How to grow your product
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What’s product promotion & why do you need it?
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How to grow your product
- 1. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 PROMOTING your PRODUCT
- 2. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 What’s product promotion & why do you need it?
- 3. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Become aware of your market Petal diagram - Steve Blank
- 4. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 What’s your message? 1. Who is your target 2. What’s the pain 3. Present your solutions 4. Testimonials about results 5. How are you different
- 5. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Talk about benefits, not features DisruptiveAdvertising.com
- 6. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Find or build your audience
- 7. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 YouTube star Kimmy Schram promoting at Daniel Wellington watch Ask influencers to share your product CIO Bulletin Offer an affiliate program to brand ambassadors
- 8. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018
- 9. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Product videos can be useful or just worth sharing
- 10. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018
- 11. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 How did Product Hunt build their community from the first 100 users to 400K members? Read more: How We Leveraged Community to Grow Product Hunt from 40,000 to 400,000 Users in 4 Months http://cmxhub.com/product-hunt-erik-torenberg-community/
- 12. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Community is connection THINGS YOU DO HOW YOU IDENTIFY YOUR INTERESTS SHARED EXPERIENCES
- 13. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Ways your customer community can generate revenue for you… TARGETED RESPONSES REPURCHASES BUY IN GREATER QUANTITIES HELP OTHER BUYERS FIND YOU
- 14. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 94% TRUST PEOPLE OVER ADS 2.5x MORE LIKELY TO BUY 25% FASTER DECISION 27% LESS DISCOUNTING 12% FEWER LOST DEALS Source: SiriusDecisions, thanks to Niti Agrawal of Stage 4 Solutions #1 influence: word of mouth
- 15. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018
- 16. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018
- 17. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Community comes first …revenue comes second.
- 18. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Engaged online communities linked to higher revenue influence Source: DNN Software REPORTED ENGAGED COMMUNITIES 64% 26% REPORTED REVENUE INFLUENCE 16% OR MORE 15% OR LESS
- 19. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 How do you grow community? CAN YOU GET IT TO SCALE ITSELF?
- 20. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Find why your first users are invested — deliver on their motivations PRODUCT HUNT USERS Product enthusiasts Founders & Makers Investors Journalists
- 21. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 Make deep connections that don’t scale …then keep building your product & taking care of your community.
- 22. Anastasia Ashman Topaz Ventures LLC, San Francisco SCET Berkeley Method of Entrepreneurship Bootcamp 2018 go out and promote your prod Thank you BMOE!
Notas do Editor
- You came here today & I bet you passed a bunch of product and service promotions. There are endless ways to promote your product, both paid and free, online and off, things you can do in a conversation, things you can do in a community. We’re going to go over just a few of them today with a deep dive in to what you can do with the community around your product. I also encourage to pursue the methods that are most appropriate for your particular situation. Promotion is a mix of tools. Advertising (paid Media), sales promotion (buy one get one free), personal selling (you talking directly to people), public relations (where you influence a wider conversation), and direct marketing (like making offers by mail or phone —like telemarketers, boo hiss!). Product promotion is how you’re going to communicate to potential customers the value of your product or service and build relationships with them.
- You need to gain market awareness to understand the market. What’s the size of the market, what are the trends, what are your customers needs? Research who is your customer and where are they? how can you reach them? likewise, who are your competitors and how are they talking to customers, where do they display their product or service? what are they doing poorly? can you do it better?
- That’s going to depend on the level of market awareness for your product: if it’s a totally new product (just tell consumers what it does, explain why they need it); some competition (make bigger claims than your competitors); lots of competition and the audience isn’t listening anymore (present new features or how your product works); competitors copying or fighting you (show how it’s better faster cheaper than the comp); no one believes anything anymore (go with personality that has an emoaffect). Molekule presents its air cleaner in a competitive market where no one’s listening by pointing out how stylish and good looking it is, besides being technologically advanced. It destroys air pollution at the molecular level, activated by light. Here is where you’ll also want to gather and use testimonials from early customers - ask them how your product has helped. I’ll show you in just a second a testimonial about this air cleaner.
- a feature is what something is. a benefit is what something does. talk about the benefits (cheap easy fast way to get strong) not features (in a can, green, leafy, high in iron). what is the result of using it vs what it can do. benefits have an emotional affect advantage: it’s between feature and benefit. the advantage of Popeye’s spinach is it’s in a can, he can carry it with him, and eat when he needs a boost of energy. how a feature allows you to do something that’s valuable to you, benefit is the outcome of that. it’s faster so you save time
- hashtagify.me to find the hashtags being used by your audience, or build an audience over time, then share like Tayari Jones has on Facebook. The people who follow this novelist for years between each book are primed customers.
- Do blogger outreach. Get bloggers and social media influencers writing and talking about or using your product in front of their followers. Instagram is very visual, good for products that show off well. This example also shows how an affiliate program can work. The blogger shares a special discount code that credits her for sending the traffic. It could also be a special URL that affords her some compensation when people make purchases using it. If your product is sold on Amazon, can you get it into the new Amazon influencer program, which is an affiliate program.
