Basics of entrepreneurial marketing - what makes it different from traditional marketing? What are the most important challenges entrepreneurs face in marketing their products and services? From a webinar for Evisors.

1. Entrepreneurial Marketing
featuring:
James Weiss
Founder, JBW Advisory &
Former Senior Manager at
Caitlin Quan
Hosted by:
Evisors Marketing & Operations Associate
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2. Agenda
1. About James
2. Tactics vs. Strategy and the money myth
3. Product - market fit, pain, and virality
4. A few resources to help
5. Q&A
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3. About James
“Entrepreneur and Reformed Consultant”
• Have built three businesses, currently building 2 more
• In 2010 started JBW Advisory, helping early-stage
companies in media and consumer products / retail
• >6 years post MBA at Bain NYC, Singapore, HK
• Princeton AB, Wharton MBA
• Started career at DreamWorks in LA as a driver to
composer Hans Zimmer
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4. Why are you here?
• You’ve launched an entrepreneurial
venture and you’re looking for customers
• You’re preparing to launch and you’re
thinking about your marketing strategy
• You’re currently a marketer and are
interested in how things are different on
the other side
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5. Tactics vs. Strategy
Strategy = what’s the plan to build this
business
Tactics = how many twitter posts do we
need today
Tactics flow from strategy
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6. The myth
Successful
marke-ng!
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7. Money doesn’t solve the problem
$41MM
$340MM
$45MM
$135MM
Source:
h4p://techli.com/2012/04/10-­‐greatest-­‐startup-­‐failures/
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8. The real challenges
Product
Does
my
product
solve
a
Market
Fit
problem?
How
do
I
get
people
to
Story
want
to
buy
my
product?
How
do
I
get
people
to
tell
Virality
their
friends
about
my
product?
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9. Product Market Fit – it’s easy!
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10. Perhaps not so easy
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11. “A
lot
of
-mes,
people
don't
know
what
they
want
un8l
you
show
it
to
them.”
-­‐-­‐Steve
Jobs
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12. prod-­‐uhkt
-­‐
mahr-­‐kit
The
thing
you
do
that
The
person(s)
willing
solves
someone’s
to
invest
(with
problem
be>er
money,
-me,
risk
of
(cheaper,
easier,
failure)
for
that
thing
faster)
than
others
you
do
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13. How important is this?
“Do
whatever
is
required
to
get
to
product/market
fit.
Including
changing
out
people,
rewriBng
your
product,
moving
into
a
different
market,
telling
customers
no
when
you
don’t
want
to,
telling
customers
yes
when
you
don’t
want
to.”
–
Marc
Andreesen
You
can’t
market
something
that
people
don’t
want
so
much
that
they’re
willing
to
break
current
habits
to
switch
to
yours.
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14. You need to listen carefully
Lots of ways to talk to customers
• Surveys
• Google analytics
• Focus groups
• Interviews
• Usability testing
• Yahoo! Answers
• Facebook
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15. Product-Market fit
Lots of ways to talk to customers
• Surveys
1. Who
are
the
true
• Google analytics customers
• Focus groups 2. What
is
their
true
need
• Interviews
• Usability testing 3. How
will
you
meet
that
need
• Yahoo! Answers
4. How
much
pain
is
• Facebook required
to
switch
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16. Driving Awareness
Marketing
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18. Source:
h4p://www.confusedma4hew.com
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19. Entrepreneurs need to educate to get
consideration
Source:
h4p://www.adamhcohen.com
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20. 1. A
fashion
brand
2. Offering
value
and
service
3. With
a
social
mission
The
Story
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21. There are innumerable tactics to build
awareness
Source:
h4p://bit.ly/XnJGce
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23. Before you start thinking tactics…
What’s your story?
• Why are you in business?
• What do you believe?
• What is your value proposition?
• Why is this meaningful to you?
If
you
can’t
tell
this
story,
how
will
other
people
tell
it
for
you?
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24. Virality: The marketing holy grail
Source:
h4p://blog.amplifinity.com
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25. What’s “virality” all about?
Virality is:
1. Creating customer experiences delightful
enough that people want to tell their friends
2. Making it easy for customers to do so
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26. Virality isn’t new!
Customer references
Word of mouth
Reviews
Sharing
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27. Sharing existed long before Facebook
Source:
h4p://dailymail.co.uk
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28. Sharing existed long before Facebook
Source:
h4p://cocainehelp.promisblogs.com
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29. virality in 3 easy steps®
1. Get your brand into people’s
hands
2. Make sure they love it
3. Give them super-easy ways to
share (bribes don’t hurt either)
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31. To sample or not to sample?
a) cost of a sample vs. customer
lifetime value
b) how much pain and risk are
required to try and share
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32. Product love: NPS
Source:
h4p://propertycasualty360.com;
Bain
&
Company
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33. Sharing in the internet age
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34. Sharing in the internet age
• Built
the
plaYorm
for
$300,000
• Spent
nothing
on
adver-sing
• Within
18
months
had
~20%
of
internet
users
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35. Sharing in the internet age
Get
your
free,
private
e-­‐
mail
@
h4p://www.hotmail.com
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36. PS… the story hasn’t changed
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37. Selfish Plug: MackWeldon
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38. Selfish Plug: MackWeldon
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39. Closing thoughts
Good
strategy
trumps
money
and
tac8cs
any
day
of
the
week.
• Build
a
product
that
people
really
need
and
want
(so
you’ll
have
“pull”),
and
figure
out
who
those
people
are
• Tell
the
story
as
simply
as
possible
(so
you
can
adver-se,
publicize,
etc.
effec-vely)
• Figure
out
the
obstacles
to
trial
and
build
around
them
-­‐
remember
you’re
trying
to
make
a
market
that
didn’t
exist,
so
you
must
eliminate
fric-on)
• Delight
customers,
encourage
sharing,
but
remember
pain!
• Buy
MackWeldon!
Contact
me
for
an
F&F
code
J
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40. A few resources
• h4p://blog.kissmetrics.com/ul-mate-­‐guide-­‐startup-­‐
marke-ng/
• h4p://marke-ngbeforefunding.com
• h4p://onforb.es/14PMZui
• h4p://www.slideshare.net/seanomalley/startup-­‐marke-ng-­‐
presenta-on
• h4p://www.unbound.com
• h4p://www.startup-­‐marke-ng.com/the-­‐startup-­‐pyramid/
• h4p://www.growhack.com
• h4p://wp.me/p1FaB8-­‐1JXd
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41. Connect
James Weiss
Founder, JBW Advisory
Book your one-on-one session with James at
www.evisors.com/expert/689
He can help you with:
• Career Assessment
• Consulting Interview Practice
• Resume Development
…and more!
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42. Questions & Answers
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