Go-to-Market Strategies

Go-to-Market Strategies
Startup Secrets: Go-to- Market Strategies 6.20.19
Confidential & Proprietary @underscorevc Startup Secrets Workshops 2 1. What’s Your Roadmap to Success? 2. Building a Compelling Value Proposition 3. Turning Products into Companies 4. Culture, Mission and Vision 5. Hiring A+ Talent 6. Game-Changing Business Models 7. Go to Market Strategies 8. Getting Behind the Perfect Investor Pitch 9. Funding Strategies to go the Distance 10. Have You Got What It Takes? 11. Mastering Mutual Mentorship
Confidential & Proprietary @underscorevc Introductions and Connections Our guests: ● Apperian ○ Mark Lorion @mark_lorion ● Demandware ○ Jamus Driscoll @jamusdriscoll ● Hubspot ○ Brian Halligan @bhalligan ● Matrix partners ○ David Skok @bostonvc Your hosts: ● Harvard I Lab #innovationlab ● Michael Skok @mjskok ● Startup Secrets #startupsecrets ○ www.startupsecrets.com 3
Confidential & Proprietary @underscorevc A Startup GTM Framework Marketing & Sales Cycle Awareness Interest Understanding Engagement Trial Purchase Strategies Tactics Channel Audience Brand Positioning Messaging Social Media PR Services References Direct vs. Channel Channel Development, Management, Etc. Strategic Partners Targeting, Segmentation Personas Actors/Scenes ● Results Oriented, Metrics, Execution Driven ● Continuous Iteration & Improvement OUTbound/INbound 4
Confidential & Proprietary @underscorevc Agenda Strategic 1. Brand 2. Positioning 3. Targeting, Segmentation Tactical 1. The Marketing and Sales Cycle 2. Driving to Market 3. Results-Oriented, Measured Execution Execution – Introduction to Key Areas 1. Inbound 2. Building Your GTM Machine 5
Name Identity system Brand Essence Every Touch Point Product
Confidential & Proprietary @underscorevc Brand ● A science unto itself – Don’t underestimate its power! ○ Are you Apple or Dell? Coke or Pepsi? ● But for starters, branding in startups: ○ It’s about YOU, the founders! ○ Your People ○ Your Culture (see the lecture on Culture, Vision, and Mission) ○ How You Execute: ■ How you interact with your ecosystem of customers, partners, suppliers, and stakeholders 7
Confidential & Proprietary @underscorevc Brand Essence Framework Vision How is the world changing in a way that makes your idea necessary? Promise What do you promise customers at the most fundamental level? Attributes Spike Special Standard cost of entry different & better unique What makes us distinctly valuable to our customers? How do we achieve over and over? Engagement What does it feel like to engage with us? Personality If we were a person what would we be like? Style How would we present ourselves to the world? Emotion 8
BRANDING DEMANDWARE Jamus Driscoll, SVP Marketing jdriscoll@demandware.com December 3, 2012
Confidential & Proprietary @underscorevc Change the Criteria 10
Confidential & Proprietary @underscorevc The Demandware Branding Challenge From ● Control of Software ● Cost to Install ● Expense ● Mid-size Companies ● Our Platform ● Risk ● Visionaries To ● Control of eCommerce ● Cost to Stay Cutting-Edge ● Revenue Driver ● High-Growth Brands ● Your Brands ● Confidence ● Great Marketers 11
Confidential & Proprietary @underscorevc The Demandware Opportunity Brand/ Marketing eCommerce Technology Features Benefits Rewards 12
Confidential & Proprietary @underscorevc What It Meant ● Demandware couldn’t differentiate on claims alone ● Must go beyond rational and functional benefits ● Address ambition ● Speak the customer’s language ● It’s not what you can do, it’s what the customer can do ● Look and act like a marketing partner ● Show, don’t just tell ● Make it inspiring! 13
Confidential & Proprietary @underscorevc Brand Positioning It’s not just about how the customer feels about you… …It’s also about how you make the customer feel about their self 14
Confidential & Proprietary @underscorevc CEO/CMO IT eCommerce Finance An industry leader to watch A real business-enabler and creative problem-solver I ROCK!! A business facilitator, not just a bean counter 15
Confidential & Proprietary @underscorevc What Does this Mean for the Demandware Customer? The Demandware Brand Promise: Our customers can count on Demandware to help them drive their business – and their own careers – to their full potential. 16 Copyright 2012 Demandware, Inc. - Confidential
