The Big 7 Startup Marketing Mistakes
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How startups often screw up their marketing and growth efforts, along with tactical tips to improve and fix these oversights.
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The Big 7 Startup Marketing Mistakes
- 1. Why so many founders & early teams fail to profitably acquire customers at scale, plus tactical tips to help solve these dilemmas. 7Ways Startups Fail at Marketing Rand Fishkin | Founder & CEO
- 2. Too Many Startups Die Because They Canât Get Customers
- 3. CB Insightscompiledan analysisfrom startup post- mortems. These 5 are mostly âcouldnât find enough customersâ or âcouldnât affordably find customersâ
- 4. To stay focused on marketing, Iâm going to assume your startup has* a: A) product people want & will pay for B) serviceable market C) team that can execute, learn, & improve *donâthavethese?Getâemfirst,thencomebacktothemarketingprocess
- 5. #1 A Terrible Business (or Product) Name
- 6. Problems: No one could say our name until they heard it Ona .org, so folks assumed we were nonprofit Took ~$500K torebrand in 2013 (âMozâ)
- 7. Problems: Lunar is already associated w/ dozens of other things (including other watches) Brand name directly conflicts w/ productâs UVP
- 8. Problems: Hustle has negative connotations outside SV (hustlers, getting âhustledâ, âHustler Magazine,â etc) Name suggests product is something itâs not (a case)
- 9. 7 Easy to spell, say, hear, and remember Has no existing associations that could confuse Either suggests what the company does (AirBnB, Lyft), or has no existing/problematic overlap (Google,Atlassian) The .com site and major social accounts are owned by you Has very few or no Google search results Avoids trademark infringement Biases to brandable > keyword rich/generic #1 #2 #3 #4 #5 #6 #7 Rules for a Marketing-Friendly Startup Name:
- 10. Some Startups Who Nailed It:
- 11. You Can Succeed, Even With a Criteria- Breaking NameâŠ. Itâs Just Harder.
- 12. PsstttâŠ. So long as the name matches the criteria, you donât personally have to like it ï
- 13. #2 Not Respecting the Long Journey from Potential Customer to Conversion
- 14. Startup Marketing Mythology Step 1: Build a Great Product Step 2: Launch on PH/HN (or RunAds) Step 3: Customers! $$$! SeriesA!
- 15. This is a long process, with many steps
- 16. Yay! You made it to the top of PH & received 15,000 visits + 500 email signups But, only ~0.01% of people are looking for email verification APIs that day ï
- 17. Every day, a few dozen people search for this (and donât find you)
- 18. Loads of searches for your service, but none of these people can find you ï
- 19. They visit lists like this (but youâre not here)
- 20. They ask friends + colleagues (whoâve never heard of you)
- 21. They rely on existing providers
- 22. They lean on social proof from their networks
- 23. Via Wordstream New to a market? This happens. Known & loved? Welcome to Profitville.
- 24. Facebook, Twitter, Instagram, & display ads all work the same way Via Resolution Media
- 25. How to Win at Digital Advertising Step 1: Earn brand exposure w/ your target audience Step 2: Get >1 organic visit (or social engagement) Step 3:Advertise to those who already know + like you
- 26. If you only play here (first exposure) Or here (decision time) Youâre gonna have a bad time ï
- 27. Startup Marketing Reality Step 1: Get known + trusted by your audience Step 2: Grow a presence across the channels they use to find solutions your product solves Step 3: Be visible throughout their discovery, consideration, and decision processes
- 28. #3 Chasing Growth Hacks
- 29. Hack-Chasing Usually Leads to Death Before Success Via ProStart Hack Hack Hack Hack Crap.
- 30. Youâre Fighting the âLaw of Shitty Clickthrough Ratesâ Via Andrew Chen A lot of exploitable, short-term âgrowth hacksâ start here And end here
- 31. Great Marketers Focus on Flywheels (systems that scale w/ decreasing friction)
- 32. Content Marketing Flywheel KW Research + Industry Intuition Publish Content Promote via Social Channels Push to email + RSS subscribers Earn Links + Amplification Grow social, email, RSS, & WoM channels Grow Domain Authority Earn Search & Referral Traffic Rank for More Competitive KWs
- 33. PR+Ads Flywheel ID Sources of Customer Influence Craft Stories to Draw Coverage Earn Press Coverage Pitch Media Amplify + Promote Run Ads Targeting Cookied Visitors Expand Social Following Slowly Convert Fans + Followers Refine Ad+CRO Processes
- 34. Events + Sponsorship Flywheel ID Events w/ Customer Targets Sponsor + Pitch to Present Capture Visitor Info Host Booths, Dinners, Parties Reach Out w/ Direct+Indirect Emails Cookie Site Visitors & Email Opens Run Hyper- Personalized Ads Improve CRO + Sales Process Uncover Customer Connections & Affinities
- 35. Hard at first, but gets easier (& more profitable) with scale Find Find Create Create Amplify Amplify Convert Convert Learn & Apply
- 36. Growth Hacks Can Accelerate a Flywheel
- 37. Hacks arenât necessarily evil, spammy, or without value. They can be useful when applied to a sound marketing strategy.
- 38. Find a Balance Between Long-Term Investments & Short-Term Hacks High upfront costs Pay (in time/$$) as you go Long-Term Investments Slow to show ROI Earn customers while you sleep Low Risk (PR/legal/etc) Can Show Fast ROI Effort In = Links Out Often High Risk Short-Term Hacks
- 39. The Formula for Marketing that Will Work for Years to Come: Strategic Roadmap Scalable Flywheel Long-Term Investments Hacks to Remove Friction + + +
- 40. #4 Saving Marketing Until Your Product Launch
- 41. Via ASmartBear
- 42. The First Time Someone Hears About You⊠You want my credit card & email???
