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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
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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
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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
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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
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BRANDING DEMANDWARE
Jamus Driscoll, SVP Marketing
jdriscoll@demandware.com
December 3, 2012
Confidential & Proprietary @underscorevc
Change the
Criteria
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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
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The
Demandware
Opportunity
Brand/
Marketing
eCommerce
Technology
Features Benefits Rewards
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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!
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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
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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
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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.
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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
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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.
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Startup Secret!
Start How You
Mean to End
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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
21
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!
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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
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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?
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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
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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
27
Confidential & Proprietary @underscorevc
The
Perfect
Startup
Storm
Disruptive
Business Model
Disruptive
Technology &
Defensible IP
New Market &
GTM
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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
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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
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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?
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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
43
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
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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
49
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
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“Driving” Marketing and Sales: Proof
Connecting It to Customer Gain / Pain Ratio
Neutral
Overdrive
GEARS
Awareness
Interest
Understanding
Engagement
Trial
Purchase
Accelerator
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“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
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“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
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
65
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
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
72
Brian Halligan
CEO, HubSpot
@Bhalligan
Confidential & Proprietary @underscorevc 74
Confidential & Proprietary @underscorevc 75
Confidential & Proprietary @underscorevc 76
Confidential & Proprietary @underscorevc 77
Confidential & Proprietary @underscorevc 78
Confidential & Proprietary @underscorevc 79
Confidential & Proprietary @underscorevc 80
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 84
Confidential & Proprietary @underscorevc
Links are to the
internet as
dollars are to the
economy
@BHalligan
85
Confidential & Proprietary @underscorevc 86
Confidential & Proprietary @underscorevc 87
Confidential & Proprietary @underscorevc 88
Confidential & Proprietary @underscorevc 89
Confidential & Proprietary @underscorevc
Better
Conversion
Better
Personalization
Better Value
More Usage
90
Confidential & Proprietary @underscorevc 91
Confidential & Proprietary @underscorevc 92
Confidential & Proprietary @underscorevc 93
Confidential & Proprietary @underscorevc 94
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
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
97
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 125
Confidential & Proprietary @underscorevc 126
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
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
133
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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Go-to-Market Strategies

  • 1. Startup Secrets: Go-to- Market Strategies 6.20.19
  • 2. 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
  • 3. 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
  • 4. 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
  • 5. 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
  • 7. 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
  • 8. 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
  • 9. BRANDING DEMANDWARE Jamus Driscoll, SVP Marketing jdriscoll@demandware.com December 3, 2012
  • 10. Confidential & Proprietary @underscorevc Change the Criteria 10
  • 11. 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
  • 12. Confidential & Proprietary @underscorevc The Demandware Opportunity Brand/ Marketing eCommerce Technology Features Benefits Rewards 12
  • 13. 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
  • 14. 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
  • 15. 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
  • 16. 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
  • 17. Confidential & Proprietary @underscorevc How Does the Customer Benefit? Think It. Do It. No limits. No worries. No surprises. 17
  • 18. 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
  • 19. 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
  • 20. Confidential & Proprietary @underscorevc Startup Secret! Start How You Mean to End 20
  • 21. 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 21
  • 22. 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. 23 Positioning Mark Lorion, CMO Apperian. Previously VP Marketing Spotfire Analytics Division TIBCO Software
  • 24. 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
  • 25. 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
  • 26. 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
  • 27. 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 27
  • 28. Confidential & Proprietary @underscorevc The Perfect Startup Storm Disruptive Business Model Disruptive Technology & Defensible IP New Market & GTM 28
  • 29. 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
  • 30. 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
  • 31. Confidential & Proprietary @underscorevc Value Proposition: Recap and Intersection ○ 3D Solution ■ Discontinuous ■ Defensible ■ Disruptive ○ 4U Need ■ Unworkable ■ Unavoidable ■ Urgent ■ Underserved market (For Targeting, Segmentation) 31
  • 32. 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
  • 33. 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
  • 34. 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
  • 35. 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
  • 36. Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker
  • 37. Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar
  • 38. Confidential & Proprietary @underscorevc Targeting Segmentation: Example: Seeking Critical Need Mobile Professionals vs. Office Worker Field Workers vs. White Collar Services vs. Sales
  • 39. 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
  • 40. 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
  • 41. 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
  • 42. 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
  • 43. 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 43
  • 44. Confidential & Proprietary @underscorevc The Startup Marketing and Sales Cycle Awareness Interest Understanding Engagement Trial Purchase 44
  • 45. 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
  • 46. 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
  • 47. 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?
  • 48. 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
  • 49. 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 49
  • 50. Confidential & Proprietary @underscorevc “Driving” Startup Marketing and Sales YOU Control Neutral Overdrive GEARStobuildMomentum Awareness Interest Understanding Engagement Trial Purchase 50
  • 51. 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
  • 52. 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
  • 53. 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
  • 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 54
  • 55. 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
  • 56. 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
  • 57. 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!
