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Zero to 100 - Part 2: Building a Repeatable, Scalable Growth Process

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Zero to 100 is a learning program from David Skok. It is a detailed instruction manual for how to take your startup from zero to $100m, with a particular focus on the area of building a go-to-market machine. So many of today’s founders come from a product or technical background, and have never been involved with sales and marketing. Right after starting their venture, they are hit with the huge problem of how to build their go-to-market organization and processes. It breaks the journey down into 9 steps, and explains why it is crucial not to skip steps in this journey in the rush to get ahead. The major emphasis of the course focuses on building a repeatable, scalable and profitable growth machine. Once you have that in place, you are ready to hit the gas and scale like crazy.

To see videos of the presentations, click here: https://www.forentrepreneurs.com/matrix-growth-academy-zero-to-100-videos/

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Zero to 100 - Part 2: Building a Repeatable, Scalable Growth Process

  1. 1. BUILDING A REPEATABLE, SCALABLE & PROFITABLE GROWTH PROCESS[ ]
  2. 2. Building a repeatable, scalable & profitable growth machine Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model
  3. 3. Before we get there, let’s spend a minute on PMF Search for Product/Market Fit
  4. 4. Greatest mistake: Design, Build, Sell Search for Product/Market Fit Test hypothesis “What are we solving? How?” Prove the Value “What are we solving? How?” Prove it can be sold “Will someone pay” Build the MVP
  5. 5. Instead: Sell, Design, Build Search for Product/Market Fit Test hypothesis “What are we solving? How?” Prove the Value “What are we solving? How?” Prove it can be sold “Will someone pay” Build the MVP
  6. 6. Why this advice is so hard to follow Founders from technical and product backgrounds not comfortable with prospecting or cold calling Solution: LinkedIn (and/or Google Adwords)
  7. 7. Credit: Harvard marketing professor Theodore Levitt: “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.”
  8. 8. Don’t be afraid to do a consulting project • Really understand the customer’s environment • Flesh out the “whole product” requirements • Make sure it actually works and delivers the business benefits
  9. 9. Good Evidence of Product Market Fit • A number of customers have purchased • Referenceable • Customers are happy • Using the product • Would be very reluctant to give it up • Realizing the promised benefits • Evidence of intent to expand usage • Churn is low
  10. 10. Predictable, Repeatable, Scalable, Profitable Growth Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model
  11. 11. The key sign that you’re getting there: Bookings - (NOT Revenue or ARR!) For SaaS: Bookings = Net New ARR (New + Expansion – Churned) Q1 Q2 Q3 Q4 Q5 Q6 Q7
  12. 12. ARR with Flat Bookings ARR with Growing Bookings Q1 Q2 Q3 Q4 Q5 Q6 Q7Q1 Q2 Q3 Q4 Q5 Q6 Q7
  13. 13. Phase 4. and 5. Find a repeatable Sales Motion Search for Repeatable & Scalable & Profitable Growth Model 4 5 Find Repeatable Sales Motion Prove non- Founders can sell 3 Prove it can be sold
  14. 14. At the beginning: No clear sales path
  15. 15. By the end: Well understood path
  16. 16. What are we trying to learn? • Which target market? • Who in the organization to sell to? • What pain / use case to target? • What messaging? • What sales motion? • What pricing? • What new product features are needed
  17. 17. Deliverables • Marketing Playbook • Sales Playbook • Customer Success Playbook • Renew and Upsell Playbook
  18. 18. Example NewCo Sales Process (Playbook) Definition Activities Milestones Clearly identify whether the Opportunity continues through the Sales Process. Conduct a 2-way exchange of Prospect’s business challenges, pain, objectives and goals. Document and confirm we understand Prospect’s goals, objectives, business challenges and pain. What is the potential business impact and value-add with NewCo. Justify the specific Newco solution to the key decision makers. Justify solution with business case, ROI, custom demo, technical review, customer case studies where applicable. Agreement / Contract has been delivered to prospect and agreement to steps as chosen vendor to complete