Tips from an Entrepreneur1. GET STUFF DONE!!2. Work with other entrepreneurs to pool resources.3. Network like crazy.4. Surround yourself with optimists.5. Find a mentor who has launched a business.6. Dont give up!
What Well Cover in This Workshop1. Establishing your business Point of View2. Defining your Target market3. Identifying your Competition4. Creating Competitive advantage5. Market sizing, metrics6. Developing a go-to-market plan
Business Point of View● Establish a Point of View. What makes your business unique?● The better you know yourself the better relationship you can have with your customers.● Ask yourself why you are in business in the first place. Why THIS business? Why THIS product?Know who you are as a business BEFORE you startputting it out there.
Create Your Companys BrandYour brand is:● The name● Logo● Slogan● Designof your companyAllows your company to be immediately identifiable to yourtarget market.
Marketing Strategy● Use your Point of View to guide your marketing strategy● Use a mixture of marketing methods.● Kickstart your marketing before you launch your product/service.
Defining Your Market● Targeting a specific market does not mean that you have to exclude people● Allows you to focus your marketing dollars, brand message● Helps you define if you are on the right track or not.
Defining Your Market1. Check Out Your Competition Who are your competitors targeting? Who are theircurrent customers?=>Find a niche market that they are overlooking.2. Analyze Your Product/Service ● List each feature of your product or service. ● Next to each feature, list the benefits they provide (and the benefits of those benefits). ● List of people who have a need that your benefit fulfills.
Defining Your Market3. Choose Specific Demographics to TargetFigure out not only who has a need for your product orservice, but also who is most likely to buy it.Think about the following factors:● Age● Location● Gender● Income level● Education level● Marital or family status● Occupation
Defining Your MarketConsider the Psychographics of Your TargetPsychographics are more personal characteristics of aperson, including:● Personality● Attitudes● Values● Interests/hobbies● Lifestyles● BehaviorHow does your product fit into your targets lifestyle?
Defining Your Market● Are there enough people that fit my criteria?● Will my target really benefit from my product/service?● Will they see a need for it?● Do I understand what drives my target to make decisions?● Can they afford my product/service?● Can I reach them with my message? Are they easily accessible?Remember, you can have more than one niche market.
Test the Market!● Talk to potential customers● Product testing● Market testing ● Focus groups ● In-store test
Market Sizing ExampleOnline Takeout OrdersTop Down● 511B spent on dining out annuallyBottom Up● 100M people eat out everyday● Approx 4% of meals are ordered online.● In 5 years 20% of meals are ordered online.● Avg takeout order cost is $12.● Total market size today: 50M daily, 20B annually● In Future: 250M daily, 100B annually
Competitive Analysis● What other options does the target market have to satisfy those benefits? ○ At what price / performance points? ○ Consider direct and indirect (substitute) competition● What is distinctive about what you have to offer?
SWOT Analysis● Identify your Strengths, Weaknesses, Opportunities, Threats.● Identify your competitions Strengths, Weaknesses, Opportunities, Threats.
Activity - Part 11. Identify your business Point of View.2. Identify your target market and market size.3. Identify 2-3 competitors.4. Define how you are different from yourcompetition.
Marketing MetricsWhich of these is best - How do you know● 1,000,000 one-time unregistered unique visitors● 500,000 visitors who view 2+ pages, stay 10+ sec● 200,000 visitors who clicked on a link or button● 20,000 registered users with email address● 2000 passionate fans who refer 5+ users per month● 1000 monthly subscribers at $5 per month.
Marketing MetricsAcquisition: Users come to site from various channelsActivations: Users enjoy 1st visit: happy experienceRetention: Users come back, visit site multiple timesReferral: Users like product enough to refer othersRevenue: Users conduct some monetization behaviour
Marketing MetricsAcquisition:● Social networks, blogs, SEM, SEO, Campaigns, Contests, Direct (TV, Tel), biz dev.Retention:● Emails and Alerts, time-based features, Blogs, News feeds
Pre-Launch MarketingBuild a Splash Page● Include a device image, some branding relevant to the app, very basic details about the app’s functionality and social media links.● Creating a newsletter sign-up form gives people the opportunity to stay updated.
Pre-Launch MarketingDo a Sneak PeekDribbble, Forrst, Ember. These sites are specifically built toshare sneak peeks of works in progress. Represent freeplaces to get extremely high quality feedback from the bestin the business.Create a Teaser VideoShowcase the key features and includesome upbeat background music orinteresting narrative. Remember, what youwant to highlight is the promise of the app.
Pre-Launch MarketingRally Beta TestersWorking with beta testers is one of the best examples ofhow marketing helps development and vice versa.Share Promo Codes With Key ContactsIf an app is approved but not yet released, promo codesare often available.Allows you to get your app into the hands of key contacts(press, influencers, friendlies, etc.), even if it’s not publiclyavailable.
Startup Marketing1. Choose a niche market.● A niche helps you fully understand the pain points of your target customer and market directly to them.● Focus and perfect with a smaller group first, expand when you’re ready.2. Set a goal.Amount of revenue you’ll need to self-fund the business.Number of users or customers.3. Set a budget.Set a marketing budget to reach your goal.
Startup Marketing4. Assume a conversion rate.If you reached out to 100 potential customers, how manywill actually convert into paying customers? Make a smartassumption.5. Brainstorm ideas.Where do your potential customers congregate? Think ofways and places you can reach your audience with thehighest ratio of potential customers. This can be both onlineand offline. Think blogs, trade shows, Facebook, meet-ups,etc.
Startup Marketing6.Test and execute.Online pet supply store.Niche Market: Sell dog beds to dog owners in New York.Goal: Sell 100 dog beds and use those profits to expand.Budget: $5,000.Assumption: 100 potential customers, only one willpurchase, a 1% conversion rate.Brainstorm Ideas: Youve come up with a list of ideas ofhow to reach 10,000 dog owners in NY for $5,000.=>Allocate a small piece of your budget to test yourmost viable ideas.
Startup Marketing7. Give users a compelling way to spread the word.Word-of-mouth marketing can be huge for a start-up. You’re able to interact with your target customers on a morepersonal level than big companies. Take advantage ofsocial media!8. Make it exclusive.People like being a part of something new and exclusive.Limit your invites to the right early adopters that willbecome advocates of your brand and help you improveyour product along the way.
Startup Marketing9. Target the influencers.Identify thought leaders in your niche and regularly interactwith these people whenever possible.Goal is to get them to try and like your product, so they canspread it to their large networks. Don’t forget bloggers andjournalists.
Startup Marketing● Marketing your startup is all about adapting.● Some of things you try will fail.● Learning from your mistakes and changing your strategy will be a key factor in your success.
Activity - Part 21. Draft a Go-to-Market Plan to include:-Which marketing channels you will use.-Which metrics you will test-Cost estimates.-Timeline