- To put together some things we just heard, and because this is cute: here’s Molekule using an online influencer as a brand ambassador — OscarFrenchieNYC who has 187,000 followers. You see how Oscar Frenchie is an appropriate ambassador because this stylish product removes dog hair from the air. This a product for dog lovers and especially for lovers of chic, fashionista dogs.
- Ok, moving on. You can try product videos and post them on YouTube and everywhere else videos appear. The Dollar Shave Club’s product video was a viral sensation with its humor & f-bombs. What set them apart was how well the subscription razor company knew its audience and the problem they’re trying to solve: keeping a clean shave and not being super stuffy about it.
- You can gain early user traction with your product launch by using these platforms to promote your startup’s offering. Choose the appropriate online platform to submit a post. Choose YCombinator’s HACKER NEWS - a content bookmarking site if your product is an app interesting to developers, designers, scientists, entrepreneurs. If you’re active on Reddit, try sharing in the appropriate place or ads. Always find out what the requirements are and follow the site’s guidelines so you don’t waste your effort.
- Let’s do a deep dive on Product Hunt — and how they were once in your position. This is how they used their own community to promote their product and gain traction. Product Hunt is a curated list of the best new products every day. Here’s what they did. You can read more details at that link.
- What’s community? You know this already. It’s a group of people drawn together and connected by the things you do or want to do, how you identify yourself, what you’re interested in, and other shared experiences. As an entrepreneur, the community you can help build around your product or service can improve your offering — AND promote your product AND grow your revenues. You can get insight into your product. Customers and prospects can also interact with each other as part of the community to provide recommendations, training and even support — that can replace your own efforts and staff. It can help you save on marketing costs.
- Your customer community is your most powerful resource for growing your business.. You can probably imagine some of the ways. Targeted responses (like through your email newsletter offers or through your social media alerts, since they already are interested and primed to buy. When customers keep coming back to spend time with you, they can become repeat customers. And when they share their positive stories about their experience with you and your brand, they can help other buyers find you, and help them decide to buy. Customers are stepping up and guiding other customers.
- People don’t trust brands they trust people. #1 influence on a purchase is another customer’s word of mouth. That means people talking to other people about your product or service. the.(94% of buyers trust it over ads), 2.5x more likely to purchase, 25% faster, 27% need less discounting to buy, 12% fewer lost deals
- The stronger the community engagement around your product or service, the more your community members influence the company’s revenue. But you cannot rush this!
- The people that gather around your product or service? You are not going to milk them for money! You will not be shooting fish in a barrel. That’s creepy and you yourself would not stay in a place where you are being sold to all the time. In fact the community that gathers around your product or service does need to contribute financially to your business. They don;t even need to be an actual customer. The relationship between community and revenue is often INDIRECT.
- Community comes first — and revenue comes second. Don’t put the cart in front of the horse! A community that’s going to generate business for you needs your long-term involvement and strategy. People are attracted to community for their own needs. If you foster that, they can help generate business for you.
- Remember the reasons people come together? When you provide that, or don’t interfere with value they’re creating among themselves, the stronger the community engagement, the more the members influence the company’s revenue. 64% of online communities that influence 16% or more of revenue report strong engagement 26% reporting strong engagement see 15% or less influence on revenue. But, you can’t leverage your customer community to increase revenue and grow your business unless you first have an active customer community.
- So how do you grow a community, by providing value to your earliest users in a way that grows your userbase? Ideally, these would be features right inside your product. Can you give your first users special privileges, and make them feel like thought leaders? Can you help them distinguish themselves in the community? Can you encourage them to share the community with their own networks? That’s exactly what Product Hunt did to both hone their product and get their community to grow on its own. Community is the foundation of their success.
- They focused on WHY their first users were so invested in the product. They learned they had 4 kinds of users with their own motivations. Some just wanted to see great products being built. Others wanted exposure to investors and other founders. Investors wanted to fund the next great companies. Journalists wanted to cover startups, investments, trends, etc. and break news. They thought very hard about how their product could provide such a serious value add that each of those types of users had to share it as a representation of themselves. Founders were the most likely because they could share their own product. But all the user types could respond to being positioned as thoughtleaders, (PH gave them tools to make their own collections which then they’d want to share) and assigned early adopters user numbers for status. All the users appreciated the special privileges they got like features to post and comment. It made them feel like cocurators of the site. They also asked their users to share, and helped them connect to each other online and in person.
- And PH earned loyalty by doing unscaleable favors for each type of early user by hand, giving founders feedback, making investor introductions, giving journalists scoops. You won’t be able to keep doing this, of course, Now it’s about keeping at it. ProductHunt and many other startups whose success is based on community would tell you to keep building the product keep asking your community to share, giving your users credit and allowing them to take on leadership responsibilities. The revenue opportunities will follow.