procurement cycle. Validate next steps in the evaluation process including the criteria and decision process. Present solution to champion and executive sponsor. Quantify value and dollarize opportunity in SFDC  Ability to dollarize the solution  Define use case(s) and map solutions value to prospects corporate strategy  Perform demonstration to the Champion that addresses prospects Pain, Goals and Objectives  Confirm decision criteria, process, budget, timeframe  Present detailed sequence of events / closing plan  Deliver custom demonstration to all relevant stakeholders (PoC)  Collaborate and present business case justification, Identify power user and project team  Discuss and present standard onboarding document & Integration review and technical gaps addressed  Engage Legal and Procurement  Update Customer Success section within Opportunity record  Negotiation on legal, price and business terms  Schedule and complete references  Alignment call with customer success team as required  Finalize order document and vendor approval process  Contract signature / Initiate Customer on-boarding process  Identify timeframe, compelling events, current environment  Pitch and present focused on strategic value  Identify executive sponsor to continue evaluation along with additional stakeholders, technical influencers, budget holder, economic buyer  General pricing & budgeting discussion  Identify prospect is at the influencing level and there’s interest in evaluating NewCo. Identify Critical Business Issues, other potential influencers. Is the prospect trying to: - Achieve a Goal - Solve a Problem - Satisfy a Need  Framing, Diagnostic and Confirmation Questions • Solution development / Menu of goals • Pre call plan / confirm persona • Critical Business Issues • “Get before you give” • Solution development prompter • Menu of goals • Plausible emergency • Champion letter • Sphere of Influence • Sequence of Events / Timeframe • Customer stories • Demonstration • Order Form / Terms of Service • Technical Documentation • On boarding documents • Alignment call • References Qualify Discovery Validation Proof Due Diligence 1 2 3 4 5 $ “Why Change?” “Why Now?” “Who / How?” “Why us?” “When?” Tactics / Tools  Identify Pain and Tactical Challenges in Organization  Uncover key Metrics and Strategic Initiatives  Mutual agreement to evaluate  Chosen vendor  Confirm legal complete  Sign order form  Identify Champion  Identify Executive Sponsor  Define, Influence, Confirm the Decision Criteria  Qualify your Champion  Document the Decision Process  Access to Executive Sponsor, executive sponsor and confirm budget  Prospect approves solution  Confirm IT approval & legal process  Confirm access to budget holder & signer  Mutual agreement on business case justification
  19. 19. Where do you start?
  20. 20. Fire Up an Initial Lead Source
  21. 21. Team: • Founders • Aided by Pathfinder/Trailblazer Sales Rep
  22. 22. Pathfinder/Trailblazer Sales People • Not like ordinary sales people – who follow a playbook • They have to create and evolve the playbook
  23. 23. Goal: Pick one target market
  24. 24. … with a clear Use Case Use Case Benefit
  25. 25. Why? • “Whole Product” • Features, integrations, and partnerships needed for each use case are different • Deciding on one cuts the feature list to a manageable level • Prospect targeting becomes far easier • Salespeople get smarter faster on how to talk to the customers about their business
  26. 26. Messaging is far more powerful • Example – for Corvana - an AI powered Smart BI system • Broad messaging: • Our Smart BI software will automatically surface insights in your data • Sales use-case messaging: • Our Smart Sales Intelligence software • Automatically tracks all of the important funnel indicators • Will pro-actively warn you as soon as any indicator shows a potential problem. • Allows you to fix problems early before they affect your bookings number
  27. 27. Recommended Starting Point Make a list of your best ideas for potential target markets
  28. 28. Score Them Examples of Target Market Choices TAM Pain level / Urgency and Willingness & Ability to pay Amount of work required to satisfy their needs Enterprises High score here means low amount of work Mid-market SMB Venture Backed HiTech companies Financial Vertical Note these target markets are just examples. Your own list of possible targets will vary.
