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TRACTION: A STARTUP GUIDE TO GETTING CUSTOMERS…A REVIEW
Willa Fogarty
Traction is…
Growth
Quantitative evidence of consumer demand…
A sign that something is working…
The best way to improve your chances of startup success
In other words….
Traction Trumps Everything
Traction Channels
Viral Marketing PR Unconventional PR Search Engine
Marketing Social and Display Ads Offline Ads SEO Existing Platforms Community Building
Content Marketing Email Marketing Engineering as
Marketing Targeting Blogs Business Development Sales Affiliate Programs Offline Events Speaking Engagements Trade Shows
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Don’t worry, there’s a framework for that!
To find the channel that will get you traction…1. Brainstorm 2. Rank3. Prioritize 4. Test5. Focusing If no channel is promising, rinse and repeat.
Most startups focus on this
***Product Development
But not you!!
“Almost every failed startup has a product. What failed startups don’t have are enough customers.”
***Focus on product development AS WELL AS traction.
50%--Each should get half of your attention.
Test, Test, Test
Inner circle tests A/B Tests Quantify your results
Do this ^^^
to combat this
Which way do you go?
Startups get pulled in a lot of different directions…
Instill goals and milestones; use the critical path method (the path with the fewest number of steps) to get there.
**Insight: Suppose you have a traction goal of increasing your advertising presence. Once you meet your goal, the authors would suggest shifting focus to something else. While this makes sense, does shifting focus too much compromise your now established advertising presence?
Time to pick a channel!
Viral Marketing
Existing users refer others to your product; every acquired customer brings in at least 1 other.
Use inherent virality, Incentives, social networks,etc., to increase viral loop.
Viral CoefficientK= i*conversion percentage
Public Relations
Leveraging traditional news outlets, newspapers, and magazines to increase your startup’s awareness.
Notice: stories and content now filter up the media chain, rather than down.
Package your pitch to media organizations as a compelling story.
Unconventional PR
2 Types: publicity stunt & customer appreciation
Publicity stunts can foster instant national recognition.____________________________________________________________________________________________________________________
Customer appreciation, “be awesome to your customers,” more sustainable
***Insight: I see a creative PR stunt as one of the most effective ways to get traction these days, especially with a generation like the millennials who appreciate a more creative approach
Search Engine Marketing
Placing advertisements on search engines like Google-- works well for companies selling directly to their target market.
Testing areas include keywords, ad copy, demographic targeting, landing pages, and CPC bids
***Insight: The book touched on using negative keywords to prevent your ads from showing up for certain keywords. If you’re selling eyeglasses, you prevent your ad from coming up for “wine glasses…” However, what is the harm in having your ad there just in case? Maybe it could remind someone they need to change their eyeglass prescription?
Social and Display Ads
Banner ads, Facebook and Twitter ads, etc.
Social and display ads generate demand by building awareness of products, hoping to eventually convert the audience to customers.
Create compelling content that people will like/share.
Offline Ads
Ads that appear in mediums such as TV, radio, magazines, newspapers, yellow pages, billboards, direct mail etc.
Consider demographics Look for remnant advertising Use URLS and unique web
addresses for tracking
***Insight: Although remnant advertising is cheap, how large are the benefits? If there are spaces that aren’t selling, couldn’t the publication be unpopular or seen by less people? E.g. The New York Times probably doesn’t have trouble selling ad space…?
Search Engine Optimization
The process of improving your ranking in search engines in order to get more people to your site.
2 Approaches Fat Head and Long Tail
Your ability to rank on the 1st page should be a deciding factor in whether to pursue this channel.
Content Marketing
Blogging--quality content is essential, write about problems your customers have.
Drives search and word of mouth, users funnel through the blog and onto the website.
Email Marketing
Email promotions for sales, discounts, newsletters, etc.
Should be personalized
Lifecycle emails work well for moving customers through yourfunnel.
Engineering as Marketing
Creating useful tools such as calculators, widgets, and micro-sites to get your company in front of more people.
Use single purpose tools, and make them easy to find.
Targeting Blogs
Finding influential bloggers in your area of business-- having them promote your product.
Business Development
BD primarily focuses on exchanging value through partnerships.
Good deals align with co. and are focused on critical product and distribution milestones.
Joint ventures, licensing, Distribution Deals, Supply Partners, etc.
Sales
Generating leads, qualifying them, and converting them into paying customers. Use
Situation questionsProblem questionsImplication questionsNeed-Payoff questions
Build a repeatable sales model.^ ^
Affiliate Programs
Paying people or companies for performing actions such as making a sale or getting a qualified lead.
*Ability to use affiliate programs effectively depends on how much you are willing to pay to acquire a customer.
Found in spaces such as retail, information product, or lead generation.
Existing Platforms
Using websites, apps, or networks with a huge number of users to gain traction.
App stores, social platforms, browser extension stores, etc. ----main goal is to rank highly on these platforms
*Focus on new and untapped platforms—your competition isn’t there yet.
Trade Shows
Events that are exclusive to industry insiders, and designedto foster interactions between vendors and their prospects.
Amount of preparation will determine level of success.*Schedule meetings with people you want to meet.*Have an inbound and outbound strategy for booth.
Offline Events
Sponsoring or running offline events, from small meet-ups to large conferences.
Co. with customers who have
shared interests or a
kind of community will
benefit most.
Speaking Engagements
Speaking at trade shows or offline events.
Tell a story through yourspeech.
*Increases your business visibility and connections
*Presents you as an expert
Community Building
Investing in the connections among your users, fostering those relationships and helping them bring more people into your circle.
Establish your mission, foster cross-connections, communicate with your audience, be transparent and ensure quality.
Results in evangelists for your company
Go forth and get traction!
“You can still build a business without being creative. If you don’t have creativity, you need money. You need one or the other.”