Basics of Entrepreneurial Marketing
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Basics of entrepreneurial marketing - what makes it different from traditional marketing? What are the most important challenges entrepreneurs face in marketing their products and services? From a......

Basics of entrepreneurial marketing - what makes it different from traditional marketing? What are the most important challenges entrepreneurs face in marketing their products and services? From a webinar for Evisors.

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  • 1. Entrepreneurial Marketing featuring: James Weiss Founder, JBW Advisory & Former Senior Manager at Caitlin Quan Hosted by: Evisors Marketing & Operations Associate Hosted by: .com/webinars Expert Advice On Demand.
  • 2. Agenda1.  About James2.  Tactics vs. Strategy and the money myth3.  Product - market fit, pain, and virality4.  A few resources to help5.  Q&A Hosted by: .com/webinars Expert Advice On Demand.
  • 3. About James“Entrepreneur and Reformed Consultant”•  Have built three businesses, currently building 2 more•  In 2010 started JBW Advisory, helping early-stage companies in media and consumer products / retail•  >6 years post MBA at Bain NYC, Singapore, HK•  Princeton AB, Wharton MBA•  Started career at DreamWorks in LA as a driver to composer Hans Zimmer Hosted by: .com/webinars Expert Advice On Demand.
  • 4. Why are you here?•  You’ve launched an entrepreneurial venture and you’re looking for customers•  You’re preparing to launch and you’re thinking about your marketing strategy•  You’re currently a marketer and are interested in how things are different on the other side Hosted by: .com/webinars Expert Advice On Demand.
  • 5. Tactics vs. StrategyStrategy = what’s the plan to build this businessTactics = how many twitter posts do we need today Tactics flow from strategy Hosted by: .com/webinars Expert Advice On Demand.
  • 6. The myth Successful   marke-ng!   Hosted by:.com/webinars Expert Advice On Demand.
  • 7. Money doesn’t solve the problem $41MM   $340MM   $45MM   $135MM  Source:  h4p://techli.com/2012/04/10-­‐greatest-­‐startup-­‐failures/   Hosted by: .com/webinars Expert Advice On Demand.
  • 8. The real challenges Product   Does  my  product  solve  a  Market  Fit   problem?   How  do  I  get  people  to   Story   want  to  buy  my  product?     How  do  I  get  people  to  tell   Virality   their  friends  about  my   product?   Hosted by: .com/webinars Expert Advice On Demand.
  • 9. Product Market Fit – it’s easy! Hosted by: .com/webinars Expert Advice On Demand.
  • 10. Perhaps not so easy Hosted by:.com/webinars Expert Advice On Demand.
  • 11. “A  lot  of  -mes,  people  dont  know  what  they  want  un8l  you  show    it  to  them.”  -­‐-­‐Steve  Jobs   Hosted by: .com/webinars Expert Advice On Demand.
  • 12. prod-­‐uhkt   -­‐   mahr-­‐kit  The  thing  you  do  that   The  person(s)  willing  solves  someone’s   to  invest  (with  problem  be>er   money,  -me,  risk  of  (cheaper,  easier,   failure)  for  that  thing  faster)  than  others   you  do   Hosted by: .com/webinars Expert Advice On Demand.
  • 13. How important is this? “Do  whatever  is  required  to  get  to  product/market  fit.   Including  changing  out  people,  rewriBng  your  product,   moving  into  a  different  market,  telling  customers  no  when   you  don’t  want  to,  telling  customers  yes  when  you  don’t   want  to.”  –  Marc  Andreesen     You  can’t  market  something  that  people  don’t  want  so  much  that  they’re  willing  to  break  current   habits  to  switch  to  yours.   Hosted by: .com/webinars Expert Advice On Demand.
  • 14. You need to listen carefullyLots of ways to talk to customers•  Surveys•  Google analytics•  Focus groups•  Interviews•  Usability testing•  Yahoo! Answers•  Facebook Hosted by: .com/webinars Expert Advice On Demand.
  • 15. Product-Market fitLots of ways to talk to customers•  Surveys 1.  Who  are  the  true  •  Google analytics customers  •  Focus groups 2.  What  is  their  true   need  •  Interviews•  Usability testing 3.  How  will  you  meet   that  need  •  Yahoo! Answers 4.  How  much  pain  is  •  Facebook required  to  switch   Hosted by: .com/webinars Expert Advice On Demand.
  • 16. Driving Awareness Marketing Hosted by: .com/webinars Expert Advice On Demand.
  • 17. Hosted by:.com/webinars Expert Advice On Demand.
  • 18. Source:  h4p://www.confusedma4hew.com   Hosted by: .com/webinars Expert Advice On Demand.
  • 19. Entrepreneurs need to educate to get considerationSource:  h4p://www.adamhcohen.com   Hosted by: .com/webinars Expert Advice On Demand.