  29. 29. Hair on Fire Urgency is key to success • Buyers resist change • Without urgency you will have: many good conversations but long sales cycles and few closed deals
  30. 30. Ideal Customer Profile - ICP Ideal Prospect Characteristics • Industry: • eCommerce companies • Size: • Mid-market - Revenues: $5m to $100m • Current tech stack: • ExactTarget, Responsys, etc. • Uses Shopify Plus, Magento, etc. • Other: • More than 20,000 names in their email list Negative Characteristics • Enterprises - likely to have the following characteristic: • Separate fiefdoms that will stop marketing from making an integrated decision • Different marketing channels owned by different teams • Separate analytics and data science team that work with their marketers
  31. 31. Messaging • Business benefits, not product features • Clear • Simple • Short • Explains differentiation from competition
  32. 32. Positioning Statement • For Who? • Who needs What? • Our Category? • Provides: Key Benefits • Unlike Key Competitors • We provide Key Differentiators
  33. 33. Define our Growth Process XXX YYY
  34. 34. [ ]BUYER-CENTRIC FUNNEL DESIGN
  35. 35. WHY DO WE NEED A GROWTH PROCESS?
  36. 36. MyProduct.com HOW IT WORKS DESCRIPTION Our collaboration product allows you … BUY NOW! Only $9,999 In a perfect world…
  37. 37. WHY DOESN’T THIS WORK?
  38. 38. BUYER QUESTIONS AND CONCERNS BUYING PROCESS
  39. 39. How do we respond?
  40. 40. Break the process down into a series of steps… Design a series of steps that we want customers to go through Website Free Trial Purchase
  41. 41. Results in a Funnel Not all people entering the first step will get to the second, etc.
  42. 42. Studying Funnel Blockage Points Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
  43. 43. The Source of most Problems Vendor Centric
  44. 44. NOT MOTIVATED TO DO THAT THEY ARE CUSTOMERS WILL DO SOMETHING YOU ARE HOPING YOUR
  45. 45. A better way to approach to Funnel Design Buyer Centric Buyer-Centric
  46. 46. THE BUYERS JOURNEY
  47. 47. THE BUYERS JOURNEY Awareness Consideration Purchase
  48. 48. Mismatch: Sales often handle every lead as though they were in the Purchasing phase I’m paid to sell. I better be selling.
  49. 49. Likely Distribution of Web Site Visitors Vendor Web Site 80% Awareness 15% Consideration 5% Purchase
  50. 50. Different Dialog and Content for each stage Awareness Consideration Purchase • Create Problem & Pain awareness • Discuss how people are solving • Discuss benefits people are seeing • Don’t mention your product • Don’t sell! • Help in choosing a particular solution • Explain how your Product can solve their pain • Free Trial / Demo • Customer stories • Nurture with regular content (Newsletter) • Case studies • Results achieved • How you helped achieve them • Other proof points • Customer references • ROI data
  51. 51. • Just lost my data in hard drive crash • Backup software/service • Starting a new software project • Dev Tools, etc. • Performance issues with existing app • APM tools • Difficulties tracking bugs across multi-tier apps • Bug tracking software TRIGGERS
  52. 52. Buyer Personae Who is involved in the buying process? Champion Economic Buyer / Decision Maker IT required for sign off
  53. 53. Getting to know your Buyer Personae • Identifying Characteristics • Company Profile (your ICP) • Any special characteristics relevant to this purchase • E.g. Developers: • Don't have a budget • Prefer Open Source, and don't like to pay for software • Professional Role • What does a day in their life look like? • Key business goals? • What does their Boss expect of them? • How does our product help them achieve those? • Motivations / Aspirations? • What would make their job easier?
  54. 54. Getting to know your Buyer Personae • What pain do they have that we address? • Is it latent pain, or obvious pain? • How do they describe the pain and what they are looking for? • (Helpful for messaging) • Is solving this pain a high priority for them? • If not, what features would make it a higher priority? • What are the triggers that cause them to buy?
