startup marketing: rules for revolutionaries - july 2010
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Startup Marketing:
Rules
for
Revolutionaries
Michael Gaiss
Senior Vice President
mgaiss@hcp.com
Twitter: @MichaelGaiss
Workshop Agenda
• Background• Frame of Reference
– Technology Startup Stages– Old School versus The Digital World
• Startup Marketing “Rules”– More like suggestions on how to approach
things
My Background
• Highland Capital Partners (since 1999)– Entrepreneurial initiatives
• Summer@Highland, PepsiCo10, Entrepreneur Centers, QUEST– Portfolio company support & consulting
• CEO & Marketing Summits, one-on-one’s, Career Network– Marketing & business development
• Various Tech Companies– Gentia Software/Planning Sciences (Boston/UK)– IQ Software (Atlanta)– Unisys (Minneapolis, New Zealand, Blue Bell, PA)
• University of Michigan (Engineering)• University of St. Thomas (MBA)
Nasdaq: VPRT $120,200,000
Internet-based printing
$295,000,000 Acquired by Lucent
Switching equipment
Acquired by StaplesSpecialty retailer
Nasdaq: LULU $32,760,000
Specialty apparel retailer
Nasdaq: CKFR $86,4000,000
Electronic bill pay systems
Nasdaq: BFRE $67,200,000
Performance-based online marketing
Nasdaq: AVID $56,000,000
Video editing systems
Nasdaq: ASKJ $42,000,000
Online Search
$567,000,000 Acquired by Cisco Systems Broadband VPN solutions
Nasdaq: CONR $78,000,000
Acquired by J&J for $1.4B Drug eluting stents
Nasdaq: EXAS $65,000,000
Genomics-based technologies
$1,100,000,000 Acquired by AOL
Advanced mapping solution
Nasdaq: SYBS $49,600,000
Relational database management software
$325,000,000 Acquired by Cisco
Systems Web-enabled call center
Nasdaq: STAR $126,000,000
Infrastructure Products
$5,400,000,000 Acquired by Terra
Networks Global internet network
Nasdaq: NXCD $120,000,000
Online credit provider
$355,000,000 Acquired by Tellabs
Optical access solutions
Nasdaq: ODSY $54,000,000
Hospice care providerAcquired by Apple
Backing Young Entrepreneurs
Technology Startup Stages
• Concept– Key element is creating the basic value proposition and testing it in the market
• Seed– Key element is product development– Business focus is researching potential market opportunity to refine the business model– Product is raw but customers are using it
• Early– Key element is market adoption– Proving that customer are willing to use and pay for your products– Business focus is sales & marketing– Whole product is complete
• Growth– Key element is scale– Business focus is accelerating market adoption– Product line extensions to address new market opportunities
Changing Paradigm
Old School The Digital WorldTransmit Engage & ParticipatePreach AdvocateCommand & Control Influence & PersuadeFormal & Instructive Informal & ConversationalTell Your Audience Build CommunityInstitutions People & RelationshipsDeadlines Real TimePowerful Media Powerful NetworksTarget Audience Communities
Startup Marketing “Rules”
1. Immerse Yourself in the “Flow” of Your Industry
2. Embrace Thought Leadership3. Get Creative for Early Customer Access4. Establish a (Far) Superior Online Presence5. Leverage Media Relations to Project Credibility6. Harness Word-of-Mouth7. Scale Smartly
1. Immerse Yourself in the Flow
Immerse Yourself
Immerse Yourself
Immerse Yourself
Google Alerts
Immerse Yourself
Google Reader
Immerse Yourself
TweetDeck
Immerse Yourself
2. Embrace Thought Leadership
• Become recognized within the industry for innovative ideas, a deep understanding of the needs of its customers, and the broader marketplace in which it operates
• Clear differentiator for companies
• Serves as the DNA to work into all aspects of marketing:– Messaging– Communications– Programs
• Platform for driving:– Recognition & awareness– Credibility & respect
Thought Leadership
The Real Opportunity
Thought Leadership
• Intellectual capital that distinguishes your position as a knowledge resource and subject matter expert
• Point-of-view platforms to shape and influence market perceptions
Objective is to establish yourself as a trusted client advisor
Critical for enabling a “content is king” approach to marketing
A thought leadership mindset can turn your organization activity (content development & deployment strategy) into:
NOTE: You actually need leading thinkers to accomplish
How to Accomplish?
• Establish a differentiated and compelling position– What’s your vision, perspective and insight?– Is it relevant, knowledgeable, compelling, provocative & unique?– Does it deliver value to your marketplace?