Confidential & Proprietary @underscorevc How Does the Customer Benefit? Think It. Do It. No limits. No worries. No surprises. 17
Confidential & Proprietary @underscorevc Brand Promise Rests on Brand Attributes Automatic global releases Innovation eco-system Link partners Community Labs Open cloud-based services Single platform: Multi-brand/ Multi-country/ Omni-channel Transparent, inclusive pricing Extensible/ Interoperable Integrated 3rd party services and apps Business model Thought leadership Customer-focused innovation Customer panels World-class operating environment Uptime/Security Scalability Innovation Simplicity Partnership Performance 18
Confidential & Proprietary @underscorevc Startup Secret! Be Consistent From the Start to Maintain Brand Integrity ● Consistency - Great brands are consistent— everywhere a customer comes into contact, they are the same. ● Values – Great brands have attributes consistent with company values. ● Reliability – Great brands consistently keep their promise. 19
Confidential & Proprietary @underscorevc Startup Secret! Start How You Mean to End 20
Confidential & Proprietary @underscorevc Positioning Occupy a distinct space: ● In a potential customer’s mind ● In a unique whitespace in the market ● For? (target customers — beachhead segment only) ● Who are dissatisfied with? (current market alternative) ● Our product is a… (new product category) ● That provides… (key problem-solving capability) ● Unlike… (reference competitive differentiation to alternative) ● We have assembled… (key whole-product features for your specific application) Good news! You already did a simplified version in the Value Prop session! 22
23 Positioning Mark Lorion, CMO Apperian. Previously VP Marketing Spotfire Analytics Division TIBCO Software
Confidential & Proprietary @underscorevc Company/Product Overview and Positioning/Messaging ● For line-of-business managers and data analysts at global enterprises ● Who are dissatisfied with rigid BI reports (business intelligence software) that don’t answer questions and require IT support to modify ● Our approach offers a user-driven and visual approach for looking at data ● That rapidly uncovers new insights that lead to business opportunities, avoids threats, and helps people make better decisions ● Unlike traditional Business Intelligence Spotfire is an Analytics & Data Discovery software platform that provides dimension-free data exploration and freeform user control to ask and answer new questions at the speed of thought Spotfire acquired by TIBCO Software (over $1 billion in revenue) in 2007 Analytics software sold to enterprises in numerous vertical markets $xxxM Operating Unit w/ xxx employees Field teams in throughout Americas, EMEA, APAC 24
Confidential & Proprietary @underscorevc Competition ● Unique differentiation ○ Not just technology ■ e.g., Targeted Segment ● Barriers to entry ○ Rewind, repeat: Not just technology! ■ e.g., Business Model, GTM approach ● What is sustainable? ○ IP, patents, network, data, process, etc. ■ Consistent with your CORE value? 25
Confidential & Proprietary @underscorevc Positioning 2x2 Whatever sets you up for a unique white space a b c d {white space} Low Low High High The choice of axes is critical Define real BARRIERS to enter into each segment Bubble sizing for relative size of competitors 26
Confidential & Proprietary @underscorevc The Perfect Startup Storm Disruptive Business Model Disruptive Technology & Defensible IP New Market & GTM 28
Confidential & Proprietary @underscorevc Why Do Targeting and Segmentation Matter? ● Product / Market fit ● Packaging and Pricing ● Channels, Distribution ● Messaging, communication ○ … and more DEPEND on Targeting & Segmentation 29
Confidential & Proprietary @underscorevc The Perfect Startup Storm: Focus on Value Proposition FOR Target Segment TARGET SEGMENT 30 Disruptive Business Model Disruptive Technology & Defensible IP New Market & GTM
Confidential & Proprietary @underscorevc Value Proposition: Recap and Intersection ○ 3D Solution ■ Discontinuous ■ Defensible ■ Disruptive ○ 4U Need ■ Unworkable ■ Unavoidable ■ Urgent ■ Underserved market (For Targeting, Segmentation) 31
