Lean StartUP Tactics for Inventors & Innovators. Andrew Birt
Quick Introduction Founder of marketing, web and business development firm StartUP Marketing. Helped launch over 20 startups in the past 12 months, including StartUP Marketing. Member of Swinburne’s Australian Graduate School of Entrepreneurship. Marketing and advertising teacher and tutor at Melbourne university. Worked extensively, with Bed Bug Barrier (ABC New Inventor) raising $200,000 capital at present.
Conditions for Inventors & Innovators have never been better in history. Costs are falling in vast majority of industries. Barriers to entry for marketing and promoting new products are lower than ever. The Internet gives us all access to markets, customer insights and trends like never before. Targeting and reaching niche audiences has never been easier. Google/Social Media etc.
BUT Most Startups, New Products and Inventions FAIL!
10 Reasons Why Let’s Put on a Show Science runs amuck! The Lemming Effect Trend Hopping The Market’s Too Small The Unknown Buyer Dartboard Design Wishful Thinking Build it and they will come. Ready, Aim, Fire! New Products & StartUPs Fail.
Biggest Reason? Trying to “Create Demand” rather than “Catering to Demand” New Products & StartUPs Fail.
Comparing Methods Product Development Customer Development VS Let’s create the brand, website and prototype. Let’s see if 10,000 people are passionate enough about this product? Let’s get them involved. What features would you like? Can you help bring this to market? Let’s use this momentum to show investors this is a REAL opportunity driven by customer demand. Let’s produce the first 10,000 and reinvest the cash-flow into our next run. OR, let’s abandon the project. I’ve got this great idea! I need funding to make 10,000 of them. I’ll manufacture 10,000. Then try to find a market for these 10,000 Water bottles. I need help marketing and selling these 10,000 bottles. Succeed or fail. Big win or Big Loss! RISK.
11 Other Ways Google Keyword analysis. Google Adwords. Demo Site with Call to Action. Create a Following. Twitter etc. Trial close, with trial customers. Use Kick Starter – or Aus equivalent. Improve something people already like. Find the right media channels. Niche it right down. Get customers involved FIRST. Leverage the early-adopters to demonstrate momentum. To “Discover” Customers
In Closing… Customer Development Trumps Product Development. Cater to demand, rather than try to create demand. Get the customer involved UPFRONT Get some commitment from the customers. Leverage early-adopters and gather momentum. That’s what StartUP Marketing’s all about…
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