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44 Cards in this Set
- Front
- Back
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Five best practices of startup marketing
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1. Bottom-up mindset
2. Finding good ideas 3. Leveraging leverage 4. Think big and act big 5. Launching tactics |
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Four step ideation process step 1
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Selecting a problem area: Broad & opportunistic vs. narrow and focused.
Four keys to finding big ideas |
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Four step ideation process step 2
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Exploring a specific problem: uncovering how consumers measure value. Laddering methods
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Four step ideation process step 3
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Propose and test alternative product ideas: Measure the WOW! factor. 6 colored thinking hats.
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Four step ideation process step 4
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Perfect the top product idea: Sharpen the product angle
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Key to bottom-up mindset
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Identifying a differentiating tactic, and then marshaling all of your resources around it.
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A bottom up mindset...
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(1) focuses on making the most of what you have, (2) goes where the money is, that is attacks an existing market where customers are already spending lots of dollars, (3) quickly adjusts the competitive angle in a way that makes competitors irrelevant, and (4) transforms a winning marketing tactic into a long-term successful business strategy.
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Situation statement
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Helps define your competitive angle. It is in the form: [target] wants/needs [benefits], but [hurdle]. Example of Little Caesars
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Startup marketers DO ask
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What do I have that I can use and how will it make my competitors irrelevant?
Example: Stoneyfield Farms Organic Yogurt, Have-a-cow program |
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Startup R&D
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Rip off and Duplicate, Refine and Design.
Make tweaks to current products. Example: 5 hour energy |
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Oyster entrepreneurs
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Broad focus, look for associated pain points in bigger markets and popular products with no particular category in mind. Grab opportunities as they come by. Example: mouse pads, phone cases
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Eagle entrepreneurs
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Narrow focus in one industry, leveraging their expertise or passion in a specific product category or industry
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White hat
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Facts about the product, service, or people who might use it
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Red hat
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Emotional, gut reaction to the product or service
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Black Hat
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Perceived shortcomings or objections to the product or service
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Yellow hat
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Perceived benefits or positive support for the product or service
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Green hat
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Ideas for improving the product or service
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Blue hat
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Summarizing the process or lessons learned and takeaways
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What is creativity?
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Creativity is tweaking something familiarin a new way, new combination, or taking something to a new usage situation
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How to sharpen the competitive angle (5 ways)
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Unique Product Claim
Need to Believe Dominate Situations Reason to Believe Quantifiable Support |
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Unique Product Claim
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How is the product distinctly different, better at solving problems, and more memorable than its closest competitor?
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Need to Believe
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How large is the total addressable market? Is the need large enough that massive numbers of people are queued up to buy?
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Dominate Situations
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Which usage situations or buying situations can the product dominate in a way that delivers superior value?
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Reason to Believe
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Does the product have believability features that clearly express its uniqueness?
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Quantifiable Support
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What are the relevant facts and figures that you use to support or enhance product claims? Can these facts and figures convince skeptics and detractors?
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Five common ways to find competitive angles
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Solve everyday pain
Ride the wave of interest Stretch or entertain to the extreme Build on a core product Cool hunting |
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DIY Qualifiers
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DIY ONLY if you can do it well, and ONLY if you have the bandwidth and energy to do it.
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Specialist vs. Generalist (Golden Rule of Market Domination)
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Specialist always wins!
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3 must-have characteristics a product must have to attract beta customers
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Distinct advantage relative to alternatives
Fit with a customer's current way of doing things Usability |
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Five best practices for leveraging the skills and resources of others:
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Unleash the power of horses - product advocates
Empower early-adopter customers Land an anchor customer Work with benefactors Build an advisory board |
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Horses
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People that have influence over your market. They have credibility and ability to introduce, highlight and promote new opportunities
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Early Adopters:
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Discover the reasons these customers love the company's product, then leverage this information
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Anchor customer
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Provide instant credibility for the startup, attract potential customers, accelerate the startup's product development, and provide a platform for growth.
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Benefactors
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Who benefits when I succeed? Focus on Value--chain benefactors
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Advisory Board
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Leverage experience and connections to create your network, attract investors and chart a successful direction for your company.
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Advantages of an Advisory Board
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(1) advisory boards often are not paid in equity or cash like formal boards; thus, advisory boards can be a low-cost and high-value alternative for startups, and (2) advisory board members can't be sued for their advice because they do not have any fiduciary responsibility to stockholders as do members of the board of directors.
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What is the "big secret" for entrepreneurs for launching success?
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Know how to sell and close a deal
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What are the top three challenges to selling?
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Entrepreneurs lack credibility, power is with the buyer, ego
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Solution to Lack of credibility
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Dress the part, speak the language, seek to understand, listen listen listen, set correct expectations, be responsive, deliver results
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Five launching tactics
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Use Marketing events to create buzz
Make the demonstration compelling Create a catchphrase and/or jingle Select the channel Close the deal |
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Why are marketing events awesome?
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It is a reminder that we are selling a consumption experience and not just a product
Grab attention and generate online sharing and conversation Generate buzz, energy and interest Low-cost |
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What does having a Love Fest mean?
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Let your customers sell for you. Ultimate credibility is customer-to-customer
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Two biggest drivers of new product adoption
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Relative advantage and fit with the day-to-day
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Which closing technique should I use?
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Summary of Benefits close
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