Confidential & Proprietary @underscorevc The Perfect Startup Storm: Focus on Value Proposition FOR Target Segment TARGET SEGMENT 32 Disruptive Business Model Disruptive Technology & Defensible IP New Market & GTM Unique Undeserved
Confidential & Proprietary @underscorevc Adding Value to Lean Startup Thinking MVP MVS Smaller, Easier Target to Cover Minimum Viable Product (MVP) AND Minimum Viable Segment (MVS) 33
Confidential & Proprietary @underscorevc Startup Secret! Segmentation: A Common Set of Needs Leads to Reference ● Segment according to the same NEEDS ○ Customers can compare solutions ● When you deliver ○ They will REFERENCE each other ● Leads to… ○ Initial Beachhead 34
Confidential & Proprietary @underscorevc ● Vertical ○ Automotive ○ Financial Services ○ Government ● Size ○ Consumer ○ SMB ○ Enterprise ● Problem / NEEDS ○ e.g., Regulatory Approval Process ■ Applicable Across Pharmaceutical Industry, Fin Services, Government, etc. Vertical Size Problem/NEEDS Targeting Segmentation: Get to Common Problem and NEEDS 35
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar Services vs. Sales
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar Services vs. Sales Medical Equipment vs. Office Equipment
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar Services vs. Sales Medical Equipment vs. Office Equipment Hospitals vs. Medical Clinics
Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar Services vs. Sales Medical Equipment vs. Office Equipment Hospitals vs. Medical Clinics Critical Care vs. Diagnostics
Confidential & Proprietary @underscorevc Startup Secret! Don’t Be Afraid to FOCUS! ● Narrow as possible to start! ○ Think Beachhead (Geoffrey Moore) ● Would you rather: ○ Expand on success? ○ Contract on failure? 42
Confidential & Proprietary @underscorevc The Startup Marketing and Sales Cycle Awareness Interest Understanding Engagement Trial Purchase 44
Confidential & Proprietary @underscorevc AA Actors Segment Target Undeserved and Uniquely Valued Target, Segment, and Startup Secret! Personify “Actors” 45 Awareness Interest Understanding Engagement Trial Purchase
Confidential & Proprietary @underscorevc Customer “Actors” ● Visionary ● Technocrat ● Operator ● Influencer ● Economic buyer ● Decision maker Startup Secret! Customer Actors Change Through “Stages” 46 AA Actors Segment Target Undeserved and Uniquely Valued Awareness Interest Understanding Engagement Trial Purchase STAGES
Confidential & Proprietary @underscorevc Customer “Actors” ● Visionary ● Technocrat ● Operator ● Influencer ● Economic buyer ● Decision maker Ultimately: Discover Customer DMU Decision Making Units 47 AA Actors Segment Target Undeserved and Uniquely Valued Awareness Interest Understanding Engagement Trial Purchase STAGES DMU?
Confidential & Proprietary @underscorevc ● Qualify early ○ Save all the money, time and resources that you can early in the process ○ Opportunity cost for another suspect ● Qualify often—things change! ○ Create lead scoring, nurturing programs ● Marketing qualifiers: tie to Targeting and Segmentation ○ Narrow criteria = easy qualification ● Sales qualifiers: ○ MANACT : Money, Authority, Need, Ability, Competition, Timescales ○ DMU: Decision Making Unit Focused Target Segment Startup Secret! Qualify Early and Often 48
Confidential & Proprietary @underscorevc “Driving” Startup Marketing and Sales YOU Control Neutral Overdrive GEARStobuildMomentum Awareness Interest Understanding Engagement Trial Purchase 50
Confidential & Proprietary @underscorevc “Driving” Startup Marketing and Sales YOU Control Neutral Overdrive GEARStobuildMomentum Awareness Interest Understanding Engagement Trial Purchase 51 CUSTOMER Controls Accelerator/Brake/Clutch
Confidential & Proprietary @underscorevc Your Controls: Gears in the Sales Cycle ● Gears to build momentum ○ Why the analogy? ■ Because it’s tough to go from 1st gear to 5th gear in one step – likewise, it’s tough to skip steps in a sales process ■ Don’t stay with one gear too long when accelerating – you’ll over-rev the engine. Same with the customer! Instead… ○ Engage a new Gear (sales or marketing tool) every time the customer puts the clutch in. ■ Measure whether it enables customer to accelerate & build momentum for the sale 52
