entrepreneurial marketing - mitportugal program may 2013
DESCRIPTION
One of my business school classmates asked me to guest lecture on entrepreneurial marketing and share my experiences as a tech startup CMO. I tried to tailor it to the fact that most were early stage startups with limited resources.TRANSCRIPT
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/[email protected]