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TSH Startup Masterclass: Introduction to Marketing
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TSH Startup Masterclass: Introduction to Marketing

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Key points and highlights from Chris Winstanley’s presentation “Marketing your Startup, a very short introduction”. …

Key points and highlights from Chris Winstanley’s presentation “Marketing your Startup, a very short introduction”.

Charging monthly recurring fees can work really well - makes the purchase less of a decision.

Try testing different price points and see what it does to conversions - work out the price elasticity of your offering.

Look seriously into the freemium model, it's a very powerful business model when well implemented.

Get free advice from other businesses - test the user journeys of successful websites like BaseCampHQ.

If a new feature stays on Amazon.com for more than a week you can assume it is because their team found it works. If a new feature disappears within a week, there's probably a good reason, so consider seriously before emulating it.

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Transcript

  • 1. Marketing– a very brief introduction Chris Winstanley
  • 2. (not ProductAnd forservicesproducts):Process Price Physical Evidence Place The 4 P’s (or is it 7?) People Promotion
  • 3. Idea to product/serviceDoes it exist? (probably) Search and ask. Most things have already been doneDoes anybody want it? If it doesn’t exist, there’s probably good reasonCan you do it better/cheaper/cooler? Bearing in mind you probably have few resourcesHow much time and money will it cost to create? Double the estimated development cost and time BaseKit platform cost around $3m to build
  • 4. How to charge, and how muchDo you need to charge or can you give it away? Affiliate Links, in some sectors https://www.affiliatewindow.com/merchant_directory.php Advertising, expect a very low return Google Adsense is easyIf you are charging, monthly recurring is usually best Makes the purchase less of a decision If you can cover your CPA in year 1 that’s great People’s apathy can make you a lot of moneyCharge as much as you can get away with, sustainably Unless you’re unique you’ll need to benchmark competitors You should ask people what they expect to pay Test different price points and see what it does to conversion
  • 5. The Freemium WayRelies on upselling from a free version Time limited, remove advertising, additional features This is BaseCampHQ
  • 6. Where to sell it? (Place)Your own website Time and cost to set up All your risk paying for traffic Anything but a basic e-commerce solution needs devVia a marketplace Like Amazon or eBay for physical goods Through aggregators or affiliates Guarantees your cost of acquisition
  • 7. Marketing Channels (Promotion)Channel Pros ConsPPC Control, speed, Expensive, transient (no testing brand effect)SEO Free traffic! Time and difficultyEmail Easy, cheap Need a database firstSocial Media Easy-ish, cheap Time consuming to do wellAdvertising Cheap, builds CTR low, creative costs awarenessAffiliates Guarantees your Expensive to set up, CPA voucher-code ledPartnerships Leverage another Difficult and lengthy to set brand and their up
  • 8. ProcessYour user journey is crucial Hit people with simple Don’t make people wait for anything (load time) Look at how Amazon, BaseCampHQ do it A good user journey could make your businessFulfillment needs to be equally slick Keep people (over) informed by email, SMS Call people if something goes wrong, don’t email Surprise and delight your customers. It’s not that hard.
  • 9. Physical EvidenceThese do not stop your car breaking downThey do make you continue payingThey’re free advertising for your business
  • 10. PeopleMake it personal Ensure it’s easy to contact you If you’re selling something, have an 0800 number Get back to people the same day Use chat to improve your sales conversionHave an about us page Write it yourself, it’s not one for the intern Include some photos that resonate with your audience? Have some fun with it. A personality goes a long way
  • 11. Any Questions?Q: We are a UK company with key interests in theUSA. When we do email marketing to US-basedleads, are we bound by UK or US law, or both?A: You have to comply with the laws of where youare emailing to, not from (or we’d all be emailingfrom Brazil)
  • 12. How to contact meChris Winstanley chris@basekit.com

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