  • 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 58
  • 59. 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
  • 60. 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. 61 Go-to-Market Strategy and Planning Mark Lorion, CMO Apperian. Previously VP Marketing Spotfire Analytics Division TIBCO Software
  • 62. 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
  • 63. 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
  • 64. 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
  • 65. 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 65
  • 66. 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
  • 67. 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
  • 68. 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
  • 69. 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
  • 70. 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
  • 71. 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
  • 72. 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 72
  • 74. Confidential & Proprietary @underscorevc 74
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  • 81. Confidential & Proprietary @underscorevc ● Blog Posts ● Infographics ● Videos ● E-books ● White papers ● Reports ● Calculators ● Freemium Appl ● Grader Create Content 81
  • 82. Confidential & Proprietary @underscorevc Optimize 82
  • 83. Confidential & Proprietary @underscorevc Promote 83
  • 84. Confidential & Proprietary @underscorevc 84
  • 85. Confidential & Proprietary @underscorevc Links are to the internet as dollars are to the economy @BHalligan 85
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  • 90. Confidential & Proprietary @underscorevc Better Conversion Better Personalization Better Value More Usage 90
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  • 95. Confidential & Proprietary @underscorevc Inbound vs. Outbound? $1M $500k $100k $50k $10k $0 INbound OUTbound ?Hybrid DealSize 95
  • 96. When Some Outbound Marketing Makes Sense for the Startup Mark Lorion @mark_lorion Apperian, CMO
  • 97. 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 97
  • 98. 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
  • 99. Confidential & Proprietary @underscorevc The Basics of Funnel Design 1s t 99
  • 100. Confidential & Proprietary @underscorevc Expand Upsell Cross sell Suspects Closed Deals 100
  • 101. Confidential & Proprietary @underscorevc In a Perfect World… 1 Step 101
  • 102. Confidential & Proprietary @underscorevc In a Perfect World… MyProduct.com HOW IT WORKS DESCRIPTION Our product allows you … BUY NOW! Only $9,999.99 102
  • 103. Confidential & Proprietary @underscorevc The Art of Marketing 103
  • 104. Confidential & Proprietary @underscorevc BUYER THE 104
  • 105. Confidential & Proprietary @underscorevc The Buying Cycle CONSIDERATION CLOSED DEAL AWARENESS PURCHASE 105
  • 106. 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
  • 107. Confidential & Proprietary @underscorevc An Organizational Metaphor for the Key Funnel Stages MIDDLE OF THE FUNNEL CLOSED DEAL TOP OF THE FUNNEL SALES 107
  • 108. 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
  • 109. Confidential & Proprietary @underscorevc What Is the Middle of the Funnel? QUALIFY MQL (MARKETING QUALIFIED LEAD) NURTURE 109
  • 110. 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
  • 111. 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
  • 112. Confidential & Proprietary @underscorevc Measurement ”If you cannot measure it, you cannot improve it." - Lord Kelvin 2nd 112
  • 113. Confidential & Proprietary @underscorevc What to Measure for Each Step / Action NO. OF ACTIONS % CONVERSION RATE TIME TIME 113
  • 114. Confidential & Proprietary @underscorevc The Key Metrics VISITORS CAMPAIGNS TO DRIVE TRAFFIC TRIALS CLOSED DEALS CONVERSION % CONVERSION % OVERALL CONVERSION % 114
  • 115. 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
  • 116. Confidential & Proprietary @underscorevc Improve 3rd 116
  • 117. Confidential & Proprietary @underscorevc In diagnosing many funnel blockage points, there is a… Clear Pattern 117
  • 118. Confidential & Proprietary @underscorevc You are hoping your Customers will do something That they are Not motivated to do 118
  • 119. 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
  • 120. 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
  • 121. Confidential & Proprietary @underscorevc Get Inside Your Customer’s Head FRICTION CONCERNS 121
  • 122. Confidential & Proprietary @underscorevc Understand What Motivates Them MOTIVATIONS FRICTION CONCERNS 122
  • 123. Confidential & Proprietary @underscorevc JBoss Example: They were making $27,000 per month selling documentation. Solution? Give away documentation to get their email address. 123
  • 124. 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
  • 125. Confidential & Proprietary @underscorevc 125
  • 126. Confidential & Proprietary @underscorevc 126
  • 127. 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
  • 128. Confidential & Proprietary @underscorevc using engineering for marketing 128
  • 129. Confidential & Proprietary @underscorevc Build Trust Sell SellFirst Contact First Contact Build Relationship 129
  • 130. Confidential & Proprietary @underscorevc It Is Often Necessary to Find Topics That Are Not Related to the Sale Build Trust SellFirst Contact Build Relationship 130
  • 131. Confidential & Proprietary @underscorevc Selling is 10x easier Once you have established TRUST 131
  • 132. Confidential & Proprietary @underscorevc The Keys to Success BUYER THE GET INSIDE YOUR BUYER’S MIND 132
  • 133. 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 133
  • 134. 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
  • 135. 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
  • 136. 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
  • 137. 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
  • 138. 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
  • 139. 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
  • 140. Startup Secrets: Go-to- Market Strategies 6.20.19