Entrepreneurial Marketing
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22-Sep-2014 -
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Transcript of Entrepreneurial Marketing
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Entrepreneurial Marketing
featuring:
James WeissFounder, JBW Advisory & Former Senior Manager at
Hosted by: Caitlin QuanEvisors Marketing & Operations Associate
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Agenda
1. About James
2. Tactics vs. Strategy and the money myth
3. Product – market fit, pain, and virality
4. A few resources to help
5. Q&A
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About James
“Entrepreneur and Reformed Consultant”
• Have built three businesses, currently building 2 more
• In 2010 started JBW Advisory, helping early-stage companies in media and consumer products / retail
• >6 years post MBA at Bain NYC, Singapore, HK
• Princeton AB, Wharton MBA
• Started career at DreamWorks in LA as a driver to composer Hans Zimmer
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Why are you here?
• You’ve launched an entrepreneurial venture and you’re looking for customers
• You’re preparing to launch and you’re thinking about your marketing strategy
• You’re currently a marketer and are interested in how things are different on the other side
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Tactics vs. Strategy
Strategy = what’s the plan to build this business
Tactics = how many twitter posts do we need today
Tactics flow from strategy
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The myth
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Money doesn’t solve the problem
$41MM$340MM
$45MM $135MM
Source: http://techli.com/2012/04/10-greatest-startup-failures/
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The real challenges
Product Market Fit
Does my product solve a problem?
Story How do I get people to want to buy my product?
ViralityHow do I get people to tell their friends about my product?
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Product Market Fit – it’s easy!
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Perhaps not so easy
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“A lot of times, people don't know what they want until you show show it to them.”--Steve Jobs
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How important is this?
“Do whatever is required to get to product/market fit. Including changing out people, rewriting your product,
moving into a different market, telling customers no when you don’t want to, telling customers yes when you don’t want
to.” – Marc Andreesen
You can’t market something that people don’t want so much that they’re willing to break current
habits to switch to yours.
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You need to listen carefully
Lots of ways to talk to customers
• Surveys
• Google analytics
• Focus groups
• Interviews
• Usability testing
• Yahoo! Answers
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Product-Market fit
Lots of ways to talk to customers
• Surveys
• Google analytics
• Focus groups
• Interviews
• Usability testing
• Yahoo! Answers
1. Who are the true customers
2. What is their true need
3. How will you meet that need
4. How much pain is required to switch
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Driving Awareness
Marketing
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Source: http://www.confusedmatthew.com
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Entrepreneurs need to educate to get consideration
Source: http://www.adamhcohen.com
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1. A fashion brand
2. Offering value and service
3. With a social mission
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There are innumerable tactics to build awareness
Source: http://bit.ly/XnJGce
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Before you start thinking tactics…
What’s your story?
• Why are you in business?
• What do you believe?
• What is your value proposition?
• Why is this meaningful to you?
If you can’t tell this story, how will other people tell it for you?
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Virality: The marketing holy grail
Source: http://blog.amplifinity.com
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What’s “virality” all about?
Virality is:
1. Creating customer experiences delightful enough that people want to tell their friends
2. Making it easy for customers to do so
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Virality isn’t new!
Customer references
Word of mouth
Reviews
Sharing
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Sharing existed long before Facebook
Source: http://dailymail.co.uk
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Sharing existed long before Facebook
Source: http://cocainehelp.promisblogs.com
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virality in 3 easy steps®
1. Get your brand into people’s hands
2. Make sure they love it
3. Give them super-easy ways to share (bribes don’t hurt either)
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To sample or not to sample?
a) cost of a sample vs. customer lifetime value
b) how much pain and risk are required to try and share
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Product love: NPS
Source: http://propertycasualty360.com; Bain & Company
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Sharing in the internet age
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Sharing in the internet age
• Built the platform for $300,000
• Spent nothing on advertising
• Within 18 months had ~20% of internet users
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Sharing in the internet age
Get your free, private e-mail @
http://www.hotmail.com
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PS… the story hasn’t changed
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Selfish Plug: MackWeldon
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Selfish Plug: MackWeldon
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Closing thoughtsGood strategy trumps money and tactics any day of the week.
• Build a product that people really need and want (so you’ll have “pull”), and figure out who those people are
• Tell the story as simply as possible (so you can advertise, publicize, etc. effectively)
• Figure out the obstacles to trial and build around them - remember you’re trying to make a market that didn’t exist,so you must eliminate friction)
• Delight customers, encourage sharing, but remember pain!
• Buy MackWeldon! Contact me for an F&F code
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A few resources
• http://blog.kissmetrics.com/ultimate-guide-startup-marketing/
• http://marketingbeforefunding.com
• http://onforb.es/14PMZui
• http://www.slideshare.net/seanomalley/startup-marketing-presentation
• http://www.unbound.com
• http://www.startup-marketing.com/the-startup-pyramid/
• http://www.growhack.com
• http://wp.me/p1FaB8-1JXdHosted by:See the rest at evisors.com/webinars/webinar/75
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Questions & Answers
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Questions & Answers
Question 1:
How do you effectively market with a small budget and limited resources?
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Questions & Answers
Question 2:
When is it time to invest in a dedicated marketing resource?
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Questions & Answers
Question 3:
How do you market effectively to women with broad similarities?
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Questions & Answers
Question 4:
How do you market a product/service that is unrecognized by customers?
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Questions & Answers
Question 5:
How should different marketing activities be prioritized?
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Questions & Answers
Question 6:
How do you identify core messages that reflect your brand and resonate with your customers?
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Questions & Answers
Question 7:
What are some of the important aspects in B2B marketing?
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Connect
Book your one-on-one session with James at
www.evisors.com/expert/689
James WeissFounder, JBW Advisory
He can help you with:• Career Assessment
• Consulting Interview Practice• Resume Development
…and more!
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