Confidential & Proprietary @underscorevc Customer’s Controls: ABCs of the Sales Cycle ● Accelerator ○ Accelerates the customer from one step to another: ○ e.g., SLIPPERY product, things like self service, free trials, etc. ● Brake ○ Stops the customer moving from one step to another: ○ e.g., lack of understanding of your solution, poor competitive positioning ○ DON’T assume it’s price! ○ (ACTIVELY LISTEN to carefully dissect sales objections and recognize sales stops / starts) ● Clutch ○ Is engaged when the customer doesn’t know what the next step is ○ Or there’s inertia and risk that causes a stalled sales cycle 53
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales: Proof Connecting It to Customer Gain / Pain Ratio Neutral Overdrive GEARS Awareness Interest Understanding Engagement Trial Purchase Accelerator 54
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales: Proof Connecting It to Customer Gain / Pain Ratio Neutral Overdrive GEARS Awareness Interest Understanding Engagement Trial Purchase Accelerator 55 Customer Gain: • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. Gain
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales: Proof Connecting It to Customer Gain / Pain Ratio Neutral Overdrive GEARS Awareness Interest Understanding Engagement Trial Purchase Accelerator 56 Customer Gain: • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. Gain Customer Pain: • See (Find) – Awareness • Try – Engagemen t, Trial • Buy – Price, Package, License • Fly – Implement, Deploy • Own (TCO) – Service, Support Pain
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales: Proof Connecting It to Customer Gain / Pain Ratio Neutral Overdrive GEARS Awareness Interest Understanding Engagement Trial Purchase Accelerator 57 Customer Gain: • Revenue • Cost savings • Time • People • Competitive advantage • Reputation • Etc. Gain Customer Pain: • See (Find) – Awareness • Try – Engagemen t, Trial • Buy – Price, Package, License • Fly – Implement, Deploy • Own (TCO) – Service, Support Pain Inertia, RISK on a startup : ● Switching costs? ● Default = do nothing ● Alternatives? ● Good enough = good enough!
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales Relating to Business Model CORE, Levers, and Multipliers CO RE Levers Multipliers Awareness Interest Understanding Engagement Trial Purchase 58
Confidential & Proprietary @underscorevc “Driving” Marketing and Sales Relating to Business Model CORE, Levers, and Multipliers CO RE Levers Multipliers Awareness Interest Understanding Engagement Trial Purchase 59 Multiplier Examples Sales & Marketing ● Tiered Pricing ● Freemium ● Channel partners Product ● SLIPPERY products * ● “Russian Doll” Packaging * ● Technology stacks ● WHOLE product Lever Examples Sales & Marketing ● Web ● Inside sales ● Inbound ● Referencing, viral Product ● Support ● Services ● WHOLE product Neutral Overdrive GEARS Accelerator/Brake/Clutch ACCELERATE In the Sales Cycle Reduce BRAKES In the Sales Cycle
Confidential & Proprietary @underscorevc Road Test: Put It All Together Reduce Brakes, let out Clutch ● Time ● People ● Resources Accelerate in Gear ● Automation ● NOT people dependent ● Self service for the customer Engage levers ● Distill to repeat & scale ● e.g., Videos, Podcasts ● Self service portals, Knowledge bases, Configurators Use Multipliers • SLIPPERY product • Russian Doll packaging (Around your CORE Value Prop) 60
61 Go-to-Market Strategy and Planning Mark Lorion, CMO Apperian. Previously VP Marketing Spotfire Analytics Division TIBCO Software
Confidential & Proprietary @underscorevc Our Go-To Market Planning Corp and Division Objectives Yearly Business & Marketing Plan Platform Roadmap “Plays” (limited set of cross- functional initiatives → org alignment and scale) Playbooks executed & evaluated quarterly Segmentation 62
Confidential & Proprietary @underscorevc Our Go-To Market Map (2010 Example) Viral+AwarenessPlay($$$) $$$ U S $ $$$0 (Sales driven) E U AP J FSI Play LS Play (clinical)Channels Play CPG Relative Marketing Programs Investment TIBCO Play LS Play (research) Telco Manufacturing Energy Government FSI Play LS Play (clinical)Channels Play TIBCO Play LS Play (research)Energy Telco Manufacturing CPG LS Play (clinical) LS Play (research) FSI Play Channels Play (China) Manufacturing “Silver Spotfire” ($$) The “Plays” 63