• Package into messaging, content & points-of-view (POV)• Engage the industry “influencers”
• Industry analysts• Partners• Media
• Incorporate feedback, refine and build buy-in• Articulate and further communicate it
Thought Leadership
Thought Leadership
3. Get Creative for Early Customer Access
• Focus on the product– Strong product-market fit?– Learn as you go
• Relentlessly work assets– Board of Directors, advisors, employees– Actual & potential investors
• Additional options– Freemium– Product Advisory Councils
Early Customer Access
Biggest risk: making something nobody wantsBiggest risk: making something nobody wants
Good marketing will not fix a bad product
Weak product-market fit cannot be fixed by good marketing
Weak product-market fit cannot be fixed by good marketing
Source: Drew Houston, Dropbox Early Customer Access
Source: Drew Houston, Dropbox
A Good Product Will be a Tailwind
Early Customer Access
Goal: product-market fit ASAPGoal: product-market fit ASAP
Early Customer Access
Learning on a $0 budget: Talk to people!Learning on a $0 budget: Talk to people!
Source: Drew Houston, Dropbox Early Customer Access
Go where your early adopters hang outGo where your early adopters hang out
Early Customer Access
Product Advisory Council
• Product definition well defined but 9 months from going live
• Brought on inside sales person to validate their assumptions
• Established Product Advisory Council– Walked through value proposition, pitch– Solicited feedback and input
• Signed up 1,000 members• Primed the sales pump
Early Customer Access
4. Establish a Superior Online Presence
• Smart website architecture– Content management system (CMS)– Database management system– RSS
• Professional look-and-feel– Look like the “big guys”
• Own the “Golden Triangle”– Compelling content strategy– SEO, SEM, Social Media
Online Presence
What’s the “Golden Triangle”?
Pay Per Click ($$$)
Natural (Free)
Stats- 85% click on “natural” (unpaid) results - 72% of searchers click on the first link of interest- 25.5% read all listings first, then decide- Position 7-10 in natural listings = top 4 PPC slots on the right hand side of the page
Online Presence
Compelling Content Strategy
• Content is “King”– Where it drives/spurs discussion/interaction
• Create highly relevant site content– Thought pieces / White Papers– News & articles– Customer case studies– Podcasts/Videos/Webinars– Microsites– Newsletters– Blogs – under right conditions
• Deliver value that naturally draws visitorsOnline Presence
Exploit the Architecture of the Internet
• On-Page Search Engine Optimization (SEO)
• Title Tags, Meta Description, Keywords• Relevant Body Content with keywords worked in• Add Headings Tags, ALT text to images
• Off-Page SEO– Linking strategy– Directories
• Search Engine Marketing (SEM)Am I present everywhere people discuss my industry?
Online Presence
SEO & SEM All Starts with Keyword Optimization
• Sources– Brainstorm from messaging
• Relevant to your target markets– Google Analytics (how are people currently find you)– Competitive analysis (meta keywords tags)– Keyword Tools
• Selecting keyword phrases– Objectives
• Search volume (goal = high)• Relevance (goal = high)• Competition (goal = low)
– Types• Core competitive• Long-tail keywords
– Segment into multiple lists• Primary• Secondary
Online Presence
On-Page SEO Techniques
• Title Tags – HTML element that displays the title of a web page in your web browser and in the search results.• Meta Description – HTML element that summarizes the content of your web page and enforces your marketing message.
Source: Todd Friesen Online Presence
On-Page SEO Techniques
• Body Content – must be readable and contain your key phrases.
• ALT Tags – HTML element describes images in the page. Alt tags boost relevancy as well as provide a new avenue of traffic from image searches.
Source: Todd Friesen Online Presence
On-Page SEO Techniques
• Heading Tags – an HTML element that provides structure and tells search engines which parts of your page are most important.
• Internal Linking – proper linking leads to better indexing. Using your keywords in your internal links helps boost relevancy.
