Innovation Workshop - Your Marketing is Broken! Come fix it!
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UCI, Paul Merage School of Business - The Beall Business Innovation Workshop - Session 2 Lessons from Dropbox, Etsy and other companies. Traditional marketing vs modern marketing. Marketing analytics. Community 101. Conversion optimization.
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Innovation Workshop - Your Marketing is Broken! Come fix it!
- 1. produced by
- 2. Team Shervin Talieh - Drumbi,Version Zero Labs, OC Tech Startup Format 2 produced by Melinda Kim - Aspirely, OC Tech Startup Charlie Baecker - UCI,The Don Beall Center for Innovation & Entrepreneurship 4-part series, hands-on, no bullshit, discussion based,ASK QUESTIONS! Connecting #innovateuci @calitalieh @melindapkim @conrey @seanellis www.v0labs.com and signup Special contributor Carlos Joaquin, Joaquin Designs cjoaquin.carbonmade.com
- 3. Agenda 3 ‣ Marketing Innovation ‣ Community 101 - Melinda Kim ‣ From 0 to 60: 5 Digital Marketing Tools - Chris Conrey Partner atVuurr, cofounder of Levers ‣ Conversion Optimization - Sean Ellis Founder & CEO Qualaroo, marketing leadership roles at Dropbox, Lookout, Xobni, LogMeIn and Uproar ‣ Working Session produced by
- 4. Workshop Thesis 4 We are entering an economic cycle of growth and expansion.The ability to innovate is what will separate the winners from the losers, the “good idea” from the killer product. produced by
- 5. 5 Success is the silent killer of innovation. Automation,“group think”, conventions and conformity are the instruments of death. High revenues and margins kills hunger, and attracts the hungry. produced by 0 25 50 75 100 Idea Launch Success Scale Revenue Velocity What Kills Innovation? Achilles Zone
- 6. Base Definition 6 marketing is the process of communicating the value of a product or service to customers and prospects, for the purpose of selling the product or service - Wikipedia produced by textbook definition
- 7. 7 produced by Marketing initiatives should start with a clear understanding of purpose and segment 1st impression with brand cheaper to keep than acquire RetentionAcquisition Yield new customer new segment? let them go missed opportunity share of walletcustomer for life
- 8. Traditional Org 8 produced by marketingsales admin support product leadership
- 9. 9 Most businesses do not escape the growth loop, and many die in the process. produced by 0 12.5 25 37.5 50 Cruising Early Warning What The... Oh Shit Too Late Marketing Revenue What Kills Growth? Early Warning Temple of Doom
- 10. Marketing Funnel 10 produced by - Joaquin Designs what is your product? is it right for me? why should I buy yours? acquisition yieldretention win-back discover consider engage
- 11. Customer Funnel 11 produced by Too Late Early Warning - Joaquin Designs what is your product? is it right for me? why should I buy yours? acquisition yieldretention win-back discover consider engage
- 12. Assumptive Positioning 12 produced by Brand Customer ‣ I know my customer ‣ My customer knows me ‣ I have shaped their opinion ‣ They don’t know me ‣ My needs have changed ‣ Not sure I know them
- 13. New Definition 13 marketing is the process of understanding who your customers and prospects are, how they view your product, what they need, and creating experiences to successfully move them through the funnel (acquisition, retention, yield). produced by modern practice modern marketing places a premium on data- driven, iterative initiatives, and a flexible approach designed to deal with change. math + creative marketing is everything that touches your customer, and it’s everyone’s job. boom modern marketing is proactive, and “always on”.
- 15. ➡ Assume you don’t know your customer ➡ Get out of the building (reintroduce yourself) ➡ You can’t market your way out of a bad product situation ➡ Your customer has gone mobile (has your marketing caught up?) ➡ Pro-tip: what if you had $0 to spend? ➡ Bonus Pro-tip: cut ad spending to $0 15 produced by Start from Zero
- 17. 17 produced by Hi…. It’s me, Melinda 2011 20132012 Wegoz AspirelyTrustVillage Build it and they’ll come Build Relationship andTrust PackagingTrust
- 18. 18 produced by Anatomy of a Community Trusted Contextual Collaborative AuthenticPurpose Top Users Engaged Users Lurkers Seekers Naysayers
- 19. 19 produced by Top Users Engaged Users Lurkers Seekers Naysayers the role of the brand is to facilitate and participate in the community Brand
- 20. 20 produced by Don’t Get it Twisted community social media events, prizes and giveaways fans, likes, followers >
- 21. 21 produced by Etsy - The Power of Top Users
- 22. 22 produced by OC Tech Startup - Curation
- 23. 23 produced by Whole Foods - Bricks & Clicks
- 24. 24 produced by whether you like it or not, there’s a community focused on your brand
- 25. 25 produced byHow I Did It
- 26. 26 produced by Who and What…
- 27. 27 produced by The 4 Pillars ✓contextual✓trusted ✓collaborative ✓authentic
- 29. 29 produced by Your Objective Top Users Engaged Users Lurkers Seekers Naysayers
- 30. produced by From 0 to 60 5 Digital MarketingToolsTo LaunchWith Chris Conrey - Levers
- 31. Problem 1 31 produced by What should I pay attention to?