Confidential & Proprietary @underscorevc Driving Sales and Marketing at Spotfire Overview: Objectives: ● Sell risk analytics solutions to banks, I-banks, Insurance Co., Asset managers, Hedge funds, and corporations ● REVENUE POTENTIAL: ____ ● EXPECTED INVESTMENT: ___ Audience ● VP, Group Risk Management, VP Cap. Management, Trading Management at major banks ● Head of-- Modeling and Research/Actuarial Team/Trading Message: ● Respond to changing competitive and regulatory landscape more quickly, effectively and confidently ● Empower analysts and decision makers to explore and interrogate data to gain more complete understanding ● Deploy real-time data processing and visual /statistical analytics to uncover/discern hidden trends in data Offering: ● Enterprise Risk Aggregation “solution” ● Credit risk modeling and performance monitoring “solution” Primary Competition: ● SAS, @Risk, FactSet, R, MatLab, SPSS, Algorithmics ● Internal apps (Excel, Homegrown applications) Competitive Edge: ● Open, adaptable, and scalable modeling platform ● Fast, intuitive multi-dimensional, user-driven visualizations ● Complete data spectrum capabilities – from inputs, quality, analysis, to post-processing reporting and visualizations ● Greater range of visualization and computational capabilities Tactical Options: Demand Support ● Conferences: RiskMinds Geneva, GARP NYC 2/10 ● Outbound: telemarketing program to reach named list of prospects, email databases and lists for webcast series ● Inbound: Develop thought leadership content – Magazine articles, speaker slots at events, purchase magazine space for columns/editorials; consider blogging series on Cap Markets trends re Risk ● Web—PPC, Banner ads (GARP, MashRisk Network, others), rationalize website and upgrade concentration of keywords ● Webcasts -- SF/S+ risk related series, 1/month, RiskCenter, Fierce Finance email blast for each event; E&Y compliance series, 6/year, audience is across verticals; Reuters, 3/year SF use as embedded provider of visual analytics Equip Sales: ● New “solution” demos are required with support kits – based off XYZ customer deals in 1H’09 ● Flash tours (4) Develop between 12/09 and 6/10 ● A dedicated presales resource needed in each major GEO! ● Bloomberg subscription (share cost with Energy Play) Partners/Resellers/OEM: ● Leverage partnership with Reuters, CapitalIQ for go-to-market programs ● Enable resellers with sales kits and investigate co-marketing opportunity Product Enhancements: ● Updating time series data; 3d surface plots; Standard distribution reference curves; Custom calendar capability; Weighted average, cumulative return; Productize FinMetrics and NuOpt; Bloomberg Data connection (1-Historic data, 2-’real time’ data) 64
Confidential & Proprietary @underscorevc ROME: Results Oriented, Measured Execution You can’t manage what you can’t measure ● Measure every step: ○ Time ○ People ○ Other resources ● Conversion rates ○ Accelerators ○ Brakes ○ Clutch ○ Gears 66 Awareness Interest Understanding Engagement Trial Purchase
Confidential & Proprietary @underscorevc Drill Down: Marketing and Sales lead lead lead lead lead Awareness Interest Understanding Engagement Trial Purchase $,Time, Resources Conversion rate % Break down measurable, manageable steps ULTIMATELY: $, Time, Resources Conversion rate % Customer 67
Confidential & Proprietary @underscorevc lead lead lead lead lead Awareness Interest Understanding Engagement Trial Purchase Customers Marketing and Sales: FLOW Seamlessly linked steps, that incent customers to flow from one step to another 68
Confidential & Proprietary @underscorevc Awareness Interest Understanding Engagement Trial Purchase $,Time, Resources Conversion rate % REVERSE ENGINEER THE FUNNEL ULTIMATELY: $, Time, Resources Conversion rate % Startup Secret! Reverse Engineer 69
Confidential & Proprietary @underscorevc Awareness Interest Understanding Engagement Trial Purchase $,Time, Resources Conversion rate % ULTIMATELY: $, Time, Resources Conversion rate % Startup Secret! Closed Loop via Web 70 Closed Loop via Web
