• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
Squeeze that lemon!
 

Squeeze that lemon!

on

  • 1,619 views

A simple guide on how to maximize returns from your existing technology business?

A simple guide on how to maximize returns from your existing technology business?

Statistics

Views

Total Views
1,619
Views on SlideShare
1,616
Embed Views
3

Actions

Likes
6
Downloads
56
Comments
3

1 Embed 3

http://www.slideshare.net 3

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel

13 of 3 previous next Post a comment

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
  • good crisp presentation on marketing.
    Are you sure you want to
    Your message goes here
    Processing…
  • Once you start implementing one or more of these ideas, you start getting better results and get excited to implement more of them till you become the best in your niche.

    Recommended!
    Are you sure you want to
    Your message goes here
    Processing…
  • Excellent insights Pallav.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    Squeeze that lemon! Squeeze that lemon! Presentation Transcript

    • Squeeze that lemon!
      PallavNadhani
    • It was the end of 2008…
      R-word was getting everybody nervous
    • Startups can't do 2 things! Forget many!
      Focus allows you to succeed without requiring an organization of super-humans.
    • If your niche is small enough,
      the customer need strong enough,
      your marketing targeted enough,
      your product good enough,
      your customers happy enough,
      they are going to buy,
      RECESSION OR NOT
    • In a small but focused market:
      You don’t need a very big marketing budget to get noticed
      You can become an expert in that niche
      You can deal with competitors, as they’re mostly small
      You can delight customers one by one
      Recessions do not hurt you bad, as you’ve not yet explored the majority of the market
    • If life gives you lemons,
      make lemonade
      If it deals you tomatoes,
      make Bloody Marys
    • 5 ways to increase earnings
      Get more leads
      Convert more leads into customers
      Increase the number of times those customers buy
      Increase the average price point of sales
      Increase profit margins (cut costs)
    • And that involved…
      Cost effective marketing & branding
      Re-defining sales strategies
      Experimentation with pricing
      Customer Development & Community Formation
      Maintaining and Understanding Key Metrics
    • branding = (what people think of) you
      marketing = (how you get) sales
    • Traditional Marketing Cycle – Costly and not optimal
    • Re-defined Customer Interaction Process
    • New age mantra of Marketing
      Sell benefits, not features
      Talk results, not processes
    • New age mantra of Marketing
      What’s in it for them:
      What problem do you solve?
      How are you unique?
      Why should they care?
    • New age mantra of Marketing
      Highlight your USPs
      Is it support, pricing, delivery…? Pitch it appropriately and evaluate the connect.
    • New age mantra of Marketing
      Think new lead generation accelerators
    • New age mantra of Marketing
      Market your success
      Source: US Government Website
    • New age mantra of Marketing
      Use Word of Mouth Effectively
      Craft compelling stories that people can share with others. Incentivize them to speak out.
    • New age mantra of Marketing
      Use Free PR – it’s effective
      Sell a story that a layman can relate to. Make it generic, not techy or jargonized.
    • New age mantra of Marketing
      Build trust around your brand.
      That lets you command better work, higher prices, increased credibility and more respect.
    • New age mantra of Marketing
      Everything is a brand.
      Right from the way your website looks
      to the way you write your emails.
      Consistency is very important.
    • Simple ways to build trust around the brand
      Offer relevant and compelling information about offerings, tied to customer needs. If you can provide an evaluation, nothing better.
      Make your communication simple and consistent, so that it does not distract from the key message.
      Provide verifiable reviews, testimonials and feedback.
      Reputation spreads like wild fire. Manage that well.
      Encourage word of mouth. People trust friends more than experts. Encourage multi-directional conversation, rather than uni or bi.
    • Branding & Marketing on Social Media
      Social media is not just about creating
      an account & having fans
    • Social Media Strategy
    • Leverage social media in different ways
      Public relations
      Market research
      Brand Marketing
      Promotions
      Consumer Education
      Sales
      Customer Support & Relationship Management
    • New age mantra of Marketing
      Social media objective
      Build content worth sharing, brand worth talking about and sites that encourage customer participation and dialog
    • New age mantra of Marketing
      Build your army of fans, evangelists & loyalists
      Nurture them regularly.
      Get feedback from them.
      Treat them as your partners.
    • Optimizing Sales
      When selling
      Be interested, not interesting
    • Optimizing Sales
      Identify your relationship model
      Is it one-to-one, or one-to-many?
    • Optimizing Sales
      Build user lock-in in your sales strategy
      Once they’ve started using your product, they have an emotional connect and are more likely to convert
    • Optimizing Sales
      Small changes can create a lot of difference when selling!
    • Optimizing Sales
      During tough times, be understanding with your customer. Act as his partner.
      It pays off very well in the long run.
    • Optimizing Sales
      Capture all leads religiously, categorize them methodically and have a lead nurturing plan. Define stringent processes and protocols.
    • Experiment with pricing
      Your offering is not just the code that you’re giving out. It is much broader than that – it’s the entire experience.
      Make sure your prices are in sync with your brand. Plus, include soft aspects when deciding pricing like switching costs, competitor pricing.
      Products rarely win by pricing low.
      The perceived value of a product may be higher than its objective value. Use marketing to increase it.
      Use smart pricing strategies like pricing discrimination, good reference points, pricing threshold.
      Inspired from Don’t Just Roll The Dice
    • Example of User-lock in & Pricing Reference points
      37signals.com
    • Pricing Reference point
      ManageEngine.com
    • Experiment with deals
      Bundling of offerings (cross-selling), discounted sales. Segregate by demographics.
      Measure. Measure. Measure.
    • Questions to ask when setting prices?
      What’s your strategy? (High volume/High price)
      What’s your product? (Not just code, but entire experience)
      How will your customers judge the fairness of your pricing? (reference points)
      Who are your customers? (What/Where/How)
      Who are your competitors?
      What does your brand say and how do you market?
      Can you segment your customers and create versions?
      Inspired from Don’t Just Roll The Dice
    • Identify key metrics, analyze and reiterate
      Cost per acquisition, cost per download
      Gross profit margin, Profit per sale, Cost vs Revenue rise
      Marketing: CTR of various sources, CPM, CPC, CPA, Visitor Demographics
      Customer Satisfaction Index, Returning Customers %, Dropped Customers %
      Top 5 sources of revenue – Where they came from, What they searched, What they liked about your offering?
      Top 5 affiliates, Top 5 partners… their attributes.
    • The paradox of growth:
      The smaller you are, the bigger you must look
      The bigger you look, the smaller you must get
    • Thank you