hitmc super laws · 2018-01-18 · unlearn what i learned • big business strategies simply...
TRANSCRIPT
Super Laws of Entrepreneurial Marketing
Co-Founder & Chief Data Scientist
Healthcare IT Marketing and PR Conference
My Entrepreneurial Experiences
CRUSH. SMELL. GO
1999
2000
2001
2005
20132015
2016
Unlearn What I Learned
• Big business strategies simply don’t work for shoestring-funded, tactic-focused entrepreneurs.
• Big business has millions to spend on R&D and sophisticated messaging and promotional campaigns to buy market share.
• Entrepreneurs can’t afford to buy success, they must do it the old fashion way--they earn it through creative low-cost tactics.
The Best Practice Checklist
Sharpening the Angle Unique Product Claim Large Addressable Need Dominate the Situation Reason to Believe Quantifiable Support
Leveraging Leverage
Ride HorsesProspect for Beta-GoldminesLand an AnchorSeek Out BenefactorsBuild an Advisory Board
Think Big and Act Bid
Puff it Up Grow with Borrowed InterestMaster Social Media & PublicityGet Your Swagger OnReach Out with CrowdfundingDominate Trade Shows
Launching Tactics
Marketing EventsHave a Love FestCompelling DemonstrationsBuild a Sticky BrandCharge a Value PriceClose the Deal
How smart entrepreneurs quickly go from unique ideas to profitability.
Good Idea
CompetitiveAngle
Profitability
Best Practices Framework
Startup Marketing Essentials Pumping up Competitive Positioning by leveraging Competitive Angles
Digital Copy Found at myeducator.com
Entrepreneurs are tactical (bottom up) not strategic (top down)
Focus on Incremental Innovations
Embrace Creativity Loves Constraints: Think Like David
The Firm Strategy Process
Customers Company Competitors
Target MarketSelection
PositioningMarketSegmentation
Product Place Promotion
Price
CustomerRetention
CustomerAcquisition
Profits
The Marketing Mix
Context
Source: HBS
TopDown
Question: What do we want to do?
Angle
Mobilize Firm’s Resources
Bottomup
Product Place Events
Price
The Marketing Mix
Current Vision
Question: What can we do?
Be Tactical
Art Fry & Spencer Silver
Play-Doh
Created in 1956 as a cleaning substance for wallpaper. Joseph and Noah McVicker struck inspiration when a teacher casually mentioned her dissatisfaction with
tough--to-shape clay
Focus on Incremental Innovations
“Entrepreneurs seldom invent and market unique products; rather, they build their ventures around incremental innovations and modifications.”HBR 1998 The Road well Traveled
“We call this R & D”
Rip Off and Design
Entrepreneurs are David
Think and Act like David
“Am I a dog that you should come to me with sticks?”
Single Combat
Creative Underdog PowerDoes not use Goliath TacticsPlays to StrengthDoes more with less
Philistines Israelites
Goliath
Creativity Loves Constraints!
Plumber
Truck
Creativity Loves Constraints!
Develop a Low-cost Marketing Strategy for Launching Organic Healthy Yogurt
Gary Hirshberg
David Tactics Goliath Tactics
Can You Create an Event to Promote Stonyfield Farms?
A Few Lessons About Being Creative!
Creativity is best when we narrow our focusCreativity loves constraints Work with old things and make them new
Developing Competitive Angles That Make Our Competitors Irrelevant
Me-too Products Allowed
Conventional Wisdom
#1. Beware of crowded markets, to be successful, find a specific ________ market!
Conventional Wisdom
#2. All successful products solve a specific _______ in the market!
Coolest Cooler
Tubing: Reduce Pain or Increase the Pleasure or Fun?
Now That’s Fun
A Competitive Mental Angle is…“An element of differentness that serves a need and…
Sparks a positive personal connection”
“A product or service that lifts people over a personal hurdle that helps them eliminate pain or experience joy that existing products fail to do.”
Find a Hurdle
• Solve a Pain Point or Problem
• Build in Maximum Fun
Elements of Differentness“Make the Tactic Remarkable”
• Double Down: Faster/Better/Cheaper
• Do the Opposite: If everybody is ____ go _____
• Feature An Oddity. If you can’t fix it, feature it.
Stretch to the Extreme!
Throw the Baby of the Bridge
Stretch Running to the Extreme
Highlight Fun point, not pain point
Dirty Dash
Stretch to Extreme for Fun
Modern Toilet
Raising Confidence with Rx Drugs
“This is a goofy idea.” Dr. Jerry Avorn Harvard Brigham and Women’s Hospital
Reach your blood pressure goal - guaranteed or you money back!
Has marketing finally gone too far?
Novartis is the world’s fifth largest drug maker and Diovan is its biggest seller. It is the best-selling blood pressure pill with annual sales topping $4 billion.
Personal Connection
• Humor
• Heart-Personal Relevance
• Support a Cause
• Babies, Kids, Pets
Competitive Angle Priorities
Uniqueness
Large Addressable Need
Dominate Situation
Reason to Believe
Quantifiable Support
Higher Priority
Lower Priority
The Focus is on the Situation, not the Customer
Mini Case: Aprons
Cook with style--retro aprons
Flirty Aprons
Testimonials
Testimonials
Create a Marketing Event
Marketing Events can be activities, exhibitions, hoopla, happenings, gatherings, tournaments, competitions, matches, races, games, etc
Having a focus on throwing Marketing Events reminds us that we are selling a consumption experience and not just a product
Why Marketing Events?
Low cost
Get consumers engaged in your product
Viral--use existing social networks to get momentum
Can create a brand overnight
P&G Says... 1 + 1 =10
Combining a newsworthy marketing event with advertising support pays big dividends!
Positive media coverage [earned media] is 600% more effective than paid for advertisements [paid media]
What are the Profitable Shows on TV?
Create a cheap extreme marketing event to highlight your new lip balm on YouTube
A World Marketing Event
Create an event for a new lip balm.
BGH A/C Marketing Event
Duck Brand Duct Tape
Get Experiential
Make a Compelling Demonstration
Compelling Demonstration!