echelon singapore event preso todd kurie red mart

5 simple tips to get your (digital consumer) startup marketing

heading in the right direction

Todd Kurie VP Marketing

RedMart

Echelon Singapore Satellite

o Launched Nov ‘11

o Growth in 17 of 18 months

o Jan ‘13: $3M ann. revenue

o Raised $4M raised to date

About RedMart


The challenge of startup marketing

Learn as quickly and cheaply as possible about: your customers, what they like and don’t like about your service, the most effective ways to reach them, and the cost of acquiring them and the lifetime revenue you will likely generate, and THEN grow as fast as it makes sense

Grow as fast as possible


The challenge of startup marketing

Learn as quickly and cheaply as possible about: your customers, what they like and don’t like about your service, the most effective ways to reach them, and the cost of acquiring them and the resulting revenue you will likely earn, and THEN grow as fast as it makes sense


Tip #1 – observe your customers

o Take a quick look at whatever information you get from every user who registers – even just names can reveal a lot of information about your audience. And if your site has search, look at that too.


Tip #1 – observe your customers

o There are a lot of free or low cost, easy-to-implement tools for tracking how users interact with you service. Install these and start monitoring on day 1.


Tip #2 – listen to your customers

o Customer support emails are not just for the support team – everyone on the management team should receive them (and read them) – it is the single best way to know what pain points your users are experiencing


Tip #2 – listen to your customers

o Users will gladly tell you what they like and don’t like about your service, if you ask them (and especially if you give them a small incentive as well). Survey your users are least once a quarter. At RedMart, we get a 10% response rate to our surveys – more than enough respondents to understand what they think about us.


Tip #3 – use the right marketing channels

o There is a big difference between marketing you can do, and marketing you should do. It is critical for a startup to initially focus on marketing channels that are a) low cost to test, b) easy to implement, c) able to track results, and d) are readily scalable. Thus at RedMart, our channel priorities are as follows…


Tip #3 – use the right marketing channels

Channel Low Cost to Test Easy to Implement

Highly Trackable

Easy to Scale

Google Adwords

Facebook CPC/ Promo Posts

Online display networks

Print & Other Offline

Out of Home (SMRT, etc)

Stuff your CEO wants you to do


Tip #4 – start tracking lifetime value now

--------------------Cost Per Account---------------------------------------------------------------------- +$

-$

$ R

even

ue

Time

o If your revenue is dependent upon ongoing user transactions/ interactions, then you should have your version of the above chart built already – and if you don’t, google “CLV > CPA” now!

Today


Tip #5 – Know what growth is “just right”

Just right!

o Grow too little, and your investors will be unhappy. But grow too much, your service may break down and you risk making your users unhappy – and if your business is dependent on ongoing activity this could be a killer. Know what the ‘just right’ amount of growth is and aim for that.


Tip #5 – Know what growth is “just right”

Min target

Max target

Organic

Facebook CPC

Facebook Post

Adwords

Customer EDMs

o You should prioritize your marketing channels and understand the degree to which you can “dial” them up or down in order to hit an amount of activity (visits, transactions, etc) in between your Min/Max target range. At RedMart, we closely manage our EDMs, Adwords, and Facebook activity to try to hit within the range.


Thanks!

echelon singapore event preso todd kurie red mart

Documents

revenue o

customers o users

right marketing channels

o growth

months o

revenue time o

challenge of startup

lifetime revenue