Entrepreneurial Marketing - MITPortugal Program May 2013
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This document discusses entrepreneurial marketing strategies for startups. It begins with marketing basics and frameworks. It then covers pre-launch strategies like defining a target market, developing a positioning and value proposition, and choosing a go-to-market strategy. At launch, the document recommends building a simple marketing plan and choosing from common startup marketing programs like search engine marketing, public relations, content marketing and social media. It concludes with scaling strategies like hiring a CMO, building a marketing team and focusing on sales enablement and ROI.
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Entrepreneurial Marketing - MITPortugal Program May 2013
- 1. Entrepreneurial Marketing Frank Days VP, Marketing, Correlsense www.tangyslice.com @tangyslice
- 3. Transparency… Frank Days VP, Marketing, Correlsense Fast growing private companies Soccer dad, BBQ lover and chili head Tangyslice.com
- 4. THE BASICS
- 5. What is Marketing? Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. American Marketing Association Oct 2007
- 6. 4 P’s and 3 C’s (4 C’s)
- 7. How marketing world is sorted • Strategic/Product marketing • Programs/Promotions • Communications
- 9. Theories are great but… • Things are different for entrepreneurs
- 10. Discussion Question • What makes entrepreneurial marketing different from traditional marketing?
- 11. Differences • • • • • • • • Uncertainty Moving fast Entrenched incumbents Limited resources Low awareness Competing priorities Vision vs. reality Establishing a new market
- 12. Question • How can marketing help your business?
- 13. How marketing can help • • • • • • • • • Awareness Brand Credibility Users Prospects Customers Investors Revenue Acquisition/IPO
- 14. Why care about marketing? • • • • Understand the needs of the market Spread the word Build awareness Get customers
- 16. Need a target market
- 17. Common Challenges • • • • • Too big Not big enough Not specific enough Need to build segment Extrapolation
- 18. Positioning
- 19. Positioning Questions • What are your two dimensions? • Do they matter to your target customer? • Can you own this?
- 20. Value Proposition/ Unique Selling proposition • Simple statement of value for your target • Think elevator pitch • Avoid – Jargon – Big words – Extraneous adjectives
- 21. Go to Market Strategy • Direct vs. indirect? • Questions: – What’s in it for them? – If you can’t sell it yourself, can someone else? – How much margin do you need to give up? • Big companies love to talk with startups… • Getting them to cut a check is another story
- 22. Importance of Marketing Importance of marketing = 1 __________________ Size of average Selling price
- 23. WHAT ONE MARKETING THING DID YOU TRY THAT DIDN’T WORK?
- 24. Tagline and logo • Are overrated at early stages • Get something good enough • You will likely update both
- 25. “We need some buzz…” • Marketing is hard work… not magic … • You want – Awareness in your target market – Prospective customers – Closed deals • Buzz is a distraction
- 26. LAUNCH
- 27. FACT: THERE ARE MORE WAYS TO SPEND MONEY ON MARKETING THAN THERE ARE PRODUCTIVE PROGRAMS
- 28. Build a Simple Marketing Plan Consider agile project management
- 29. How much to spend? • As much as: – You can afford – Your investors can agree to – You need to grow
- 30. Marketing Mix • Where can a startup spend it marketing resources?
- 31. Common Startup Programs • • • • • • • • • • • • • • Viral product Search engine marketing (paid and organic) Public relations Content marketing Emails Sales enablement Social media Tradeshow/events Advertising Partner marketing Sponsorships Lists CRM Lead nurturing
- 33. Viral Marketing Model • Advantages • Disadvantages
- 34. Pro’s and cons Pro’s • Can go viral • Users do marketing for you • People like you • Need a way to monetize • Product takes a lot of work Con’s • Might not go viral • Lots of people don’t buy • Third world leads • Activation rates • Data quality • Still have to get people to your site
- 36. Public Relations
- 37. Content marketing = content + SEO + social media Outbound Inbound Print Ads Blogs, Ebooks, White Papers Television Ads Viral YouTube Videos Cold Calling Search Engine Opt Trade Shows Webinars E-mail Blasts Feed, RSS Credit: blog.hubspot.com
- 38. Social media Blogs/Microblogs Tools Monitoring Visuals Video Sites Core Networks IT Sites Link Builders
- 39. But you can’t live by content marketing alone • It is still a marketing mix • PPC, SEO, Email, web, CRM … • Result dictate your mix
- 40. Start blogging
- 41. Write some guest blogs
- 42. Leave comments • Find some place you feel confident • People you know
- 43. Invest in a decent website design
- 44. And a short video…
- 45. Add keywords to LinkedIn profile • Mark profile public • Mention products and markets • Create short URL to you with keyword
- 46. Don’t let someone sell you a viral video
- 47. SCALING
- 48. Series A or B: Turning the Crank • • • • • • • • You know your target Hire a CMO Brand consultant Build a marketing team Go big or go home Sales enablement CRM ROI
- 49. Where to learn more... • Online resources – Mashable.com – Techcrunch.com – Marketingprofs.com – MPDailyfix.com – Copyblogger.com
- 50. Stay tangy my friends… Frank Days VP, Marketing, Correlsense LinkedIn.com/tangyslice fmdays@tangyslice.com
Editor's Notes
- Version 7.3 Updated November 30, 2009.