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Lean startup marketing
This document discusses lean startup marketing principles for building a fast growing startup. It outlines objectives to share insights for growing a valuable startup using lean startup principles. Some key lean startup principles discussed include learning fast through failing fast, rapid hypothesis testing, and agile development. The document emphasizes the importance of validating product/market fit and creating value for customers early on. It presents a pyramid model moving from product/market fit to scaling cost-effective marketing through optimizing conversions and developing a scalable growth strategy. Metrics, iteration, and eliminating waste and focusing resources are emphasized for progressing up the pyramid to build a sustainable valuable company.
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Similar to Lean startup marketing
Lean startup marketing
- 1. Sean Ellis Lean StartupCircle March 24, 2010 Lean Startup Marketing Channeling Resources to Create a Fast Growing Startup
- 2. Cross startup learning… forbetterment of all startups Led by entrepreneurs - Steve Blank - Dave McClure - Eric Ries - Everyone here 2startup-marketing.com
- 3. My Lean Experience •Collective experience outweighs mine • Steve Blank recommended “lean” preso • Then couple Eric Ries posts/presentations • Limited time to participate in lean revolution • But 15 years of “lean-ish” principles 3startup-marketing.com
- 4. Objectives for Today’sMeeting 1. Share insights for growing a valuable startup 2. Fresh look at my approach growing startups using lean startup principles 3. Work together to evolve our understanding of startup growth 4startup-marketing.com
- 5. What are theLean Startup Principles? • Low burn by design (no scaling until revenue) • Learn fast (fail fast) • Rapid hypothesis testing about market, pricing, customers (customers & markets unknown) • Metrics, iteration… • Agile development • What else? startup-marketing.com 5
- 6. “Lean-ish” Marketing =Back-to-Back IPOs First Startup (1996 launch) – Lead online game category – Get users at cost lower than user value (ARPU) – Minimize waste via sophisticated metrics Second Startup (2003 launch) – Added qualitative research and funnel optimization 6startup-marketing.com
- 7. startup-marketing.com Goal: Build SustainableValuable Company 7
- 8. Low value startups: Scalingor cost-effective marketing Valuable startups: Scaling cost-effective marketing 8startup-marketing.com
- 9. Valuable Company Startswith Value • Product/market fit = product is “must have” (value) • Become a “must have” with customer development – Validate “value” assumptions early (who needs/why?) – Get users on first release ASAP – Find “must have” users/use cases (facts outside building) – Pivot if necessary to create value startup-marketing.com 9
- 10. Getting to Scalable Cost-EffectiveMarketing startup-marketing.com Scale Get Efficient Conversion Product/Market Fit (Value) 10
- 11. Pyramid through LeanStartup Lens • Waste – Eliminate wasted time, money, effort… • Focus – Channel resources to create value • Speed - Get to next level as quickly as possible • Learn – Hypothesize, test, refine startup-marketing.com 11
- 12. Survey User PerceivedValue • Free template at Survey.io startup-marketing.com 12
- 13. startup-marketing.com Key “Value” Question “VeryDisappointed” My Recommendation 0% – 25% Keep burn low, engage, iterate 26% – 39% Try repositioning, retargeting 40% – 100% Proceed up pyramid “How would you feel if you could no longer use Product?” 13
- 14. Start Transition toGrowth startup-marketing.com Scale Get Efficient Conversion Product/Market Fit 14
- 15. startup-marketing.com 15 Better conversionefficiency Improves range & scalability of viable channels
- 16. Race to Scale– Key Projects 1. Positioning - based on perceived value 2. Right metrics - to channel resources 3. Optimize conversions - LP & funnel 4. Viable economics – monetize user value 5. Scalable growth strategy - who/intent? 6. What else? startup-marketing.com 16
- 17. Optimize Landing Pages& Full Funnel Signup Home Page Path 1 200,000 100,000 100000 50000 X000 Paid X00 Paid X00 Free X000 X00025000 50% 12.5& 12.5% X% X% X% X% Path 1 (step 2) Path 2 25000 X000 X% X00 Free startup-marketing.com 17
- 18. Scalable Growth NowPossible startup-marketing.com Scale Get Efficient Conversion Product/Market Fit (Value) 18
- 19. Test from Freeto Paid Channels startup-marketing.com Channel Cost/user Scalability Viral/referral Free High Email (internal) Free Organic Blog Free Organic SEO Free or Paid Organic Widget Free or Paid Organic Biz Dev/Partners Free or Paid High Domains Paid (low) Low PR Paid (low) High Email (external) Paid (TBD) High SEM Paid (TBD) Can be High Contest Paid (TBD) Organic Affiliate/lead gen Paid (TBD) High Radio Paid (TBD) High TV Paid (TBD) High 19
- 20. Driving/Managing Growth Monitor Conversions • Anythingbroken? • AARRR Manage Campaigns •Optimize and scale campaigns on ROI Develop New Campaigns • Test new sources startup-marketing.com 20 Budget to maximize positive ROI spend
- 21. Valuable Company • Someloss of control is good • Understand via triangulation – Origin tracking – Trend correlation – Surveys • Feed the beast startup-marketing.com 21
- 22. Channel Your Resources toClimb the Pyramid Twitter: @seanellis Blog: startup-marketing.com Scale Optimize Economics Positioning Product/Market Fit (Value)