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Traction pp

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For BMKT 491. A brief overview of the book Traction by Gabriel Weinberg and Justin Mares.

Published in: Marketing

Traction pp

  1. 1. BULLSEYE FRAMEWORK • Brainstorm Traction Channels • Prioritize channels: Inner circle (most promising), Potential (Promising techniques), Long Shot (more of a stretch) • Test ideas in the real world to see which are worth focusing on. Are you reaching the right customers? How many customers are available through this channel? • Focus on your most promising channels, one traction channel will be superior in terms of customer acquisition. • If no channels are working repeat the process.
  2. 2. 50% RULE Every company has a product, but do they have enough customers? In order to keep balance make traction and product development equally important. Use the 50% rule to make sure this happens. • Spend 50% or your time on product development and 50% on traction. • Focus on moving the needle for your company, focus on effective marketing that will help you gain traction
  3. 3. CRITICAL PATH • Define your critical path, make a traction goal you are always working towards. • “Traction trumps everything” • Critical path is the fewest number of steps that are absolutely necessary to reach your traction goal. • Make a critical path for each department (engineering, marketing, product development). • Make sure you overcome traction channel biases, stick to what works
  4. 4. VIRAL MARKETING • Main goal is the get existing customers to refer your product to other. • Main tactic behind the success of startups like Facebook, Twitter, Instagram. • Viral loop is the most basic form: User is exposed to your product, User tells potential users about your product, potential users become users themselves. • Process then repeats itself.
  5. 5. PUBLIC RELATIONS (PR) • 2 types of public relations, conventional (using traditional media sources i.e. newspapers and magazines) and unconventional (Stunts and contests). • Your PR can help drive traffic to sites and magazines so you are doing them a favor. • Reach out to blogs that are closely associated with your industry. • Amplify your story by sharing it on social networks and emailing it to influencers in your industry. • Only reach out when you have worthwhile milestones to share.
  6. 6. UNCONVENTIONAL PR • 2 types of Unconventional PR: Publicity Stunt, and Customer Appreciation. • Publicity stunts can bring a startup from anonymity to national recognition. • Viral videos are another great technique, the dollar shave club used this technique to jump start their business. • Some examples of customer appreciation are: gifts, contests and giveaways, and customer appreciation. • Often times these techniques can be low cost and very effective.
  7. 7. SEARCH ENGINE MARKETING (SEM) • SEM is generally placing ads on Google and other search engines, also know as pay per click (PPC) • Used to sell directly to the companies target customers. • SEM uses high – potential keywords and groups them into ad groups. • Google AdWords is the main platform for SEM due to Google’s high traffic. • Longer keywords can be more effective since they are cheaper and can become more profitable.
  8. 8. SOCIAL AND DISPLAY ADS • Examples of social and display ads are banner ads on websites and social ads are promoted on your Facebook timeline or promoted tweets in your Twitter feed. • Most display ads are run by ad networks that sell the space to advertisers. • There are three approaches to display ads: Large Ad Networks, Niche Ad Networks, and Direct ads. • The main goal of social ads is to build an audience and engage with that audience.
  9. 9. OFFLINE ADS • Offline ads include: TV, Radio, Magazines, Newspapers, Billboards, and Direct Mail. • Offline ads are easy to test, and often times relatively cheap. • A few things to consider when using offline ads: Demographics, Cost, and Tracking. • Infomercials are another example of offline ads.
  10. 10. SEARCH ENGINE OPTIMIZATION (SEO) • SEO is the process of improving your ranking in search engines.. • It allows you to amplify all of the other things you’re doing in your other traction channels. • There are two SEO strategies: Fat head and Long tail. • Fat head is trying to rank for search words that directly relate to your company. • Long tail is aiming to rank for more specific terms with lower search volumes. • Do not buy links, it can get your company penalized heavily.
  11. 11. CONTENT MARKETING • Companies with blogs that are updated often have posts that lead to major PR. • It can lead to large email lists that help companies stay in constant contact with their customers. • Blogs may not receive much traffic at first but a constant flow of good content will lead to consistent blog growth. • Having a content calendar is a good way to make sure you are posting frequently and consistently.
  12. 12. EMAIL MARKETING • Email marketing can be used to help promote your company by offering: coupons, referrals, sales pitches and more. • It is often used as the primary traction channels for online retailers. • Email marketing can be used to find new customers and to engage and retain current customers. • A very important aspect is to have a good email copy, in other words send attractive and easy to understand emails.
  13. 13. ENGINEERING AS MARKETING • It is one of the more under-utilized traction channels, it involves building tools and resources related to your product to help it reach more people. • Examples of engineering as marketing are annual promotions, micros-sites, and widgets. • The goal should be to create low-friction ways to engage potential customers and lead them to your main product. • Keeping things as simple as possible is very important for this method in order to get people to your website.
  14. 14. BUSINESS DEVELOPMENT (BD) • Primary focus is to exchange value through partnerships that benefit both parties. • Different types of partnerships: Standard, Joint Ventures, Licensing, Distribution Deals, Supply. • It is vital to pick the right partner in order to create a mutually beneficial partnership. • Most deals fail, so it is important to create a constant pipeline of deals.
  15. 15. SALES • The process of generating leads, qualifying them, and converting them into paying customers. • Cold calling and emailing potential customers if often how the sales process starts. • Design a sales funnel: Generate leads, Qualify leads, Closing leads. • Always keep the customers perspective when designing your sales funnel.
  16. 16. EXISTING PLATFORMS • Websites, apps, or networks with a large number of users. • The app store is a great example of using an existing platform to grow your products sales, also add ons for browsers like Firefox and Chrome. • High ranking and featured apps are much more likely to succeed than those that aren't featured. • More important than anything else is to have a good product that will get featured and move its way up the charts.
  17. 17. TRADE SHOWS • Trade shows are often exclusive to industry insiders and meant for companies to show off their products in person. • The best way to pick a trade show is to visit it as a guest and see if it would be a good fit for your company and product line. • It is paramount to be completely prepared for your trade show, many people from your industry will be there and you will want to be at your best. • Make sure to secure a booth in a high traffic area to maximize you time at the show, visibility is key.
  18. 18. OFFLINE EVENTS • Offline events can be small gatherings or large conferences, and are great ways to get traction. • Gives you an opportunity to engage directly with potential customers. • Depending on your product, a small personal conference may be more effective than a large conference you attend. • It’s important to make sure there is interest in your conference before you hold it. • Throwing a party can also be a very effective offline event, it can become an annual social event that keeps you in contact with your target customers.
  19. 19. SPEAKING ENGAGEMENTS • The best way to et started in this channel is to offer free talks to small groups of potential customers. • Starting small is good in order to refine your speaking skills so you get better as your company grows. • As long as you have a good idea speaking event coordinators will want you to speak at their events. • Make sure your speech is practiced and you feel comfortable, you don’t want the audience to question your abilities. • Tell a story on stage to engage your audience, if you lose their interest you will lose traction immediately.
  20. 20. COMMUNITY BUILDING • This traction technique involves you making connections with your users so they help bring more users to your product. • You want people to talk about your product with others, the more people talking about it the more people will hear about it. • The first step is to build an initial audience, this will start the process of building your community. • Its important to establish your mission in order to build a community that believes in you. • If done correctly community building can contribute to product development and help give you a hiring pool.

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