  55. 55. Getting to know your Buyer Personae • Are they searching for a solution? • If yes, how do they go about doing that? • Who influences them? (Sites, organizations, and people) • (Helps us figure out how to market to them) • Most important features? Decision criteria? • What are their reactions to our product/company? • What will they like? • What will they not like? • What are the main questions and concerns they have? • What competitors will they also evaluate? • What will they like or dislike about each of those?
  56. 56. [ ]FUNNEL DESIGN GET INSIDE YOUR BUYER’S HEAD
  57. 57. Designing a Growth Process to match Buyer’s Journey Strangers VisitorsAttract CustomersCloseLeadsConvert PromotersDelight Awareness PurchaseInterest Post Purchase
  58. 58. Top of Funnel Drive the right traffic that matches your ICP and convert to raw leads Middle of Funnel Convert raw leads into MQLs Sales Convert MQLs into closed deals Customer Success Onboard, support and ensure customer success as measured by a customer KPI Designing a Growth Process to match Buyer’s Journey Strangers VisitorsAttract CustomersCloseLeadsConvert PromotersDelight Credit: HubSpot Awareness PurchaseInterest Post Purchase
  59. 59. Top of Funnel Inbound Marketing Paid Marketing Website Strangers Conversion Event Raw Lead Outbound SDR’s Account-based Mktg Targeted Strangers Mktg Qualified Lead Qualify?
  60. 60. Account Based Marketing • ICP powers all marketing • Ideal Customer Profile • Build lists of matching accounts • Discover.org, Lead Fox, ZoomInfo, LinkedIn Sales Navigator, etc. • Track who is in buying cycles • Visiting G2 Crowd, Bombora • Track which companies are on your website • Targeted outreach • Aircover from Ads Thanks to Eric Spett, Terminus
  61. 61. Middle of Funnel Raw Lead Lead Scoring Lead Nurturing Database High Low Nurture Webinars, events, newsletters, etc. Enrich Use software like ClearBit to enrich the email address to identify company, job title, etc. Segment Identify interesting segments based on attributes (verticals, job functions, etc.) or actions Mktg Qualified Lead Yes No Qualify?
  62. 62. Mktg Qualified Lead Sales – Lead Stages Qualify Sales Qualified Lead CustomerClose Discovery Call Opportunity Ready to buy? Sales interaction Note: Your process will likely be different, and there will be more Opportunity stages in your CRM pipeline
  63. 63. Initial Guess at Growth Process Website Free Trial
  64. 64. Map Buyers Process to Your Steps Research Shortlist Vendors Check Review Sites Evaluation Website Free Trial BUYER VENDOR ROI & Justification
  65. 65. GET INSIDE YOUR BUYERS HEAD How are they reacting as they go through our funnel steps? What are they thinking as they go through their process? Research Shortlist Vendors Check Review Sites Evaluation Website Free Trial BUYER VENDOR ROI & Justification
  66. 66. Optimize Your Steps to Fit Research Shortlist Vendors Check Review Sites Evaluation Website BUYER VENDOR ROI & Justification Free Trial ROI Calculator Competitive Features Matrix
  67. 67. Optimize Your growth process to Fit Research Shortlist Vendors Check Review Sites Evaluation Website BUYER VENDOR ROI & Justification Free Trial ROI Calculator Competitive Features Matrix Incent customers to do reviews
  68. 68. ADDRESS ALL DECISION CRITERIA Address Security Concerns 3rd Party Security Audit & Whitepaper BUYER Is this a safe vendor to choose? • Customer Stories • Safe Channel Partners
  69. 69. Expand Lead Flow
  70. 70. Test and Optimize the Funnel Flow Fix Conversion Rate Problems Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
  71. 71. Choosing a Go-to-Market Model Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  72. 72. How I assumed the two would relate
  73. 73. A rough estimate of CAC versus Sales Complexity Freemium No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s $0- $10 $50 – $200 $1,000 - $2,000 $3,000 - $8,000 $25,000 – $75,000 $75,000 – $200,000 Rough Estimates of Cost of Customer Acquisition (CAC)
  74. 74. The relationship is roughly exponential Clearly adding Human Touch dramatically increases costs
  75. 75. Sales Complexity CAC (logarithmic) 10x 10x 10x
  76. 76. The Red Zone $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 Freemium No Touch Inside Sales Channel Field Sales Sales Complexity  CAC Logarithmic Unprofitable: LTV < CAC
