Sales and Marketing for Startups
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The document provides an overview of sales and marketing frameworks and strategies for startups. It discusses backgrounds of the presenters, frameworks like defining target markets and customers, generating leads through various channels, qualifying leads, engaging in the sales process, and setting goals. It also covers key tools, practical sales examples, and key performance indicators (KPIs) that are important for startups to track their marketing and sales efforts.
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Sales and Marketing for Startups
- 1. Sales & Marketing for Startups Dana Goldsmith & Kyle Redinger
- 2. What Really Matters is Growing Revenue
- 3. Agenda Backgrounds Sales and Marketing Framework Goal Setting Key Tools & Components Practical Examples Key Performance Indicators (KPIs)
- 4. BACKGROUNDS
- 5. About Dana Goldsmith 13 years in Silicon Valley focused on ecommerce industry 4 start-ups, 1 mid-size company, and Amazon.com Business Development and Enterprise Sales Expertise
- 6. About Kyle Redinger Serial Founder; 6 Companies, 1 Exit Varied Industry and Company Type Experience Sales and Marketing Focus
- 7. SALES & MARKETING FRAMEWORK
- 9. Market Identification Market • How do you define your target customer? • What criteria are important to you? • What constitutes a good “fit” for your product/service? WHO ? • What differentiates your product/service? • What value do you provide? • Why should they choose you over a competitor? WHY? • Where do they hang out? • How do you reach them? • Where are your competitors advertising & why?WHERE?
- 11. Lead Qualification Qualified Targets B2C B2B Demographics Annual revenue Habits Existing Solutions Interests Customer Type Geography Budget Familiarity Stated Need Goal: To gauge “fit” & value of prospect, move them through the sales funnel, and generate sales
- 12. Sales Engagement Sales Engagement Qualify Is this prospect a good fit for my product or service? Establish Needs What are my customer’s pain points? Can I add value and/or solve their problem(s)? Qualified Opportunity Have we defined the specific opportunity with this customer? Proposal Have we made a proposal? Have we asked for the business? Close Won/ Lost Did we win or lose the business? Why or why not?
- 13. GOAL SETTING
- 15. Examples of a Goal Setting Process Category Don’t Have These Goals Good Goals Specific Setup a scalable sales and marketing organization Generate $100,000 in Revenue within 12 Months Measurable Implement Salesforce Track all customer interactions Attainable Acquire 100,000 new leads Test three marketing channels Relevant Publish blog posts Get articles published in a trade journal Time Bound Five-year plan Launch new product at tradeshow
- 16. Best Practices for Startup Sales & Marketing • Record everything (breadcrumb trail) • Continually test and improve processes • Always be advancing the sale • Be creative & scrappy to save money • Be disciplined (sloppy doesn’t win) • Ask for introductions (from clients, partners, etc.)
- 17. KEY TOOLS & COMPONENTS
- 18. Key Tools Are the Building Blocks for a More Mature Sales & Marketing Organization Track & Score Customer Interactions Close, Test, Measure & Forecast Manage Lists & Prospects
- 19. Tools Should Match Your Needs Tool Type Startup Version Industry Standard Customer Resource Management Pipedrive Salesforce Marketing Automation Mailchimp Marketo KPI Tracking Excel / Google Docs Domo Sales Intelligence Google Search Data.com Communication & Support Tools Google Hangout or Intercom.io GoToMeeting or Zendesk
- 20. Tool Type Startup Version Industry Standard Contract Management Acrobat Reader DocuSign Analytics Google Analytics, MixPanel DemandBase, AdRoll Landing Pages Unbounce Marketo Other Useful Tools
- 21. Component Description Identify Decision Maker Sell to the person that will sign the check Gatekeeper Decision makers have lots of protection; be nice to the gatekeepers and involve them in the process Sales Script What information do you need to gather/share with prospect? Account Mapping Who are all the parties involved in a sale (influencer, internal champion, decision maker, blocker, etc.) Next Steps What do you want prospect to do next? How will you advance the sale? Sales Engagement Components
- 23. Example 1: SuperFit Games • Non-elite CrossFit gym goers • Want local competition experienceWHO ? • No professional competition offerings for non-elites • Community is important • Local gyms can’t operate successful events WHY? • Online message boards, facebook, instagram • CrossFit affiliatesWHERE?
