marketing for lean startups

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The life of a startup

The 4Ps of MarketingFor Lean Startupshttp://www.flickr.com/photos/horrigans/5898339783/sizes/l/in/photostream/

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A bit about meStartup Founder MentorI Am A Runner

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Lean StartupCustomer Validation | Minimal Viable Product | Fail Early & Often

A Lean StartupFounded in 2007 | Revenues: $247M | Valuation: $10Bn

Drew Houston conceived the idea after repeatedly forgetting his USB flash drive He was a student at MIT

Founded Dropbox in 2007 Launched in 2008

Freemium Model: Upgrades & ReferralsRevenues: $240-million (est)Valuation: $10-Billion (est)

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http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/Do the 4 Ps Of Marketing apply to lean startups?

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A lot has changed since 1950shttp://www.flickr.com/photos/liloueve/4464938781/sizes/l/in/photostream

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?

ProductMost important item on the listTaken from www.apple.com

PriceGet this right as a bad price will hurt!http://www.flickr.com/photos/joeshlabotnik/7174686540/sizes/l/in/photostream/

PromotionNo longer about As Seen on TVhttp://www.flickr.com/photos/seanbonner/3325716451/sizes/o/in/photostream/

PlaceNot as important as it once was (at least for most)http://www.flickr.com/photos/12905355@N05/6459781271/sizes/l/in/photostream/

The Marketing PlaybookFor Lean Startupshttp://www.flickr.com/photos/marada/6039505049/sizes/l/in/photostream/

#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition

#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Acquisition

Consumers have lots of choice

http://smithery.co/making/make-things-people-want-make-people-want-things/attachment/make-things-people-want/

Make People Want ThingsA major disaster in 1985 for an such an iconic brandhttp://www.diamondcokecans.com/CocaColaCans/

Make Things People WantApple demonstrates this consistently across all products.

http://www.flickr.com/photos/frijole/3301689810/sizes/l/in/photostream/

#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition

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.

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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/

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/

Focus on the users perceived value (not yours)http://www.flickr.com/photos/albertovo5/5088378900/sizes/l/in/photostream/

Often this means eliminating the cool features that dont matter to the end user.

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Your Phone & Music In One.

A very loyal customer base

Some more loyal than others!

#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition

Focus on delivering great customer experiences.

Listen why customers love (or hate) your product.

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Awareness campaigns are a waste of moneyfor startups.

Investing in awareness campaigns too early can take you the wrong way

#1 Make Things People Want#2 Build a Loyal Following#3 Experience vs. Awareness#4 Customer Acquisition

Implement the business model that allows you to profitably acquire the most users.

For some startups, place is more than a physical location.

Place can be launching through an App Store

Private Beta Launch

Test messages for key target markets

Word of Mouth

Does your product benefit from a network effect?

Does your product value to one user depend on how many other users there are in total?

A few examples where size of the network is important

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/

Focus on metrics that matter

For most startups, it is measuring:AcquisitionActivationRetentionReferralRevenue

Lots of affordable services and tools

Balancing ActMost successful entrepreneurs have a good balance of execution intuition and luck. http://www.flickr.com/photos/classblog/5136926303/sizes/l/in/photostream/

http://www.flickr.com/photos/kcnickerson/1008563510/Most startups fail because the founders give up

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Hard Work Pays OffSo Dont Give Up!

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http://www.flickr.com/photos/gianpierre_soto/5505817770/sizes/l/in/photostream/Do the 4 Ps Of Marketing apply to lean startups?

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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.

Contact Me:E-Mail: jthompson@about.me Twitter: @thomjeff

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