  77. 77. Salesforce disrupts Siebel with a lower cost sales model due to SaaS free trials $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 Freemium No Touch Inside Sales Channel Field Sales Sales Complexity  CAC Logarithmic
  78. 78. Long Sales Cycles – Very Tough for Startups Cycle time for learning is too long, so very few cycles get executed
  79. 79. The Obvious Take-away • Do everything you can to remove human touch from sales and onboarding • Or make the human touch as low cost and efficient as possible
  80. 80. What creates Sales Complexity • High Price point • Complicated to evaluate? • Integration needed with other systems? • Multiple people involved in purchase decision? • Risk to business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Requires purchase of other products / services to complete the solution? Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  81. 81. Start with the buyer Understand the Complexity of your Sale • Price point • Larger investments need greater justification, & more levels of sign off • How complicated to evaluate? • Single person, or multiple people? • Integration needed with other systems? • How many people involved in the purchase decision? • Risk to their business of a bad buying decision? • E.g. loss of data, business unable to operate if system is down, etc. • Does it require other products or services to be purchased to complete the solution? Freemium Viral No Touch Self- Service Light Touch Inside Sales High Touch Inside Sales Field Sales Field Sales with SE’s
  82. 82. Land & Expand Much easier to get a large order once the product is proven
  83. 83. Product-Led Growth Models $1 $10 $100 $1,000 $10,000 $100,000 $1,000,000 Freemium No Touch Inside Sales Channel Field Sales Sales Complexity  CAC Logarithmic
  84. 84. PQLs – (Product Qualified Leads) Thanks to Christopher O’Donnell conversion rate 1% 100%
  85. 85. Product Led Growth – the virtuous cycle 21% 66% 13% Salesforce R&D Sales & Marketing G&A 55% 25% 20% Atlassian R&D Sales & Marketing G&A as a percentage of total expenses
  86. 86. Product Led Growth – the virtuous cycle Atlassian are spending 2.6 x more of their expense dollars on R&D
  87. 87. What model should I pick, and do I need salespeople? • While you are testing options for a repeatable sales model • Don’t obsess about which model, as you are too early • Instead focus on getting some sales, which will give you the data to decide • When you have some sales • Look at the complexity of: • Your product • Your buyer’s buying process • Try redesigning • Evolve to what model is the best fit • Even in a Freemium model – salespeople can be powerful • They can increase the average deal size by selling value higher in the organization “Land and Expand” model
  88. 88. Phase 6. Make it scalable Search for Repeatable & Scalable & Profitable Growth Model 6 Make it Scalable
  89. 89. Ideal Initial Sales Staffing Close early-access sales Find Predictable and Repeatable Sales Motion Make it Scalable Founders 1 more Pathfinder/Trailblazer Salesperson Sales Director (willing to act as a Pathfinder/Trailblazer rep for a few months) 2 Reps 2 Reps 2 Reps Make it Profitable
  90. 90. Bookings Driven by very simple math
  91. 91. Without Sales people Leads Simple linear relationship Conversion Rate Average Deal Size x x
  92. 92. But when you add in Sales People… Ramp Time Sales Capacity Limit
  93. 93. Growth comes in discontinuous units
  94. 94. What Drives Bookings? No of Sales People Productivity per Rep (Average) x PPR
  95. 95. Lets look at each of these in turn…
  96. 96. Number of Sales People One of the most common reasons for missing plan Didn’t hire sales people fast enough
  97. 97. Sales Hiring • You will need to build an in house recruiting machine See my blog post: “Recruiting: the third crucial Startup Skill”
  98. 98. PPR: Productivity per Rep • Quality of sales hires • Sales Training and Onboarding
  99. 99. PPR: Sales Training and Onboarding • Sales people: one of the most expensive resources • Yet typically little effort put in to sales training in early days • High payback • Worth having the founders spend time to develop & deliver a lot of the material
  100. 100. Sales Onboarding at the Scaling Phase • Section Titles • Company Information • Case Study & Stats • Our Products • Market Landscape • Battlecards • Account Executive Role • MEDDIC Sales Methodolgy • Customer Success • Business Development Rep