Confidential & Proprietary @underscorevc The Web Changes (Nearly) Everything Positives: ● Measure everything ● Closed loop ● Lower cost Negatives: ● One click away ○ Competitors ○ Distractions Closed Loop via Web Virtual Sales, Marketing, Services ● Webinars ● Video ● Podcasts Don’t forget the human factors ● Personal touch ● Relationships – better real than virtual! ● Experiential learning is invaluable 71
Brian Halligan CEO, HubSpot @Bhalligan
Confidential & Proprietary @underscorevc 74
Confidential & Proprietary @underscorevc ● Blog Posts ● Infographics ● Videos ● E-books ● White papers ● Reports ● Calculators ● Freemium Appl ● Grader Create Content 81
Confidential & Proprietary @underscorevc Optimize 82
Confidential & Proprietary @underscorevc Promote 83
Confidential & Proprietary @underscorevc Links are to the internet as dollars are to the economy @BHalligan 85
Confidential & Proprietary @underscorevc Better Conversion Better Personalization Better Value More Usage 90
Confidential & Proprietary @underscorevc Inbound vs. Outbound? $1M $500k $100k $50k $10k $0 INbound OUTbound ?Hybrid DealSize 95
When Some Outbound Marketing Makes Sense for the Startup Mark Lorion @mark_lorion Apperian, CMO
Confidential & Proprietary @underscorevc Building a Sales and Marketing Machine: Funnel Design and Optimization Time to Recover CAC Conversion Rate Viral Coefficient Churn Rate Viral Cycle Time ROI by Lead Source LT V 98 CACCAC
Confidential & Proprietary @underscorevc The Basics of Funnel Design 1s t 99
Confidential & Proprietary @underscorevc Expand Upsell Cross sell Suspects Closed Deals 100
Confidential & Proprietary @underscorevc In a Perfect World… 1 Step 101
Confidential & Proprietary @underscorevc In a Perfect World… MyProduct.com HOW IT WORKS DESCRIPTION Our product allows you … BUY NOW! Only $9,999.99 102
Confidential & Proprietary @underscorevc The Art of Marketing 103
Confidential & Proprietary @underscorevc BUYER THE 104
Confidential & Proprietary @underscorevc The Buying Cycle CONSIDERATION CLOSED DEAL AWARENESS PURCHASE 105
Confidential & Proprietary @underscorevc Triggers ● Moving homes ○ Movers, phones, cable TV, furniture, insurance, etc. ● Starting a new software project ○ PaaS (Platform as a Service), developer tools, etc. ● Needing to hire lots of new employees ○ Applicant tracking system ● Losing data in a hardware crash ○ Backup software or service ● Reading about a scary new computer virus ○ Anti-virus software 106
Confidential & Proprietary @underscorevc An Organizational Metaphor for the Key Funnel Stages MIDDLE OF THE FUNNEL CLOSED DEAL TOP OF THE FUNNEL SALES 107
Confidential & Proprietary @underscorevc What Is the Top of the Funnel? Customer is not aware they have a problem, or that your product category exists GENERATE AWARENESS Customer has a problem and is looking for a solution GET FOUND 108
Confidential & Proprietary @underscorevc What Is the Middle of the Funnel? QUALIFY MQL (MARKETING QUALIFIED LEAD) NURTURE 109
Confidential & Proprietary @underscorevc What Is the Middle of the Funnel? QUALIFY MQL (MARKETING QUALIFIED LEAD) NURTURE ● Blog ● Email Campaigns ● Webinars ● Free Trials ● Newsletters ● etc. Wait for a Trigger Or try to create a Trigger 110
Confidential & Proprietary @underscorevc Consideration Address their Questions and Concerns: ● Will this work for my situation? ● Is this the best product on the market? ● Is it a safe choice? ● Who else is using it? ● Will I get a return on my investment? ● Is it scalable? Secure? ● Is it easy to implement? ● Will I receive support? ● Etc. BUYE R TH E 111
Confidential & Proprietary @underscorevc Measurement ”If you cannot measure it, you cannot improve it." - Lord Kelvin 2nd 112
Confidential & Proprietary @underscorevc What to Measure for Each Step / Action NO. OF ACTIONS % CONVERSION RATE TIME TIME 113
Confidential & Proprietary @underscorevc The Key Metrics VISITORS CAMPAIGNS TO DRIVE TRAFFIC TRIALS CLOSED DEALS CONVERSION % CONVERSION % OVERALL CONVERSION % 114
Confidential & Proprietary @underscorevc Even if you are Microsoft, Cisco, Oracle, or Google, your funnel will have… Blockage Points Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s Suspect s 115