- 43. Which One(s) Should You Do? Create a blog? Participate in forum discussions? Build a community on your own site? Become a guest contributor to other communities? Participate in events & conferences? Grow relationships/awareness via social media? Invest in video on aYouTube channel?
- 45. Invest in 2-3 tactics long before you launch a product. So that when you do, thereâs a pre- existing community that wants to support & amplify you.
- 46. Via ProductHunt
- 47. #5 Your CRO Process Misses the Big Picture
- 48. Incremental testing of headlines, colors, layout, pricing, etc. Local Maxima Uncovering why most qualified customers who visit donât buy & addressing their issues Global Maxima
- 49. Early Stage: Build a community & recruit folks excited about your product.
- 50. Later Stages: Once you have real people signing up for your product, you can learn more about them
- 51. A few dozen emails & names give you a treasure trove of info about your customer targets Now we can find more people like this!
- 52. Interview or survey this audience to ID their clones.
- 53. Then we can identify traits that separate right prospects (whoâll use & love our product) from wrong (those who wonât).
- 54. Ideally You Want to: A: Identify right customers B: Find what/who influences them C: Clone, expand, & repeat
- 55. My Favorite Process: From Conversion Rate Expertsâ case study Boom. And Shakalaka.
- 56. Didnât try the product Tried, but didnât love it Tried & loved the product What do you think the product does? What made you try it? What made you try it? What would make you more likely to try it? What are your biggest objections to signup? What objections did you have and how did you overcome them? What caused you to stop using the product? What would have made you stay a customer? What objections did you have and how did you overcome them? Whatâs been most valuable to you? If youâve loved it, can we share your story?
- 57. #6 Not Prioritizing an Easy-to-Reach Audience
- 58. easier toreach harder toreach Know you personally (& would happily meet for coffee) Know of you, like you, &follow your work closely Are already connected to you via email Already follow you on social media channels Have visited your website at least once Have heard of your company (and can recall it) Are in your target audience and reachable via FB/GG ads
- 60. easier toreach harder toreach Know you personally (& would happily meet for coffee) Know of you, like you, &follow your work closely Are already connected to you via email Already follow you on social media channels Have visited your website at least once Have heard of your company (and can recall it) Are in your target audience and reachable via FB/GG ads 1) Lack any strategy to increase the size of these groups
- 61. easier toreach harder toreach Know you personally (& would happily meet for coffee) Know of you, like you, &follow your work closely Are already connected to you via email Already follow you on social media channels Have visited your website at least once Have heard of your company (and can recall it) Are in your target audience and reachable via FB/GG ads 2) Not target these people first
- 62. easier toreach harder toreach Know you personally (& would happily meet for coffee) Know of you, like you, &follow your work closely Are already connected to you via email Already follow you on social media channels Have visited your website at least once Have heard of your company (and can recall it) Are in your target audience and reachable via FB/GGAds 3) Aim 100% of your tactics at only these groups
- 63. But RandâŠ
- 64. Mark didnât start Facebook with⊠Oh dang⊠He totally did.
- 65. Brian & Joe didnât start AirBnB with⊠Oh dang⊠They totally did.
- 66. Jeremy didnât start Yelp with⊠Oh dang⊠He totally did.
- 67. Dharmesh & Brian Didnât Start Hubspot with⊠Oh dang⊠They totally did.
- 68. easier toreach harder toreach Know you personally (& would happily meet for coffee) Know of you, like you, &follow your work closely Are already connected to you via email Already follow you on social media channels Have visited your website at least once Have heard of your company (and can recall it) Are in your target audience and reachable via FB/GG ads Pro Tip: Having a lot of target customers in your personal network makes EVERYTHING about starting up easier.
- 70. Brand is⊠Apromise. i.e. when you see âBrand Xâ it means âYAttributesâ Amemory trigger. i.e. when you experience problem Z, you think of âBrand Xâ as the potential solution
- 71. Brand Marketing is⊠Acoded message. Reminding you of the brandâs existence Reinforcing the brandâs colors, shapes, sounds, experiences, & feelings Nudging you to use the brand at the right time
- 72. What do you think of when you see this brand?
- 73. Brand marketing reinforces that:
- 74. What do you think of when you see this brand?
- 75. Brand marketing reinforces that:
- 76. What do you think of when you see this brand?
- 77. Brand marketing reinforces that:
- 78. Before you can brand, you need a Brand Promise We provide⊠We evoke feelings⊠We remind you of⊠We share the values of⊠product/ service that solves a problem you have that make our customers most anxious about whether our solution is right for them Memories that our target demographics & psychographics will have ++ associations with People who are statistically most likely to be our best customers
- 79. Everything Should (Subtly) Reinforce the Message SEO Snippets PPC Ads Big Content CommentsTweets Photos Landing Pages UI & UX Brand Name Facebook Posts Emails Product Names Videos Visual Branding Outreach Onboarding Press & PR The Brand Promise
- 80. Brand Cost of paid acquisition drops as people prefer to click on your ads Retention, LTV, and marketing ROI all rise You earn more free coverage, amplifying your reach, your SEO rankings, and reinforcing your brand It feels difficult, even impossible to reverse engineer your success Switching costs feel higher (even if your competitors make it easy) People want to take your calls, open your emails, and respond to you with a âyes,â making all your bizdev activities easier #1 #2 #3 #4 #5 #6 The Awesome Powers of
- 81. Rand Fishkin | Founder & CEO Thank You! Come see what weâre building at SparkToro to Help