  101. 101. There’s one other thing that drives PPR Adequate Lead Flow
  102. 102. Etc. Finding Scalable Lead Sources Facebook Ads Paid Search Lead volume Time Paid lead sources tend to hit a limit
  103. 103. Generating your own traffic Versus SEM Time Traffic Time Traffic  Pros:  You own the traffic  It builds on itself and becomes larger than SEM over time  Cons  Requires great content to work  Lower ROI at the start  Pros:  Faster ROI at the start  Predictable costs and volume  No reliance on great content creating talent  Cons  Much more expensive over time Content Driven Traffic SEM Driven Traffic
  104. 104. Your first Marketing Hire • The crucial marketing skill: knowing how to generate leads • Often referred to as Demand Gen • Forget branding, marcoms, etc. • They are secondary to lead generation and funnel optimization • Great marketing is all about execution • Ideas are cheap • Focus on their track record for getting things done
  105. 105. Phase 6 – Make it Scalable – Exit Criteria • Predictable, Repeatable, Scalable • Consistent growth in Bookings (not just ARR) • Proof that you can add salespeople, and make them productive in a predictable way • Proven lead sources that can scale • Customers are consistently successful and happy
  106. 106. Deliverables at the End of the Process Customer SuccessSalesMiddle of FunnelTop of Funnel Strangers Visitors Leads Customers PromotersAttract CloseConvert Delight Marketing Playbook Sales Playbook Customer Success Playbook Sales Enablement Tools Onboarding and Training Tools Automation and Technology layer What to say and do at each stage Metrics
  107. 107. Phase 7. Ensure Customer Success Search for Repeatable & Scalable & Profitable Growth Model 7 Ensure Customer Success
  108. 108. Ensure Customer Success • Has to be done at all phases • But called out as a separate phase as it’s common to see churn increasing as sales starts scaling
  109. 109. Possible Solutions • Tighten definition of who is a good customer • Understand the best and worst segments • Don’t sell to the wrong customers • Stop sales from over-promising, or selling when the fit with the customer is poor • Adjust sales compensation to reflect whether the customer stays or churns • Improve the Product to fix areas that are causing customer unhappiness • Improve onboarding • And the customer success organization and processes
  110. 110. Common Mistakes • Hitting the gas and accelerating when churn is still too high
  111. 111. Phase 8. Make it profitable Search for Repeatable & Scalable & Profitable Growth Model 8 Make it Profitable
  112. 112. Phase 8 – Exit Criteria • Profitable Unit Economics: • To be discussed later
  113. 113. Phase 9. Hit the Gas and Scale! Scaling the Business 9 Hit the Gas and Scale
  114. 114. Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model Conserve Cash until the Scaling Phase Cash Burn
  115. 115. Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model A common mistake… • Not hiring enough sales people in the Scaling phase • Founders remain in burn avoidance mode
  116. 116. Why Scale as fast as you can? • Most tech markets are “Winner takes all” • As soon as one company shows it can grow there will be fast followers • You need to grow like crazy to become that winner • You have a proven cash making machine, so can raise the funds needed
  117. 117. The Winner Takes All Flywheel • Free traffic increases • Word of mouth grows • The leader gets attention from media • Decision becomes “Why am I not buying from the leader?” • Increasing integrations make the product more functional • Barrier to entry for competitors • Able to invest more in Sales & Marketing + Product • Feeds the flywheel
  118. 118. SUMMARY
  119. 119. Recognize where you are in the lifecycle Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model 1 2 3 4 5 6 7 8 9 Test Hypothesis Prove the Value Prove it can be sold Find Repeatable Sales Motion Prove non- Founders can sell Make it Scalable Ensure Customer Success Make it Profitable Hit the Gas and Scale Scale the org & its processes 10 Etc. 11
  120. 120. Scaling the Business Search for Product/Market Fit Search for Repeatable & Scalable & Profitable Growth Model Prioritize what to do based on your stage • Don’t jump ahead: • Hiring too many sales people before the sales process is repeatable • Expand internationally before you have nailed scaling profitably in the US • Etc.
