Marketing for Startup: Building a Killer Marketing Program
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If you’re looking for the tools and processes you need to build, review, and refine your startup marketing program, check out this deck from Peter Mansfield, Founder of CMO.LA and Early Growth Financial Services (www.earlygrowthfinancialservices.com). Topics include these 4 key areas: — BRAND EXPERIENCE – hint: it’s about more than just logos — USER ACQUISITION – identifying key metrics and tactics that will foster sustainable growth, consistently feeding your funnel — PARTNER DEVELOPMENT- who can help you do the heavy lifting? — MARKET LEADERSHIP – using marketing to build credibility and support your end goals
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Marketing for Startup: Building a Killer Marketing Program
- 1. Building a Killer Marketing Program
- 2. The goal of this session: Give you the tools and processes to build a marketing program (and some tips on avoiding five very common mistakes)
- 3. About me: Consultant CMO and adviser for startups Started Mansfield + Associates in 1992 Helped clients build an aggregate market value of close to $5 billion Played a founder's role in successful startups including Brand3 (sold to American Express), PropertyBridge (sold to MoneyGram). Wallaby Financial (sold to BankRate) Supported marketing and fund-raising programs with VCs and angels for over 100 companies
- 4. About me: Ways I help fast growth companies Mentor Consultant CMO in a Box Co-founder
- 7. How do you respond?
- 8. People & processes: Preparing for war with the right generals and troops
- 9. People & processes: Cover the bases in all key areas of marketing Branding: Positioning/messaging/id entity Social media PR Website/blog/content/in bound SEM/SEO/app store optimization UI/UX, user testing, flows Biz dev support (collateral, presentations, video etc. Events/conferences Investor relations
- 10. People & processes: Who should handle your marketing? Entrepreneurial: Best startup marketersare pragmaticrisk-takers Creative andrelentless: Need to figure out practical waysof driving growth Disciplined: Followa processof prioritizingideas Collaborative: Alignsales,customer support, product development Balanced: Ego takes a back seat to company goals
- 12. People & processes: People organization
- 13. People & processes: Asset organization
- 14. Brand experience Goal: Develop a credible, distinctive platform that encourages engagement
- 15. Brand experience: Starting points Not just about cool-looking logos Top down definitionof purpose Every touch point that you have with customers Organizationalculture and behavior Don’t rely solely on in-house branding Measure for success
- 16. Brand experience: Enter the Golden Circle What? How? Why? We believe inchallengingthestatus quo anddoingthingsdifferently Our products are beautifully designed andeasy touse Products liketheiPhone
- 19. User acquisition Goal: Test and implement tactics that foster sustainable growth
- 20. Gender? Age? Income? Geography? Interests?Cars? Housing? Pets? Idols? Fears?Aspirations? Religious?Clothes? Intelligence? Conservative?Favoritecolors? Role models? Entertainment? User acquisition: Know thy user
- 21. User acquisition: Defining the funnel Acquisition: How do users find you? Activation:Do users have a great first experience? Retention: Do users come back? Revenue: How do you make money? Referral: Do users tell others?
- 22. User acquisition: Feeding the funnel SEO/SEM Online ads App store optimization Email marketing Social media Content marketing Affiliate PR Partner marketing
- 24. User acquisition: Key metrics Important • Engaged users • Repeat vs first-time actions • Time between actions • Repeat action probability • Customer lifetime value (LTV) • Customer acquisition cost (CAC) Not so Important • Registered users • Downloads • Page views
- 25. User acquisition: Automate the backend
- 27. Partner development Goal: Identify partners that can help with the heavy lifting
- 28. Partner development:Who can help you carry the load? Synergistic products? Similaruserbase? Trackrecordof partnershipdeals? Goodacquirer?
- 30. Partner development: Optimizing partnerships Understand your partner’s operation, structure & team Leverage their existinginternal & external communication channels Give them ongoing reasons to stay engaged Stay as close to the frontlineas possible
- 31. Market leadership Goal:Usetraditionalmarketing tosupport user acquisition&partner development
- 32. Market leadership: Pick your programs PR Association partnerships Conference/events Contentsyndication Analystactivities Webinars/roadshows
- 34. In conclusion: Cover the bases Getorganized Branding User/customer acquisition Partner development Industry leadership
- 35. Where to go next Peter Mansfield: peter@cmo.la Scheduleaone-on-onemarketing session: Calendly.com/petermansfield
Editor's Notes
- Couple of disclaimers. It’s impossible to do anything other than skim the surface of al the things you could be doing marketing wise. Plus, some of you are focused on B2B, some of you are B2C, so each company has different target audiences that require their own marketing approach. What I’m hoping we can do is start the dialog. Point you in the right direction, and give you the ground rules to build a viable growth marketing program.
- I play a lot of different roles.
- Marketing used to be so much easier 20 years ago. My job was to help support sales with some tried and tested tactics.
- Today we are confronted with this complex and rapidly evolving set of moving parts. It can be over-whelming, but if you know what you are doing it also presents an opportunity to engage much more effectively with your target audiences.
- Before you do anything you need to line up the right team and the right platform and processes for your marketing program.
- Chances are you are going to be involved on some levele or the other with most of these marketing activities
- If you are very early stage you may well be handling the marketing yourself. Or you may have a dedicated person or outside help from someone like me. Either way, whoever it is that is helping you needs most of the following characteristics
- One of the biggest lessons I’ve learnt from seeing startups succeed and fail is that most are in good shape when it comes to vision, strategy. Where many fall down is when it comes to implementation. Digging in at a tactical level to execute on a market opportunity. A big part of that is not being organized.
- At some point or another we’ve tried virtually all the marketing project management and communication tools and the ones we currently use are Glip (alternative to Slack) for instant messaging and our to do list, Podio for project management and SmartSheet for timeline management.
- One other point on organization. It’s amazing how much tome startups waste trying to find assets – latest versions of their logo etc. We insist that one of the first things that drops into place is a sharable asset library with logical folders.
- So one you are organized you can start getting serious about your brand. The goal here is to develop a credible, distinctive platform that encourages engagement
- I’m not a big TED talk guy, but I strongly encourage everyone to watch this
- This video will help you avoid mistake #2
- This is a good article that takes you you through examples of cool companies that have great brands.
- Next big area that is close to most startup’s hearts – user or customer acquisition
- First stop here is to know your user.
- The goals is to create a funnel that feeds potential customers in at the top and takes them through a nicely defined process and turns them into loyal profitable customers. We’ll take a look at the ways of feeding the funnel in a moment, but first here’s the stages in a typical startup’s funnel. This is courtesy of Kissmetrics, who are a great resource for information on funnel testing and analytics
- As far as getting people into the funnel in the first place, there are a whole slew of tactics that you can try and test.
- It’s impossible to do everything. That’s why it’s critical that you include a testing component to every marketing initiative that you put in place.
- You also need a good set of software tools to optimize each opportunity. These are in tow primary areas – CRM/SFA and social media management.
- These four sites and articles will give you a pretty good head start in building a user acquisition program
- Particularly if you are targeting consumers directly is is often incredibly helpful to align yourself with partners that can ideally give you access to large numbers of potential customers. These could be channel partners that offer or resell your solution. Or they could be another app developer that shares a similar audience to you. It could even be a celebrity that serves as a brand ambassador for you.
- Once you’ve established a partnership it’s really essential that you start optimizing it.