Confidential & Proprietary @underscorevc Improve 3rd 116
Confidential & Proprietary @underscorevc In diagnosing many funnel blockage points, there is a… Clear Pattern 117
Confidential & Proprietary @underscorevc You are hoping your Customers will do something That they are Not motivated to do 118
Confidential & Proprietary @underscorevc In other words, You designed your funnel the way you hoped it would work But you may not have thought enough about The customer's point of view 119
Confidential & Proprietary @underscorevc For example, JBoss Put a registration form on their website before a free download And Impact Cut the download rate by more than 10x 120
Confidential & Proprietary @underscorevc Get Inside Your Customer’s Head FRICTION CONCERNS 121
Confidential & Proprietary @underscorevc Understand What Motivates Them MOTIVATIONS FRICTION CONCERNS 122
Confidential & Proprietary @underscorevc JBoss Example: They were making $27,000 per month selling documentation. Solution? Give away documentation to get their email address. 123
Confidential & Proprietary @underscorevc Example: Driving Traffic to Your Website GETTING FOUND Customers are not going to find your site unless it is: ● On the top page of Google search results ● Recommended by a trusted source ● Referred to in social media or the blogosphere Friction and Concerns 124
Confidential & Proprietary @underscorevc Lessons from Website Grader ● Free tools drive viral spread ● Low customer work required ● High value delivered ● Score leverages competitive urge, and acts as a trigger ● Builds trust through clear demonstration of expertise 127
Confidential & Proprietary @underscorevc using engineering for marketing 128
Confidential & Proprietary @underscorevc Build Trust Sell SellFirst Contact First Contact Build Relationship 129
Confidential & Proprietary @underscorevc It Is Often Necessary to Find Topics That Are Not Related to the Sale Build Trust SellFirst Contact Build Relationship 130
Confidential & Proprietary @underscorevc Selling is 10x easier Once you have established TRUST 131
Confidential & Proprietary @underscorevc The Keys to Success BUYER THE GET INSIDE YOUR BUYER’S MIND 132
Confidential & Proprietary @underscorevc Recap Marketing & Sales Cycle Awareness Interest Understanding Engagement Trial Purchase Strategies Tactics Channel Audience Brand Positioning Messaging Social Media PR Services References Direct vs. Channel Channel Development, Management, Etc. Strategic Partners Targeting, Segmentation Personas Actors/Scenes ● Results Oriented, Metrics, Execution Driven ● Continuous Iteration & Improvement OUTbound/INbound 134
Confidential & Proprietary @underscorevc More case examples: www.startupsecrets.com ● Brand elements ● Channel / Distribution ● Services, Professional Services ● Guerilla Marketing – when you’ve got no $! ● To come ○ Connection with business model ○ Whole product ○ Strategic partnering 135
Confidential & Proprietary @underscorevc Key Points to Remember: ● Manage your brand from the start ● Position to be unique ● Target & segment around customer needs ● Think about “driving” your marketing & sales cycle ● GTM is both strategic and tactical ● But it is ultimately about ROME 136
Confidential & Proprietary @underscorevc Remember, ROME Wasn’t Built In a Day! Nor will your GTM strategy and tactics be ● Results ● Oriented ● Measured ● Execution ● Driven through iteration Listen Learn Lead Iterate Pivot GTM Business Model ● Results Oriented, Metrics, Execution Driven ● Continuous Iteration & Improvement 137
Confidential & Proprietary @underscorevc Building an Enduring Company: GTM Is a Key Part of Execution Vision Value Proposition People Execution Cultural Consistency Enduring Company Startup Listen Learn Lead Iterate Pivot 138
Confidential & Proprietary @underscorevc Thank You! ● Apperian ○ Mark Lorion ● Demandware ○ Jamus Driscoll ● Hubspot ○ Brian Halligan ● Matrix partners ○ David Skok ● Harvard I Lab #innovationlab ● Michael Skok @mjskok ● Startup Secrets #startupsecrets ○ www.startupsecrets.com 139
Startup Secrets: Go-to- Market Strategies 6.20.19

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