Marketing for Lean Startups

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<p>The life of a startup</p> <p>The 4Ps of MarketingFor Lean Startupshttp://www.flickr.com/photos/horrigans/5898339783/sizes/l/in/photostream/</p> <p>1</p> <p>A bit about meStartup Founder MentorI Am A Runner</p> <p>2</p> <p>Lean StartupCustomer Validation | Minimal Viable Product | Fail Early &amp; Often</p> <p>A Lean StartupFounded in 2007 | Revenues: $247M | Valuation: $10Bn</p> <p>Drew Houston conceived the idea after repeatedly forgetting his USB flash drive He was a student at MIT</p> <p>Founded Dropbox in 2007 Launched in 2008</p> <p>Freemium Model: Upgrades &amp; ReferralsRevenues: $240-million (est)Valuation: $10-Billion (est)</p> <p>4</p> <p>http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/Do the 4 Ps Of Marketing apply to lean startups?</p> <p>5</p> <p>A lot has changed since 1950shttp://www.flickr.com/photos/liloueve/4464938781/sizes/l/in/photostream</p> <p>http://www.flickr.com/photos/ms_cwang/4163569540/sizes/z/in/photostream/Has a marketing strategy?Do the 4 Ps from the 1950s still apply in 2012?</p> <p>ProductMost important item on the listTaken from www.apple.com </p> <p>PriceGet this right as a bad price will hurt!http://www.flickr.com/photos/joeshlabotnik/7174686540/sizes/l/in/photostream/</p> <p>PromotionNo longer about As Seen on TVhttp://www.flickr.com/photos/seanbonner/3325716451/sizes/o/in/photostream/</p> <p>PlaceNot as important as it once was (at least for most)http://www.flickr.com/photos/12905355@N05/6459781271/sizes/l/in/photostream/</p> <p>The Marketing PlaybookFor Lean Startupshttp://www.flickr.com/photos/marada/6039505049/sizes/l/in/photostream/</p> <p>#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition </p> <p>#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Acquisition </p> <p>Consumers have lots of choice</p> <p>http://smithery.co/making/make-things-people-want-make-people-want-things/attachment/make-things-people-want/</p> <p>Make People Want ThingsA major disaster in 1985 for an such an iconic brandhttp://www.diamondcokecans.com/CocaColaCans/</p> <p>Make Things People WantApple demonstrates this consistently across all products.</p> <p>http://www.flickr.com/photos/frijole/3301689810/sizes/l/in/photostream/</p> <p>#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition </p> <p>http://www.flickr.com/photos/chris_gin/2393917106/sizes/l/in/photostream/Think of early users as a flock of sheep. They always finds the best grass.</p> <p>22</p> <p>Most products have a few who consider it a must have.They are the keys to success.http://www.flickr.com/photos/ph-stop/3101407532/sizes/l/in/photostream/</p> <p>Listen for a signal about who loves your product, and why as soon as you release.http://www.flickr.com/photos/foxypar4/1852428153/sizes/l/in/photostream/</p> <p>Focus on the users perceived value (not yours)http://www.flickr.com/photos/albertovo5/5088378900/sizes/l/in/photostream/</p> <p>Often this means eliminating the cool features that dont matter to the end user.</p> <p>26</p> <p>Your Phone &amp; Music In One.</p> <p>A very loyal customer base</p> <p>Some more loyal than others!</p> <p>#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition </p> <p>Focus on delivering great customer experiences. </p> <p>Listen why customers love (or hate) your product.</p> <p>32</p> <p>Awareness campaigns are a waste of moneyfor startups.</p> <p>Investing in awareness campaigns too early can take you the wrong way</p> <p>#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition </p> <p>Implement the business model that allows you to profitably acquire the most users. </p> <p>For some startups, place is more than a physical location.</p> <p>Place can be launching through an App Store</p> <p>Private Beta Launch</p> <p>Test messages for key target markets</p> <p>Word of Mouth</p> <p>Does your product benefit from a network effect?</p> <p>Does your product value to one user depend on how many other users there are in total?</p> <p>A few examples where size of the network is important</p> <p>Knowing when to hit the gas pedal is key. Scaling awareness too quickly can spell disasterhttp://www.flickr.com/photos/lanier67/4047779644/sizes/l/in/photostream/</p> <p>Focus on metrics that matter</p> <p>For most startups, it is measuring:AcquisitionActivationRetentionReferralRevenue</p> <p>Lots of affordable services and tools</p> <p>Balancing ActMost successful entrepreneurs have a good balance of execution intuition and luck. http://www.flickr.com/photos/classblog/5136926303/sizes/l/in/photostream/</p> <p>http://www.flickr.com/photos/kcnickerson/1008563510/Most startups fail because the founders give up</p> <p>51</p> <p>Hard Work Pays OffSo Dont Give Up!</p> <p>52</p> <p>http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/Do the 4 Ps Of Marketing apply to lean startups?</p> <p>53</p> <p>Some of the photographs in this presentation were retrieved from Flickr and made available under a Creative Commons license. Please refer to each photograph for a link to the image source.</p> <p>Contact Me:E-Mail: jthompson@about.me Twitter: @thomjeff</p> <p>55</p>