Entrepreneurial Marketing - MITPortugal Program May 2013

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One of my business school classmates asked me to guest lecture on entrepreneurial marketing and share my experiences as a tech startup CMO. I tried to tailor it to the fact that most were early stage startups with limited resources.

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  • Version 7.3 Updated November 30, 2009.
  • Entrepreneurial Marketing - MITPortugal Program May 2013

    1. 1. Entrepreneurial Marketing Frank Days VP, Marketing, Correlsense www.tangyslice.com @tangyslice
    2. 2. Agenda • Marketing basics • Prelaunch • Launch • Scaling
    3. 3. Transparency… Frank Days VP, Marketing, Correlsense Fast growing private companies Soccer dad, BBQ lover and chili head Tangyslice.com
    4. 4. THE BASICS
    5. 5. What is Marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. American Marketing Association Oct 2007
    6. 6. 4 P’s and 3 C’s (4 C’s)
    7. 7. How marketing world is sorted • Strategic/Product marketing • Programs/Promotions • Communications
    8. 8. Pragmatic Marketing Framework
    9. 9. Theories are great but… • Things are different for entrepreneurs
    10. 10. Discussion Question • What makes entrepreneurial marketing different from traditional marketing?
    11. 11. Differences • • • • • • • • Uncertainty Moving fast Entrenched incumbents Limited resources Low awareness Competing priorities Vision vs. reality Establishing a new market
    12. 12. Question • How can marketing help your business?
    13. 13. How marketing can help • • • • • • • • • Awareness Brand Credibility Users Prospects Customers Investors Revenue Acquisition/IPO
    14. 14. Why care about marketing? • • • • Understand the needs of the market Spread the word Build awareness Get customers
    15. 15. BEFORE YOUR LAUNCH
    16. 16. Need a target market
    17. 17. Common Challenges • • • • • Too big Not big enough Not specific enough Need to build segment Extrapolation
    18. 18. Positioning
    19. 19. Positioning Questions • What are your two dimensions? • Do they matter to your target customer? • Can you own this?
    20. 20. Value Proposition/ Unique Selling proposition • Simple statement of value for your target • Think elevator pitch • Avoid – Jargon – Big words – Extraneous adjectives
    21. 21. Go to Market Strategy • Direct vs. indirect? • Questions: – What’s in it for them? – If you can’t sell it yourself, can someone else? – How much margin do you need to give up? • Big companies love to talk with startups… • Getting them to cut a check is another story
    22. 22. Importance of Marketing Importance of marketing = 1 __________________ Size of average Selling price
    23. 23. WHAT ONE MARKETING THING DID YOU TRY THAT DIDN’T WORK?
    24. 24. Tagline and logo • Are overrated at early stages • Get something good enough • You will likely update both
    25. 25. “We need some buzz…” • Marketing is hard work… not magic … • You want – Awareness in your target market – Prospective customers – Closed deals • Buzz is a distraction
    26. 26. LAUNCH
    27. 27. FACT: THERE ARE MORE WAYS TO SPEND MONEY ON MARKETING THAN THERE ARE PRODUCTIVE PROGRAMS
    28. 28. Build a Simple Marketing Plan Consider agile project management
    29. 29. How much to spend? • As much as: – You can afford – Your investors can agree to – You need to grow
    30. 30. Marketing Mix • Where can a startup spend it marketing resources?
    31. 31. Common Startup Programs • • • • • • • • • • • • • • Viral product Search engine marketing (paid and organic) Public relations Content marketing Emails Sales enablement Social media Tradeshow/events Advertising Partner marketing Sponsorships Lists CRM Lead nurturing
    32. 32. Viral Business Model
    33. 33. Viral Marketing Model • Advantages • Disadvantages
    34. 34. Pro’s and cons Pro’s • Can go viral • Users do marketing for you • People like you • Need a way to monetize • Product takes a lot of work Con’s • Might not go viral • Lots of people don’t buy • Third world leads • Activation rates • Data quality • Still have to get people to your site
    35. 35. Search engine marketing Paid Organic
    36. 36. Public Relations
    37. 37. Content marketing = content + SEO + social media Outbound Inbound Print Ads Blogs, Ebooks, White Papers Television Ads Viral YouTube Videos Cold Calling Search Engine Opt Trade Shows Webinars E-mail Blasts Feed, RSS Credit: blog.hubspot.com
    38. 38. Social media Blogs/Microblogs Tools Monitoring Visuals Video Sites Core Networks IT Sites Link Builders
    39. 39. But you can’t live by content marketing alone • It is still a marketing mix • PPC, SEO, Email, web, CRM … • Result dictate your mix
    40. 40. Start blogging
    41. 41. Write some guest blogs
    42. 42. Leave comments • Find some place you feel confident • People you know
    43. 43. Invest in a decent website design
    44. 44. And a short video…
    45. 45. Add keywords to LinkedIn profile • Mark profile public • Mention products and markets • Create short URL to you with keyword
    46. 46. Don’t let someone sell you a viral video
    47. 47. SCALING
    48. 48. Series A or B: Turning the Crank • • • • • • • • You know your target Hire a CMO Brand consultant Build a marketing team Go big or go home Sales enablement CRM ROI
    49. 49. Where to learn more... • Online resources – Mashable.com – Techcrunch.com – Marketingprofs.com – MPDailyfix.com – Copyblogger.com
    50. 50. Stay tangy my friends… Frank Days VP, Marketing, Correlsense LinkedIn.com/tangyslice fmdays@tangyslice.com

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