  121. 121. And now for some magic…
  122. 122. [ ]FIXING BROKEN FUNNELS & TIME TO WOW!
  123. 123. Fixing broken funnels by getting inside your buyers head
  124. 124. FRICTION CONCERNS Find the worst blockage point in your funnel
  125. 125. MOTIVATIONS FRICTION CONCERNS Re-design, or try to use what motivates them
  126. 126. EXAMPLE BLOCKAGE POINT WEB SITE EMAIL CAPTURE FORM Typically a low conversion step
  127. 127. FRICTION CONCERNS Problem: Buyer’s fear Email Overload and Spam
  128. 128. MOTIVATIONS FRICTION CONCERNS We try to motivate with good content But frequently irritate the buyer with the barrier that stops them from getting at the content, and lose them at that step
  129. 129. Drift Redesign
  130. 130. OUTBOUND COLD CALLING
  131. 131. Outbound Cold Calling Cold Call Arrange Meeting with Sales Rep
  132. 132. FRICTION CONCERNS Problem: No Buyer wants a cold call from a salesperson
  133. 133. MOTIVATIONS FRICTION CONCERNS Get inside your buyers head – look for a suitable motivation
  134. 134. Redesign Cold Outreach Invitation to… (something of value) • Educational Event • Meet their peers • See data that is of value • See their own data in a new way • Etc. Build Relationship Build Trust
  135. 135. Use publicly accessible Data to build personalized assessments Hi Barbara, In doing a bit of research on fortinet.com, I noticed that you’ve lost a significant amount of traffic to the site (4,400 visits) over the past month. Is this something the team is aware of or have any idea what could have contributed to it? I also noticed while you folks dropped off the 1stpage of Google in 11 searches, there are tons of opportunities for your team (916 search opportunities!) See below:
  136. 136. USING CHROME EXTENSIONS
  137. 137. CLEARBIT LEADS + DATA ENRICHMENT New Leads Enrich Existing Leads
  138. 138. CLEARBIT • Data Quality • Highly skeptical • Seen lots of products like this before • Enrichment data wasn’t good • Data Coverage • Skeptical • What % of our leads would be covered in this database? Buyer’s Key Concerns
  139. 139. I have to go through IT to get Salesforce connected FREE TRIAL BLOCKAGE POINT Connect to Salesforce
  140. 140. SOLUTION: CHROME EXTENSION Browser connection to Salesforce See enriched data in Salesforce UI Judge quality of data Report shows data coverage % Chrome Extension
  141. 141. CHROME EXTENSION • Easy to install • Low buyer concern • Re-write the page’s HTML
  142. 142. CLEARBIT CHROME EXTENSION - ENLARGED
  143. 143. ELIMINATE STEPS THAT HAVE DEPENDENCIES ON OTHER PEOPLE
  144. 144. Freemium, Free Trials, Open Source The Product is your sales person
  145. 145. WHAT IS YOUR TIME TO WOW! ? Thanks to Gail Goodman of Constant Contact
  146. 146. DEFINING WOW! Thanks to Gail Goodman of Constant Contact A moment where your buyer sees something cool and exciting • Motivates them to continue exploring The moment when your buyer gets excited enough to want to buy Mini Wow! Full Wow!