  • 20. 1.  A  fashion   brand   2.  Offering  value   and  service   3.  With  a  social   mission   The  Story   Hosted by:.com/webinars Expert Advice On Demand.
  • 21. There are innumerable tactics to build awarenessSource:  h4p://bit.ly/XnJGce   Hosted by: .com/webinars Expert Advice On Demand.
  • 22. Hosted by:.com/webinars Expert Advice On Demand.
  • 23. Before you start thinking tactics…What’s your story?•  Why are you in business?•  What do you believe?•  What is your value proposition?•  Why is this meaningful to you? If  you  can’t  tell  this  story,  how  will  other   people  tell  it  for  you?   Hosted by: .com/webinars Expert Advice On Demand.
  • 24. Virality: The marketing holy grailSource:  h4p://blog.amplifinity.com   Hosted by: .com/webinars Expert Advice On Demand.
  • 25. What’s “virality” all about?Virality is:1.  Creating customer experiences delightful enough that people want to tell their friends2.  Making it easy for customers to do so Hosted by: .com/webinars Expert Advice On Demand.
  • 26. Virality isn’t new!Customer references Word of mouth Reviews Sharing Hosted by:.com/webinars Expert Advice On Demand.
  • 27. Sharing existed long before FacebookSource:  h4p://dailymail.co.uk   Hosted by: .com/webinars Expert Advice On Demand.
  • 28. Sharing existed long before FacebookSource:  h4p://cocainehelp.promisblogs.com   Hosted by: .com/webinars Expert Advice On Demand.
  • 29. virality in 3 easy steps®1.  Get your brand into people’s hands2.  Make sure they love it3.  Give them super-easy ways to share (bribes don’t hurt either) Hosted by: .com/webinars Expert Advice On Demand.
  • 30. Hosted by:.com/webinars Expert Advice On Demand.
  • 31. To sample or not to sample?a)  cost of a sample vs. customer lifetime valueb)  how much pain and risk are required to try and share Hosted by: .com/webinars Expert Advice On Demand.
  • 32. Product love: NPSSource:  h4p://propertycasualty360.com;  Bain  &  Company   Hosted by: .com/webinars Expert Advice On Demand.
  • 33. Sharing in the internet age Hosted by: .com/webinars Expert Advice On Demand.
  • 34. Sharing in the internet age •  Built  the  plaYorm  for   $300,000   •  Spent  nothing  on   adver-sing   •  Within  18  months  had   ~20%  of  internet  users   Hosted by: .com/webinars Expert Advice On Demand.
  • 35. Sharing in the internet age Get  your  free,  private  e-­‐ mail  @   h4p://www.hotmail.com   Hosted by: .com/webinars Expert Advice On Demand.
  • 36. PS… the story hasn’t changed Hosted by: .com/webinars Expert Advice On Demand.
  • 37. Selfish Plug: MackWeldon Hosted by: .com/webinars Expert Advice On Demand.
  • 38. Selfish Plug: MackWeldon Hosted by: .com/webinars Expert Advice On Demand.
  • 39. Closing thoughtsGood  strategy  trumps  money  and  tac8cs  any  day  of  the  week.  •  Build  a  product  that  people  really  need  and  want  (so  you’ll   have  “pull”),  and  figure  out  who  those  people  are  •  Tell  the  story  as  simply  as  possible  (so  you  can  adver-se,   publicize,  etc.  effec-vely)  •  Figure  out  the  obstacles  to  trial  and  build  around  them  -­‐   remember  you’re  trying  to  make  a  market  that  didn’t  exist,   so  you  must  eliminate  fric-on)  •  Delight  customers,  encourage  sharing,  but  remember  pain!  •  Buy  MackWeldon!  Contact  me  for  an  F&F  code  J   Hosted by: .com/webinars Expert Advice On Demand.
  • 40. A few resources•  h4p://blog.kissmetrics.com/ul-mate-­‐guide-­‐startup-­‐ marke-ng/  •  h4p://marke-ngbeforefunding.com  •  h4p://onforb.es/14PMZui  •  h4p://www.slideshare.net/seanomalley/startup-­‐marke-ng-­‐ presenta-on    •  h4p://www.unbound.com  •  h4p://www.startup-­‐marke-ng.com/the-­‐startup-­‐pyramid/  •  h4p://www.growhack.com  •  h4p://wp.me/p1FaB8-­‐1JXd   Hosted by: .com/webinars Expert Advice On Demand.
  • 41. Connect James Weiss Founder, JBW AdvisoryBook your one-on-one session with James at www.evisors.com/expert/689 He can help you with: •  Career Assessment •  Consulting Interview Practice •  Resume Development …and more! Hosted by: .com/webinars Expert Advice On Demand.
  • 42. Questions & Answers Hosted by:.com/webinars Expert Advice On Demand.