Hands on Startup Marketing by Donatas Jonikas (PhD)
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Startup marketing mistakes and key points of startup Evolution Curve by Donatas Jonikas (PhD), the author of Startup Evolution Curve. Startup Evolution Curve (https://goo.gl/hDKP0t) is a startup marketing manual based on global research of 1,447 startups and nearly 500 in-depth interviews. This practical book was highly evaluated by 30 international experts.
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Hands on Startup Marketing by Donatas Jonikas (PhD)
- 1. STARTUP MARKETING Top 10 mistakes to avoid & how to transform your idea into successful startup Most dangerous mistakes and how to avoid them Dr. Donatas Jonikas
- 2. AGENDA 1. Global RESEARCH on startup marketing 2. Top 10 most dangerous MISTAKES 3. HOW TO create a successful startup STARTUP MARKETING
- 4. GLOBAL RESEACH STARTUP MARKETING: RESEARCH
- 9. Startup Evolution Curve is in the same league with The Four Steps to the Epiphany by Steve Blank and The Art of Start by Guy Kawasaki. Denis Todirica, Start-up Chile Entrepreneur. Forbes 30 under 30 Donatas' book is like an IKEA guide for building your next startup. Michal Tomek, Co-founder & Editor at Slovak STARTUP I don’t know any book that sums up better the startup evolution and growth than the Startup Evolution Curve by Dr. Donatas Jonikas. Velimir Tasic, Co-founder of ESAA entrepreneurship incubator in Singapore If I could have read this book before creating my first startup, I would have avoided many pitfalls and tons of frustration. Ariel Mizrahi, Serial Entrepreneur & Mentor at StartupMexico
- 11. Creating the product first, thinking about marketing later #1 STARTUP MARKETING: MISTAKES
- 12. Fousing on product creation is a business mindset that was popular and very effective in... 1960s 1960s 21st Century You have to create products that will be loved and used by customers, not you! STARTUP MARKETING: MISTAKES
- 13. Offering “nice to have,” but not essential value #2 STARTUP MARKETING: MISTAKES
- 14. • 106 repair shops in 5 countires interviewed • Some of them interviewed 5 or 6 times • 26 prototypes built in PowerPoint • $5,000 experiment with 3 of 3 AutoPixie STARTUP MARKETING: MISTAKES
- 16. • €20,000 in government grants • contract for a small government investment • shortlisted onto one of the world’s top accelerators • Silicon Valley angel syndicate prepared to invest $500,000 AutoPixie STARTUP MARKETING: MISTAKES
- 17. Lack of market verification: saying is not the same as paying! #3 STARTUP MARKETING: MISTAKES
- 18. are trying to address really serious problems and create tremendous value but don’t test it in the market or they do it in the wrong way 42,6% STARTUP MARKETING: MISTAKES You’ll never have real market verification until customers give you their money for your product.
- 19. STARTUP MARKETING: MISTAKES Location 124.5 million households in USA Food gardening 31% of all US households (estimated at 36 million) did food gardening in 2008 (2015 data is available under paid subscription at National Gardening Association) Climate zone 22% of the 36 million households (or 7.92 million) are cold climate gardeners Gardening purpose Vegetable gardeners are 23% of 7.92 or 1.7 million households Herb gardeners are 12% of 7.92 or 0.95 million households Target market size 1.7 + 0.95 = 2.6 million households Campaign goal 2,000 households, which is less than 0.08% of the estimated target market size Modgarden
- 20. Anything to please investors instead of customers #4 STARTUP MARKETING: MISTAKES
- 21. can bring money, their network, and quick solutions to some of the challenges of a startup, but only if you have a valuable and verified solution. Investors STARTUP MARKETING: MISTAKES If they are happy, many things follow automatically, including the investors standing at your door to provide you needed funds. Customers
- 22. Thinking that “we have no competitors” #5 STARTUP MARKETING: MISTAKES
- 23. have evaluated their micro and macro business environment, while others hadn’t even thought about it 33,9% STARTUP MARKETING: MISTAKES Ask Yourself “How can we find out with whom we are competing”
- 24. We have brilliant idea and it will go viral by itself #6 STARTUP MARKETING: MISTAKES
- 25. Why should anyone recommend your service or product? What’s in it for them to do so? “Hope marketing” STARTUP MARKETING: MISTAKES 3 Engines of Growth Take action to implement at least one of those engines: viral, sticky, paid
- 26. A good growth hacker is all we need! #7 STARTUP MARKETING: MISTAKES
- 27. Good growth hacker will kill your startup if you are not well prepared! Death by Growth <20% Only 20% of startups have developed their up-sell and cross-sell strategies STARTUP MARKETING: MISTAKES
- 28. Marketing needs a huge budget, therefore we’ll take care of it after fundraising #8 STARTUP MARKETING: MISTAKES
- 29. were already on the market, but only 39.4% had developed their brand and positioning and only 17.4% had a consistent marketing plan 47,9% Crafting positioning statement and marketing strategy as well as creating a marketing plan requires effort, not money! STARTUP MARKETING: MISTAKES
- 30. We’ll enter the market with “big boom” launch #9 STARTUP MARKETING: MISTAKES
- 31. Big launches might be a strategy for the well- established, traditional business, but for startups, it usually just causes failure in the form of wasted money and insufficient sales. WRONG! STARTUP MARKETING: MISTAKES
- 32. Burning money instead of investing #10 STARTUP MARKETING: MISTAKES
- 33. Allways know hos wast you are “burning” your money. Does it create tangible value? Cash Burn Rate STARTUP MARKETING: MISTAKES See the Difference between fundraised and earned money and which milestones you can achieve with current “cash burn” rate
- 34. • $11 million fundraised • Entered into 13 country markets • Team of more than 150 people • Millions of users! • Run out of funds!... Expensive Mistake STARTUP MARKETING: MISTAKES
- 35. HOW TO DO IT... STARTUP MARKETING: HOW TO...
