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Squeeze that lemon! PallavNadhani
It was the end of 2008… R-word was getting everybody nervous
Startups can't do 2 things! Forget many! Focus allows you to succeed without requiring an organization of super-humans.
If your niche is small enough,  the customer need strong enough,  your marketing targeted enough,  your product good enough,  your customers happy enough,  they are going to buy, RECESSION OR NOT
In a small but focused market: You don’t need a very big marketing budget to get noticed You can become an expert in that niche You can deal with competitors, as they’re mostly small You can delight customers one by one Recessions do not hurt you bad, as you’ve not yet explored the majority of the market
If life gives you lemons,  make lemonade If it deals you tomatoes,  make Bloody Marys
5 ways to increase earnings Get more leads Convert more leads into customers Increase the number of times those customers buy Increase the average price point of sales Increase profit margins (cut costs)
And that involved… Cost effective marketing & branding Re-defining sales strategies Experimentation with pricing Customer Development & Community Formation Maintaining and Understanding Key Metrics
branding = (what people think of) you marketing = (how you get) sales
Traditional Marketing Cycle – Costly and not optimal
Re-defined Customer Interaction Process
New age mantra of Marketing Sell benefits, not features Talk results, not processes
New age mantra of Marketing What’s in it for them: What problem do you solve? How are you unique? Why should they care?
New age mantra of Marketing Highlight your USPs Is it support, pricing, delivery…? Pitch it appropriately and evaluate the connect.
New age mantra of Marketing Think new lead generation accelerators
New age mantra of Marketing Market your success Source: US Government Website
New age mantra of Marketing Use Word of Mouth Effectively Craft compelling stories that people can share with others. Incentivize them to speak out.
New age mantra of Marketing Use Free PR – it’s effective Sell a story that a layman can relate to. Make it generic, not techy or jargonized.
New age mantra of Marketing Build trust around your brand. That lets you command better work, higher prices, increased credibility and more respect.
New age mantra of Marketing Everything is a brand. Right from the way your website looks  to the way you write your emails.  Consistency is very important.
Simple ways to build trust around the brand Offer relevant and compelling information about offerings, tied to customer needs. If you can provide an evaluation, nothing better. Make your communication simple and consistent, so that it does not distract from the key message. Provide verifiable reviews, testimonials and feedback. Reputation spreads like wild fire. Manage that well. Encourage word of mouth. People trust friends more than experts. Encourage multi-directional conversation, rather than uni or bi.
Branding & Marketing on Social Media Social media is not just about creating an account & having fans
Social Media Strategy
Leverage social media in different ways Public relations Market research Brand Marketing Promotions Consumer Education Sales Customer Support & Relationship Management
New age mantra of Marketing Social media objective Build content worth sharing, brand worth talking about and sites that encourage customer participation and dialog
New age mantra of Marketing Build your army of fans, evangelists & loyalists Nurture them regularly. Get feedback from them. Treat them as your partners.
Optimizing Sales When selling Be interested, not interesting
Optimizing Sales Identify your relationship model Is it one-to-one, or one-to-many?
Optimizing Sales Build user lock-in in your sales strategy Once they’ve started using your product, they have an emotional connect and are more likely to convert
Optimizing Sales Small changes can create a lot of difference when selling!
Optimizing Sales During tough times, be understanding with your customer. Act as his partner. It pays off very well in the long run.
Optimizing Sales Capture all leads religiously, categorize them methodically and have a lead nurturing plan. Define stringent processes and protocols.
Experiment with pricing Your offering is not just the code that you’re giving out. It is much broader than that – it’s the entire experience.  Make sure your prices are in sync with your brand. Plus, include soft aspects when deciding pricing like switching costs, competitor pricing. Products rarely win by pricing low. The perceived value of a product may be higher than its objective value.  Use marketing to increase it. Use smart pricing strategies like pricing discrimination, good reference points, pricing threshold. Inspired from Don’t Just Roll The Dice
Example of User-lock in & Pricing Reference points 37signals.com
Pricing Reference point ManageEngine.com
Experiment with deals Bundling of offerings (cross-selling), discounted sales. Segregate by demographics. Measure. Measure. Measure.
Questions to ask when setting prices? What’s your strategy? (High volume/High price) What’s your product? (Not just code, but entire experience) How will your customers judge the fairness of your pricing? (reference points) Who are your customers? (What/Where/How) Who are your competitors? What does your brand say and how do you market? Can you segment your customers and create versions? Inspired from Don’t Just Roll The Dice
Identify key metrics, analyze and reiterate Cost per acquisition, cost per download Gross profit margin, Profit per sale, Cost vs Revenue rise Marketing: CTR of various sources, CPM, CPC, CPA, Visitor Demographics Customer Satisfaction Index, Returning Customers %, Dropped Customers % Top 5 sources of revenue – Where they came from, What they searched, What they liked about your offering? Top 5 affiliates, Top 5 partners… their attributes.
The paradox of growth: The smaller you are, the bigger you must look The bigger you look, the smaller you must get
Thank you

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Squeeze that lemon!

  • 1. Squeeze that lemon! PallavNadhani
  • 2. It was the end of 2008… R-word was getting everybody nervous
  • 3. Startups can't do 2 things! Forget many! Focus allows you to succeed without requiring an organization of super-humans.