Source: Todd Friesen Online Presence
Off-Page SEO Linking Strategies
• Competitive Intelligence – Analyze the backlinks of your competitors. Try to get links from the same sites– Google/MSN Search: “link:www.hcp.com”
• Submit to Quality General Directories• Submit to Verticals/Topical Guides• Search Ad Networks – AdBrite, AdWords, Blog Ads, etc.• Use Blogs and RSS – Google loves blogs• Create Videos/Podcasts – Bloggers love posting them• Buy Text Links – But be careful. Google doesn’t like it
Source: Todd Friesen Online Presence
HubSpot’s WebSite Grader
Online Presence
Paid Search
Organic
Online Presence
Search Engine Marketing (SEM)
Google AdWords
Online Presence
Pursue Social Media Channels
Online Presence
Random Tips & Suggestions
• Unique long tail keyword URLs for SEO – www.datacentersoftware.com
• Leverage trustmarks– Member professional organization– Security/privacy compliance
• Facebook on weekends, Twitter during the week– 51% of corporations block Facebook
• $75 to try Google AdWords (thru 30Sep10)– www.google.com/adwords/75offer– Coupon code: 4P4E-3VEP-GXLY-42NP-5GWJ
• Listening posts as input for bragging about prospects – tweet, tell colleagues
Online Presence
Additional Resources
• SEO/SEM Website Analysis– HubSpot’s www.websitegrader.com
• Keyword Tools– Google AdWords keyword tool– HubSport’s KeywordGrader– WordTracker (advanced)
• Social Media– Eloqua’s Playbook - http://blog.eloqua.com/eloqua-social-playbook/
• Free Link Research Tools– Google & Yahoo’s Site Explorer - siteexplorer.search.yahoo.com– Netconcepts’ Link Checker - www.netconcepts.com/linkcheck– WeBuildPages’ Neat-o Tool - www.webuildpages.com/neat-o/– SEO For Firefox - tools.seobook.com/firefox/seo-for-firefox.html– TouchGraph GoogleBrowser - www.touchgraph.com/TGGoogleBrowser.html– Tattler - www.webguerrilla.com/down-loads/tattler.zip
Online Presence
5. Leverage Media Relations for Credibility
• Establish direct connections and personal relationships– Focus on trades– Be opportunistic with beat reporters– Build credibility and trust over time
• Generating coverage– Have a healthy news flow– Get creative and come up the “angle” for a reporter– Channel compelling thought leadership into expert
commentary, contributed articles opps• Stay focused and watch costs
Media & Credibility
Additional Tips/Resources
• Media resources page on website• PR Web
– Cheaper news release distribution channel– Optimized for SEO
• HARO – www.helpareporter.com• Twitter
– Follow key reporters
Media & Credibility
6. Harness Word-of-Mouth
• Step #1: Have a great product
• Step #2: Do the hard work– Build referenceable
constituencies– Make it part of the
culture• Step 3: Turn into
communities– User groups– Advisory councils– Extranets– LinkedIn Groups
Word of Mouth
More on Word-of-Mouth
• Give them something to talk about– Deliver a great experience– Give customers a voice– Foster customer reputations– Engage the community– Tools to help them spread the word– Referral programs
• Leverage– Scarcity– Customer testimonials– Social networks
Word of Mouth
Word of Mouth
A happy customeris the greatestendorsement
At the End of the Day…
7. Scale Smartly
• Tie yourself to a bigger trend• Data is your friend• Simplify to drive virality (if you can)• Build repeatable lead gen engines
– Direct marketing campaigns• Email can still be effective
– Viral referral programs– Newsletters (automated)
• Own more in the sales funnelScale Smartly
Tie yourself to a bigger trendTie yourself to a bigger trend
Source: Mike Volpe, HubSpot
Source: Mike Volpe, HubSpot
Set targets for all key metrics
Source: Mike Volpe, HubSpot
Startup Metrics Model
Website.com
Revenue $$$
Revenue $$$
Biz DevBiz DevAds, Lead Gen,
Subscriptions,
ECommerce
Ads, Lead Gen,
Subscriptions,
ECommerce
ACQUISITIONACQUISITION
SEOSEOSEMSEM
Apps & Widgets Apps & Widgets
AffiliatesAffiliates
EmailEmail
PRPR Biz Dev Biz Dev
Campaigns, Contests
Campaigns, Contests
Direct, Tel, TV Direct, Tel, TV
Social Networks
Social Networks
BlogsBlogs
DomainsDomains
Retention
Emails &
Alerts
System Events &
Time‐based Features
Blogs, RSS,
News Feeds
Source: Dave McClure
Measure Often – Evolve Faster
Scale Smartly
Every 10% easier 50% larger audienceEvery 10% easier 50% larger audience
Simplify to Drive Virality
Source: Drew Houston, Dropbox Scale Smartly
Don’t make me think: No decisions nothing to screw up
Don’t make me think: No decisions nothing to screw up
Source: Drew Houston Scale Smartly
Don’t make me read, either: Designing landing pages & signup flows
Don’t make me read, either: Designing landing pages & signup flows
early beta
late beta
• concise beats comprehensive
• call out the next step• simple converts better
Source: Drew Houston Scale Smartly
Educate over time (tours, tip emails, etc.)Educate over time (tours, tip emails, etc.)
Hook the User First
Source: Drew Houston Scale Smartly
Own More in the Sales Funnel
Recap – Startup Marketing “Rules”
1. Immerse Yourself in the “Flow” of Your Industry
2. Embrace Thought Leadership3. Get Creative for Early Customer Access4. Establish a (Far) Superior Online Presence5. Leverage Media Relations to Project Credibility6. Harness Word-of-Mouth7. Scale Smartly
Startup Marketing:
Rules
for
Revolutionaries
Michael Gaiss
Senior Vice President
mgaiss@hcp.com
Twitter: @MichaelGaiss
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