
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SCALING
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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
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Where to learn more...
• Online resources– Mashable.com
– Techcrunch.com
– Marketingprofs.com
– MPDailyfix.com
– Copyblogger.com