  147. 147. TIME TO WOW! • How many steps? • How much time does it take? • How much FRICTION is involved
  148. 148. REMOVE STEPS & REMOVE FRICTION
  149. 149. EXAMPLE
  150. 150. As eCommerce shoppers… … what makes us buy?
  151. 151. Photos Feature Summary Recommended Accessories Rich description Video Reviews Detailed Specifications Answer: Rich Product Content
  152. 152. Salsify – Product Content Supply Chain Automation Brands Photos Videos Text Specs Etc. Retailer Portal Retailer Portal Retailer Portal Retailer Portal
  153. 153. Salsify’s Original Trial Experience Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer
  154. 154. Landing Page Lots of Fields
  155. 155. Next, Wait for Email…
  156. 156. Sign In… Now What? • Lots of work still required
  157. 157. Get Inside your Buyers Head and Analyze for Problems Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer
  158. 158. Redesign Trial Steps for Problems (Friction, Concerns, & Motivations) Sign up Wait for email with Account Open the App Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Delay causing major drop off
  159. 159. First Step in the Redesign Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Sign up Learn the UI
  160. 160. New Landing Page: JUST YOUR EMAIL
  161. 161. Motivation: “If these guys are using it, it must be pretty good…”
  162. 162. Still leaves a problem: • Locate & Export Content • Then import to Salsify to have something to play with Then: Land directly in App
  163. 163. Major Friction + Other people involved = Long Delays Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Sign up Learn the UI
  164. 164. Offer a chance to start with Sample Data Sign up Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer They now have the MOTIVATION to import their own data Play with Sample Data Mini Wow! Learn the UI
  165. 165. Eliminate the risk that they won’t find the path to Wow! Learn the UI Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer • High friction • Too much risk they won’t find the path to Wow! Sign up
  166. 166. Guided Navigation Human Help available
  167. 167. 0 10 20 30 40 50 60 70 80 90 100 Before After Trial Request -> Logged into App Trial Request -> Product Page Trial Request -> Taking action 3x Overall Improvement Uplift - % Conversion, Before and After
  168. 168. Next Problem Area… Sign up Import Content Locate & Export Content Export to new Retailer Sign up with new Retailer Play with Sample Data • High Friction • Long Delay
  169. 169. Google Shopping
  170. 170. Problem Solved – Export to Google Manufacturer Center Sign up Import Content Locate & Export Content Play with Sample Data Export to Google
  171. 171. Last Remaining Problem Area… Sign up Import Content Locate & Export Content Play with Sample Data Export to Google • Huge Friction & Delay • Other People involved
  172. 172. Scrape publicly available data from existing retailer’s pages Sign up Play with Sample Data Export to Google No import needed Scrape Content for them • They have my content in here already • They’re showing me all the issues Mini Wow!
  173. 173. Eliminates Need for Sample Data Sign up Play with Sample Data Export to Google See their own Data Scrape Content for them
  174. 174. Final Redesigned Process • Fast Time to Wow! • High conversion rates Sign up Export to Google See and solve problems with their own Data Scrape Content for them
  175. 175. Funnel Optimization Meeting Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
  176. 176. Funnel Whack-a-Mole • Solve for blockage points • As you fix one, the problem will move elsewhere
  177. 177. SILOED THINKING MARKETING SALES CUSTOMER SUCCESS PRODUCT
  178. 178. THE NEW GROWTH TEAM MARKETING SALES CUSTOMER SUCCESS PRODUCT
  179. 179. USE FUNNEL FLOW CHARTS Website Free Trial Handle other questions Proposal High Level Overview xx xx xxx xx xx xxx MicroFunnels where needed
  180. 180. Treat your Buyer like a Bank Account Make a deposit before you try to make a withdrawal
  181. 181. Selling can be the worst way to sell Build Trust Consult SellFirst Contact First Contact Build Relationship
  182. 182. Design a funnel that Delights Entices and Motivates

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