Focus on Marketing

with Guest PresenterNathan Monk

EVOLUTION OF SALES & MARKETING

The part of every business that has changed the most in the last 20 years

Yesterday: $10,000 sale with 2 competitors all local with 50% margin so you could spend $2,000 on sales an marketing. 1:3 deals closed.

Today: $1,000 for the same product with 20 competitors, global, with 30% margin so you can spend $50 on sales and marketing. 1:20 deals closed.

Was: Art

Is: Science

2

Presented by: Nathan Monk (‘Digital Cowboy’)

Bio:

•ICE advisory team member with focus on consumer ent. & ecommerce companies•Have a strong passion for entrepreneurship •‘Lean Startup’ practitioner•Digital marketer, sales and BD professional•Experience: CBC, CanWest, OgilvyOne and Yahoo!

Follow me:

@Cowboytweets

Linkedin.com/in/nathanmonk

marsdd.com/blog/author/nmonk/feed/

Get, Keep and Grow“Get, Keep and Grow” are among the most important hypotheses for any startup.

Customer Relationship ToolsWEB/MOBILE CHANNELSPHYSICAL CHANNELS

GET customers(demand creation)

Strategy: Awareness, Interest, Consideration, Purchase

Tactics: Earned Media (pr, blogs, brochures, reviews), Paid Media (ads,

promotions), Online tools

Strategy: Acquire, Activate

Tactics: Websites, App Stores, Search (SEM/SEO), email, Blogs, Viral, Social Nets, Reviews, PR, Free Trials, Home/

Landing Page

KEEP customers Strategy: interact, Retain

Tactics: Loyalty programs, product updates, customer surveys, Customer

check-in calls

Strategy: Interact, Retain

Tactics: Customization, User Groups, Blogs, Online Help, Product Tips/

Bulletins, Outreach, Affiliates

GROW customers Strategy: New Revenue, Referrals

Tactics: Upsell/Cross/next-Sell, Referrals, (maybe) Unbundling

Strategy: New Revenue, Referrals

Tactics: Upgrades, Contests, Reorders, Refer friends, Upsell/Cross-Sell, Viral

How  do  we  break  through  the  noise?

‘Posi5oning  is  not  what  you  do  to  a  product.  Posi5oning  is  what  you  do  to  the  mind  of  the  prospect.  That  is,  you  posi5on  the  product  in  the  mind  of  the  prospect.’                 -­‐  Al  Ries,  Posi5oning

5  Steps  to  start  ‘breaking  through  the  noise’:

1.Understand  your  Product  (Unique  Selling  Prop.)  and  validate  it.

2.Understand  your  Market  (Where  am  I  selling?)  and  validate  it.

3.Understand  your  Target  (Who  am  I  selling  to?)  and  validate  it.

4.Understand  your  Timing  (When  do  I  sell?)  and  validate  it.

5.Understand  your  Tac5cs  (How  do  I  reach  them?)  and  validate  it.  

‘A  single,  clear  and  compelling  message  that  states  why  you  are  different  and  worth  buying.’           -­‐  Steve  Blank,  The  Four  Steps  to  the  Epiphany  

Unique  Value  Proposi5on

5  steps  to  finding  clear  and  compelling  features:1.Pick  the  ‘most  valuable’  features    (beware  of  feature  creep)2.Pick  what  makes  it  different  to  the  target3.Pick  the  greatest  solu5on  to  the  problems  the  target  has4.Build  a  ‘back  story’  (elements  which  make  it  magne5c)5.Validate,  validate  and  validate  with  your  targets!  

         

Features

‘Your  objec5ve  is  to  find  a  big  enough  market  you  can  reach  with  customers  who  need  your  product  that  will  pay  a  price  you  can  build  a  business  around.’     -­‐  Ash  Maurya,  Running  Lean  

5  steps  to  market  discovery:1.Find  the  greatest  customer  segment  with  the  biggest  pain2.Ease  of  reach:  find  the  quickest  path  to  sustainable  customers3.Price:  pick  a  customer  segment  that  allows  you  to  maximize  on  price4.Start  in  smaller  markets,  then  go  large5.Validate,  validate  and  validate!

         

But  how  do  you  determine  you  have  the  correct  product/market  fit?

1.When  40%  of  your  users  are  returning  month  over  month  (Running  L  ean)2.When  you  pass  the  Sean  Ellis  test  by  asking  users:                                                                How  would  you  feel  if  you  could  no  longer  use  the  (product):

• Very  disappointed• Somewhat  disappointed• Not  disappointed  (it  isn’t  really  that  useful)• N/A  –  I  no  longer  use  (product)

• *If  over  40%  of  users  are  very  disappointed  you’ve  got  the  right  market  

3.Get  paid.

         

5  steps  to  define  your  target:

1. Find  the  greatest  customer  segment  with  the  biggest  pain

2. Ease  of  reach:  find  the  quickest  path  to  sustainable  customers

3. Price:  pick  a  customer  segment  that  allows  you  to  maximize  on  price

4. Start  in  smaller  markets,  then  go  large5. Validate,  validate  and  validate!

         

5  deciding  factors  for  5ming  considera5on:

1. Budget  and  tac5cs2. Product  stage:  early  or  late  adopters?3. When  &  where  is  the  target  most  recep5ve?4. What  are  compe5tors  doing/have  done?5. Is  there  any  event  you  can  5e  your  marke5ng  

message  around?