- 24. Example 1: SuperFit Games • Purchased email lists • Posting on message boards • Free passes to early events • Facebook ads Leads • Videos announcing events • Lots of social media marketing • Contacting affiliate owners Sales Process • Sold out events for first three years • Word of mouth became strongest marketing toolSuccess
- 25. Example 2: Software Engineer Tools • Database administrators of open source database tech • Data operations teams at large technology companiesWHO? • Internal tools destroy value and cost too much • Focus should be on business results, not monitoring toolsWHY? • Twitter, online forums, conferences • Do NOT want to be sold to • Want to self-discoverWHERE?
- 26. Example 2: Software Engineer Tools • Conference booths, cheap swag • Webinars and studies • Thought leadership and technical content • Free tools and open source contributions Leads • Free trial • Hand holding through user experience • Account mapping, needs identification, call scripts Sales Process • Lots of leads because content matched need • Relatively easy to identify product user • Lots of lead nurturing and formal ‘inside salesforce’Success
- 27. Examples 3&4: Amazon.com and MyBuys • Online Retailers of substantial size ($50mm+ annually AMZN and $10mm+ annually MB) • eCommerce Platform & fulfillment services (AMZN) and cross-channel personalization services (MB) WHO? • Access to best ecommerce platform and fulfillment services in the world (AMZN) • World-class personalization (similar to Amazon) plugged into your retail site without having to develop in-house (MB) WHY?
- 28. • Industry associations. e.g. Internet Retailer, Shop.org (part of NRF - National Retail Federation), theDMA.org, eMarketer.com • Trade shows & Conferences. Floor and speaking presence. Hosting evening events with partner. • Webinars & Whitepapers established reputation as industry thought leaders • PR Firms helped us create industry “buzz” • Email newsletters & snail mail • Hired experienced sales professionals with emphasis on landing marquis accounts • Strong Partner Ecosystem with integrated solutions, joint marketing and referrals Where? Examples 3&4: Amazon.com and MyBuys
- 29. Amazon Everyone knew us Huge deal size ($250mm+) meant always selling at C-level Deal life cycle 12-48 months (long, complex and expensive) Had to be patiently persistent since platform changes were rare Partnerships were somewhat important, but partners usually needed us more than we needed them Used Salesforce.com reasonably well...only one branch of business utilizing to run its operations. Medium effectiveness. Name recognition meant we didn’t have to do as much to obtain meetings, establish expertise or prove credibility Required consultative selling. Had to know client’s business very well and deeply understand their problems and needs. MyBuys Nobody knew us Deal size range $25k – $500k meant fighting to get C-level attention Deal life cycle 3-24 months (medium complexity & expense) Had to be SCRAPPY with limited resources and time Partnerships were very important: invested early in business development director to establish partner ecosystem Used Salesforce.com to run the entire enterprise; very disciplined and paid attention to every detail. Extremely effective. Spent a great deal of time and energy building brand recognition, credibility and thought leadership. Evangelizing was BIG! Required consultative selling. Had to know client’s business very well and understand their problems and needs. Examples 3&4: Behemoth vs Startup
- 30. KPIs
- 31. What are good key performance indicators?
- 32. Simple KPIs Market Leads Qualified Targets Sales Engagement $ Pageviews, followers, media mentions, blog posts # of Emails, # of Subscribers, webinar attendees, booth visits # of Qualified Leads, Scored Leads Contracts under negotiation, Deal closure rate, Pipeline value, # of Days to close
- 33. Thanks and Live Long and Prosper!