  • 4. If your niche is small enough, the customer need strong enough, your marketing targeted enough, your product good enough, your customers happy enough, they are going to buy, RECESSION OR NOT
  • 5. In a small but focused market: You don’t need a very big marketing budget to get noticed You can become an expert in that niche You can deal with competitors, as they’re mostly small You can delight customers one by one Recessions do not hurt you bad, as you’ve not yet explored the majority of the market
  • 6. If life gives you lemons, make lemonade If it deals you tomatoes, make Bloody Marys
  • 7. 5 ways to increase earnings Get more leads Convert more leads into customers Increase the number of times those customers buy Increase the average price point of sales Increase profit margins (cut costs)
  • 8. And that involved… Cost effective marketing & branding Re-defining sales strategies Experimentation with pricing Customer Development & Community Formation Maintaining and Understanding Key Metrics
  • 9. branding = (what people think of) you marketing = (how you get) sales
  • 10. Traditional Marketing Cycle – Costly and not optimal
  • 12. New age mantra of Marketing Sell benefits, not features Talk results, not processes
  • 13. New age mantra of Marketing What’s in it for them: What problem do you solve? How are you unique? Why should they care?
  • 14. New age mantra of Marketing Highlight your USPs Is it support, pricing, delivery…? Pitch it appropriately and evaluate the connect.
  • 15. New age mantra of Marketing Think new lead generation accelerators
  • 16. New age mantra of Marketing Market your success Source: US Government Website
  • 17. New age mantra of Marketing Use Word of Mouth Effectively Craft compelling stories that people can share with others. Incentivize them to speak out.
  • 18. New age mantra of Marketing Use Free PR – it’s effective Sell a story that a layman can relate to. Make it generic, not techy or jargonized.
  • 19. New age mantra of Marketing Build trust around your brand. That lets you command better work, higher prices, increased credibility and more respect.
  • 20. New age mantra of Marketing Everything is a brand. Right from the way your website looks to the way you write your emails. Consistency is very important.
  • 21. Simple ways to build trust around the brand Offer relevant and compelling information about offerings, tied to customer needs. If you can provide an evaluation, nothing better. Make your communication simple and consistent, so that it does not distract from the key message. Provide verifiable reviews, testimonials and feedback. Reputation spreads like wild fire. Manage that well. Encourage word of mouth. People trust friends more than experts. Encourage multi-directional conversation, rather than uni or bi.
  • 22. Branding & Marketing on Social Media Social media is not just about creating an account & having fans
  • 24. Leverage social media in different ways Public relations Market research Brand Marketing Promotions Consumer Education Sales Customer Support & Relationship Management
  • 25. New age mantra of Marketing Social media objective Build content worth sharing, brand worth talking about and sites that encourage customer participation and dialog
  • 26. New age mantra of Marketing Build your army of fans, evangelists & loyalists Nurture them regularly. Get feedback from them. Treat them as your partners.
  • 27. Optimizing Sales When selling Be interested, not interesting
  • 28. Optimizing Sales Identify your relationship model Is it one-to-one, or one-to-many?
  • 29. Optimizing Sales Build user lock-in in your sales strategy Once they’ve started using your product, they have an emotional connect and are more likely to convert
  • 30. Optimizing Sales Small changes can create a lot of difference when selling!
  • 31. Optimizing Sales During tough times, be understanding with your customer. Act as his partner. It pays off very well in the long run.
  • 32. Optimizing Sales Capture all leads religiously, categorize them methodically and have a lead nurturing plan. Define stringent processes and protocols.
  • 33. Experiment with pricing Your offering is not just the code that you’re giving out. It is much broader than that – it’s the entire experience. Make sure your prices are in sync with your brand. Plus, include soft aspects when deciding pricing like switching costs, competitor pricing. Products rarely win by pricing low. The perceived value of a product may be higher than its objective value. Use marketing to increase it. Use smart pricing strategies like pricing discrimination, good reference points, pricing threshold. Inspired from Don’t Just Roll The Dice
  • 34. Example of User-lock in & Pricing Reference points 37signals.com
  • 35. Pricing Reference point ManageEngine.com
  • 36. Experiment with deals Bundling of offerings (cross-selling), discounted sales. Segregate by demographics. Measure. Measure. Measure.
  • 37. Questions to ask when setting prices? What’s your strategy? (High volume/High price) What’s your product? (Not just code, but entire experience) How will your customers judge the fairness of your pricing? (reference points) Who are your customers? (What/Where/How) Who are your competitors? What does your brand say and how do you market? Can you segment your customers and create versions? Inspired from Don’t Just Roll The Dice
  • 38. Identify key metrics, analyze and reiterate Cost per acquisition, cost per download Gross profit margin, Profit per sale, Cost vs Revenue rise Marketing: CTR of various sources, CPM, CPC, CPA, Visitor Demographics Customer Satisfaction Index, Returning Customers %, Dropped Customers % Top 5 sources of revenue – Where they came from, What they searched, What they liked about your offering? Top 5 affiliates, Top 5 partners… their attributes.
  • 39. The paradox of growth: The smaller you are, the bigger you must look The bigger you look, the smaller you must get