         

Tac5cs  for  your  considera5on  and  ‘budget’:

1. Online:  display,  SEM,  SEO  &  video2. Mobile:  (tablet  and  smart  phone)3. eMail4. Print5. OOO6. TV7. Events  &PR:  release,  blogs  &  community  outreach8. Word-­‐of-­‐Mouth  and  Social  Media

         

Before  you  start  marke5ng/selling:

1. Check  out  IAB  Canada:  iabcanada.com  2. Sign  up  for  eMarketer  /  mMarketer3. Build  a  one  page  marke5ng  plan  with  tac5cs4. Define  your  metrics  (See  Pirate  Metrics  for  StartUps)5. Check  out  marke5ng  op5miza5on  solware  (e.g:  gShil  

Labs  &  Highrise)  to  see  what  works  best6. Contact  ad  networks  for  low  cost  inventory7. Read:  StartUp  Marke5ng  Blog  by  Sean  Ellis  8. Read:  Posi5oning  by  Al  Ries  and  Running  Lean

         

Things  to  know  about  Online:  Display,  SEM  and  video

1.It  can  be  very  cost  effec5ve  and  highly  targeted:  loca5on,  5me  of  day  etc2.It’s  priced  CPM  or  CPC  (CPM  =  brand  awareness)  &  CPC  (CPC=direct  sale)  3.You  can  have  ad  units  built  easily  on  Elance.com,  Dribbble  or  independents4.You  can  find  sites  which  meet  your  target  criteria  on  Alexa.com5.  See  examples  of  ad  units  at:  IAB.net/guidelines…look  for  UAP  examples6.For  SEM  marke5ng  check  out  Google  Adver5sing  programs

         

Things  to  know  about  Mobile  adver5sing:

1.It’s  underu5lized,  can  be  cost  effec5ve  and  highly  effec5ve  (higher  CTR)2.You  can  reach  folks  on-­‐the-­‐go  in  a  very  personal  environment3.You  can  reach  folks  across  different  devices:  BB,  iPhone,  Android  etc4.Checkout  AdMob.com  for  more  informa5on.  Many  CDN  publishers  have  mobile  ad  opportuni5es  as  well.  

         

5  things  to  know  about  eMail  marke5ng:

1.A  great  way  to  reach  new  users2.A  great  way  to  engage  exis5ng  users3.An  exact  ROI  can  be  tracked  from  eMail4.A  great  way  to  obtain  feedback  and  test5.A  way  to  promote  across  proper5es  (site,  facebook,  twioer  and  blog)

*Check  out  MailChimp.com  for  more  informa5on.  

         

5  things  to  know  about  Print,  OOO  &  TV:

1.Can  be  more  expensive  then  other  media2.Can  reach  a  far  greater  amount  of  folks3.Can  be  costly  to  produce4.Can  not  be  tracked  as  easily5.Strong  brand  awareness  due  to  reach

Tip:  Visit  the  Canadian  Marke5ng  Associa5on  for  more  informa5on  on  using  tradi5onal  media.  

         

5  things  to  know  about  Events  and  PR:

1.Low-­‐cost  &  high  impact  mediums  for  startups2.Can  be  highly  targeted  and  effec5ve3.Allows  you  to  build  rela5onships  with  media4.Can  be  tracked  via  metrics5.Creates  awareness  and  provides  credibility

Tip:  Build  a  PR  and  events  database  of  key  events,  bloggers  and  media  you  need  to  reach

         

5  things  to  know  about  Social  Media  &  Word-­‐of-­‐Mouth:

1.Social  Media  is  the  most  popular  consumer  ac5vity  according  to  Nielsen2.SM  allows  you  to  connect,  engage  and  build  rela5onships  across  mediums3.It’s  LOW  COST  J  4.A  great  way  to  get  ‘socially  endorsed’    5.An  amazing  way  to  test  and  validate!

Tip:  Visit  HubSpot  for  info  and  this  TechCrunch  ar5cle:  ‘Social  Proof  is  The  New  Marke5ng’        

         

Last updated: <ACME COMPANY> Prepared by: Launch date:

Audience Industry InvestorsDescription

Objectives

1

2

3

4

5

Location Global North America

Flights

MaRS Commons

Key Media Tactics

Video

Social Media

PR

Events

Partners

Media Buy

Print

TV

OOO

Blog

eMail

Key Messages

1

2

3

4

Boilerplate

And now onto Sales

Just a few words

Prospects 10%

Validated 25%

Qualified 10%

Best Few 90%

POST

Won

1 in 10 chance of success at each stage

Start up is closer to 1 in 25

Prospects 10%

Validated 25%

Qualified 10%

Best Few 90%

POST

Won

Marke5ng  campaignsSales  SheetsPresenta5ons

Reference  StorySolu5on  Sales  Sheets

Customized  Presenta5ons

DemoSponsor  Leoer

Custom  Value  Proposi5on

Solu5on  Blue  PrintProposal

Specific  Pricing

Implementa5onBilling

Customer  ManagementStable  Opera5ons

Questions