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Workshop Traction

Introducing the teams to the concept of Traction, based on the Traction book

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Workshop Traction

  2. 2. Agenda • Intro • The Bullseye Framework • Traction Channels • Next steps
  3. 3. Traction Trumps Everything “A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of ‘exit.’ The only essential thing is growth. Everything else we associate with startups follows from growth.” Paul Graham, Y Combinator
  4. 4. #1 Failure Reason “Poor distribution— not product— is the number one cause of failure. If you can get even a single distribution channel to work, you have great business. If you try for several but don’t nail one, you’re finished. So it’s worth thinking really hard about finding the single best distribution channel.” Peter Thiel, PayPal Founder / FB Early Investor
  5. 5. Traction Channels Traction Channels = Distribution Channels = Customer Acquisition Channels
  7. 7. The Bullseye Framework A framework to help you find your channel in a five-step process: 1. Brainstorm 2. Rank 3. Prioritize 4. Test 5. Focus
  8. 8. WHY WE DO THIS!
  9. 9. Overcoming Your Biases Why spend time and money on a channel you know little about, or you think is irrelevant to your business? This bias may be preventing you from getting traction. • Get a competitive advantage by acquiring customers in ways your competition isn’t. • There are three reasons why founders ignore potentially profitable traction channels: • Out of sight, out of mind. (Speaking Engagements) • Negative View (You hate Talking over phone) • Bias against schlep – ( BizDev and TradeShows look time consuming) Be honest with yourself: which traction channels are you currently biased for or against?
  10. 10. 10 EXERCISE
  12. 12. Traction Channel 1 VIRAL MARKETING: of growing your user base by encouraging your users to refer other users.
  13. 13. Traction Channel 2 Public Relations (PR): the art of getting your name out there via traditional media outlets like newspapers, magazines and TV.
  14. 14. Traction Channel 3 Unconventional PR: doing something exceptional (like publicity stunts) to draw media attention.
  15. 15. Traction Channel 4 Search Engine Marketing (SEM): allows companies to advertise to consumers searching on Google and other search engines
  16. 16. Traction Channel 5 Display Ads: Text and Banner Ads on popular ad networks and social medias like reddit, YouTube, Facebook, Twitter to target customers
  17. 17. Traction Channel 6 Offline Ads: TV spots, radio commercials, billboards, infomercials, newspaper and magazine ads, as well as flyers and other local advertisements,
  18. 18. Traction Channel 7 Search Engine Optimization (SEO): is the process of making sure your website shows up for key search results.
  19. 19. Traction Channel 8 Email Marketing: one of the best ways to convert prospects while retaining and monetizing existing ones.
  20. 20. Traction Channel 9 Content Marketing: Creating and publishing content on your blog and other mediums to attract customers.
  21. 21. Traction Channel 10 Engineering as Marketing: Using engineering resources to acquire customers is an underutilized way to get traction. e.g Tools, widgets, toolbars, etc
  22. 22. Traction Channel 11 Targeting Blogs: Targeting related blogs to write about your amazing product.
  23. 23. Traction Channel 12 Business development (BD): the process of creating strategic relationships that benefit both your startup and your partner.
  24. 24. Traction Channel 13 Sales: creating processes to directly exchange product for money.
  25. 25. Traction Channel 14 Affiliate Programs: rewarding one or more affiliates for bringing customers to your product
  26. 26. Traction Channel 15 Existing Platforms: Focusing your growth efforts on a mega- platform like an App Store and getting some of their millions users to use your product.
  27. 27. Traction Channel 16 Trade Shows: A chance for companies in specific industries to show off their latest products.
  28. 28. Traction Channel 17 Offline Events: Sponsoring or running offline events – from small meetups to large conferences.
  29. 29. Traction Channel 18 Speaking Engagement: Speaking at events to promote yourself and the product associated with your startup
  30. 30. Traction Channel 19 Community Building: Forming passionate communities around their products.
  31. 31. NEXT STEPS
  32. 32. STEP 1: BRAINSTORM • Brainstorm at least two ideas for each traction channel. Don’t leave any out. • Have in mind what worked/ did not work for similar businesses
  33. 33. STEP 1: BRAINSTORM • How could you quickly test this channel? • How promising is this idea (1– 5)? • How expensive is it to acquire customers through this channel (1-5)? • How many customers can you expect to acquire through this channel? • What is the timeframe needed to run tests?
  34. 34. STEP 2: RANK Rank each traction channel: • A (Inner Circle): which traction channels seem most promising right now? • B (Potential): which traction channels seem like they could possibly work? • C (Long-shot): which traction channels seem like long-shots?
  35. 35. STEP 3: PRIORITIZE Now identify your inner circle: the three traction channels that seem most promising. If you already have three channels in Column A, you’re done! If you have more than three, then you need to get rid of some and vice-versa. It is often the case that there are a few truly exciting and promising channels that emerge from ranking, but not a lot.
  36. 36. STEP 4: TEST The goal of this step is to find out which of the traction channel in your inner circle is worth focusing on.
  37. 37. STEP 4: TEST Questions: • Roughly how much will it cost to acquire customers through this channel? • How many customers do you think are available through this channel? • Are the customers that you are getting through this channel the ones that you want right now?
  38. 38. STEP 4: TEST Make that decision based on results from a series of relatively cheap tests. When testing, you are replacing your educated guesses with real answers. When testing, you are not trying to get a lot of traction with a channel just yet. Your main consideration at this point is speed to get data and prove out your assumptions.
  39. 39. STEP 5: FOCUS At any stage in a startup’s lifecycle, one traction channel dominates in terms of customer acquisition. As you dive deeper into it, you will uncover effective tactics and do everything you can to scale them until they are no longer effective due to saturation or rising costs.
  40. 40. REPEAT THE PROCESS when required If, unfortunately, no channel seems promising after testing, the whole process should be repeated.

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  • AtefehGhavamifar

    Aug. 16, 2017
  • CristianoAmorim1

    Oct. 2, 2017
  • viajeria

    Nov. 29, 2017

Introducing the teams to the concept of Traction, based on the Traction book


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