- 36. STARTUP MARKETING: Mistakes 5 Stages x7 Tasks =35 Tasks STARTUP MARKETING: HOW TO DO IT...
- 37. STARTUP MARKETING: Mistakes Feasibility Study Prototype (MVP) Funding Product Launch Growth Hacking Value Proposition Target Market Business Model
- 38. Value Proposition STARTUP MARKETING: HOW TO DO IT... Osterwalder Alexander, Pigneur Yves, Bernarda Gregory, Smith Alan. Value Proposition Design: How to Create Products and Services Customers Want (Strategyzer). Wiley; 1 edition (October 20, 2014)
- 39. Target Market STARTUP MARKETING: HOW TO DO IT... Name: Anna Gender: Female Age: 30 Occupation: accountant, secretary Education: college degree Work location: business center in city Living location: condo in suburb Monthly income: $ 1,500 Family status: married, 2 children Other details: Family monthly income $ 2,000 – 3,500 Have one or two family cars, but uses public transport as well Number of similar customers: 42,500 Potential revenue in segment: $ 1,000,000 Description: cares about healthy lifestyle of the family goes to the gym at least 2-3 times a week loves gardening, but has no garden at home loves cooking on weekends reads professional and lifestyle magazines, romantic novels Motivates Demotivates natural source of vitamins and minerals fresh vegetables and herbs for weekend cooking aesthetics and modern look of furniture being proud about home-grown Doubts about durability and maintenance New furniture needs additional space Price
- 40. Business Model STARTUP MARKETING: HOW TO DO IT... Maurya Ash. Running Lean: Iterate from Plan A to a Plan That Works. O'Reilly Media; 2 edition (March 9, 2012)
- 41. STARTUP MARKETING: Mistakes Feasibility Study Prototype (MVP) Funding Product Launch Growth Hacking Main Hypotheses Validated Business Model Marketing Strategy Value Proposition Target Market Business Model
- 42. 1. Promblem 2. Solution 3. Segment 4. Price 5. Channels Main Hypotheses STARTUP MARKETING: HOW TO DO IT...
- 43. Marketing Srategy Purpose Target customers enroll in comprehensive online courses at a price range of $997 - $2,999 How to achieve it Lead magnets will generate sign ups to free online mini-courses that will solve one or more painful problems related to startup marketing and will deliver tangible value right during the course. Then I will show them what other problems could be solved in my comprehensive online courses and how these courses help startups to build a profitable and scalable business faster. Strategic calls (video conference via Skype) could be used for onboarding high ticket customers at the final stage. Target market Early stage startups who have innovative ideas, but are still searching for how to build a profitable and scalable business, and have no resources or don’t want to spend them on hiring professional marketers or consultants at this early stage. Marketing weapons Lead magnets (templates and spreadsheets for startup marketing, free online courses, webinars), virality boost tools (for example Maitre App, Pay with a tweet), social media advertising, contextual advertising, blogging and guest blogging, guest speaking at startup events, email marketing automation, affiliate marketing partnerships, free e-books, and other useful giveaways. Niche Comprehensive startup marketing online courses with six months mentoring and one-on-one consulting. Identity Expertise, individual, and in-depth approach Budget $2,000 starting budget, 20% of revenue will go for marketing STARTUP MARKETING: HOW TO DO IT...
- 44. STARTUP MARKETING: Mistakes Feasibility Study Prototype (MVP) Funding Product Launch Growth Hacking Milestones Fundraising Material Secured Investments Main Hypotheses Validated Business Model Marketing Strategy Value Proposition Target Market Business Model
- 45. Milestones STARTUP MARKETING: HOW TO DO IT...
- 46. Fundraising Material STARTUP MARKETING: HOW TO DO IT...
- 47. STARTUP MARKETING: Mistakes Feasibility Study Prototype (MVP) Funding Product Launch Growth Hacking Irresistible Offer Marketing Plan Execute, Measure, Learn Milestones Fundraising Material Secured Investments Main Hypotheses Validated Business Model Marketing Strategy Value Proposition Target Market Business Model
- 48. Irresistible Offer STARTUP MARKETING: HOW TO DO IT... B2B Prospex
- 49. Irresistible Offer STARTUP MARKETING: HOW TO DO IT... Hostaway.com
- 50. Irresistible Offer STARTUP MARKETING: HOW TO DO IT... Be ready to downgrade your main offer if customers find it too expensive Consider Down-Sell Strategy 04 03 05 Think about how you could sell once and get revenue multiple times Create Repeat Sales Business Model 01 Generate at least a few ideas to increase value and earn extra revenue per sale Create Up-Selling Offers Think about how to encourage customers to purchase related or complementary items Create Cross-Selling Offers 02 Find people who will sell your product and earn commissions per sale Find Partners for Affiliate Sales
- 51. STARTUP MARKETING: Mistakes 90% 35%75% 15% 7% Feasibility Study Prototype (MVP) Funding Product Launch Growth Hacking Viral Loop Growth Engines Marketing Automation Irresistible Offer Marketing Plan Execute, Measure, Learn Milestones Fundraising Material Secured Investments Main Hypotheses Validated Business Model Marketing Strategy Value Proposition Target Market Business Model
- 53. Viral Loop and “Pirate” Metrics (AARRR)
- 56. Dr. Donatas Jonikas Mob. +3706 7047671 startup@evolutioncurve.com QUESTIONS?