- 32. 32 produced by CPA ROI MAR GIN Minimize the cost of each customer acquisition Maximize revenue for every dollar spent Minimize ad spend as a percent of revenue
- 34. Problem 2 34 produced by How do I know what is working or not?
- 35. Google Analytics - Track Everything 35 produced by
- 36. Google URL Builder 36 produced by Everything gets it’s own link.
- 38. Problem 3 38 produced by No one knows I exist!
- 39. SEO and SEM 39 produced by Get found organically or in Ads
- 40. SEO 40 produced by Content. More content. Even more content.
- 41. SEO 41 produced by Onsite First - Then Off Site Links
- 42. SEM = Advertising 42 produced by ➡ Adwords ➡ Bing AdCenter ➡ Facebook Ads ➡ LinkedIn Ads ➡ others
- 43. Pay Per Click (ppc) 43 produced by Find your targets that convert
- 44. BONUS 44 produced by Retargeting You know that pair of shoes that follow you around the Internet? I do that.
- 45. Goal 45 produced by You make money
- 46. 46 produced by EMAIL PPC ORGANIC SEARCH SOCIAL OFFLINE MARKETING PHONE CALLS AFFILIATES ALL OF THESE SOURCES HAVE LEVERS THAT MANIPULATE THEIR QUALITY & LIKELIHOOD TO BECOME BUYERS
- 47. 47 produced by
- 49. Twi$er @SeanEllis Startup-‐Marke5ng.com Conversion Rate Op5miza5on Stacking the Odds for Growth Sean Ellis August 6th, 2013 Blog: Startup-‐Marke5ng.com Twi$er: @SeanEllis 49
- 50. Twi$er @SeanEllis Startup-‐Marke5ng.com Many Lessons Learned Driving Growth 50
- 51. Twi$er @SeanEllis Startup-‐Marke5ng.com Most Important Lesson Learned Conversion Rate Op5miza5on (CRO) the most profitable lever for growth 51
- 52. Twi$er @SeanEllis Startup-‐Marke5ng.com What is Conversion Rate Op5miza5on? CRO is a process for crea5ng a more effec5ve website . • For you – maximize your business objec5ves • For customers – improve their experience 52
- 53. Twi$er @SeanEllis Startup-‐Marke5ng.com The Power of CRO • Makes all marke5ng more profitable • Opens new profitable growth channels • Break through compe55on for a$en5on • Improves customer happiness • Always room for improvement 53
- 54. Twi$er @SeanEllis Startup-‐Marke5ng.com Steps to Be$er Conversions 54 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions
- 55. Twi$er @SeanEllis Startup-‐Marke5ng.com Verify Product/Market Fit Large group wants/needs your product – “must have” 55 Measure your P/M Fit Free at Survey.io
- 56. Twi$er @SeanEllis Startup-‐Marke5ng.com Understand “Must Have” Users Ask following ques5ons… • How would you feel without X? (Very disappointed) • What is the primary benefit you receive? • Why is that benefit important for you? 56 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions
- 57. Twi$er @SeanEllis Startup-‐Marke5ng.com Decide on Your CRO Toolkit 57 Funnel A/B Tes5ng User Feedback Other
- 58. Twi$er @SeanEllis Startup-‐Marke5ng.com Baseline Funnel Conversions 58 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions
- 59. Twi$er @SeanEllis Startup-‐Marke5ng.com Understand Ini5al Intent/Desire 59 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions Target Search VisitsTarget 1st Time Visitors
- 60. Twi$er @SeanEllis Startup-‐Marke5ng.com Uncover Points of Fric5on • User tes5ng (live or online) • Survey to uncover conversion issues 60 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions
- 61. Twi$er @SeanEllis Startup-‐Marke5ng.com Create/Implement Tes5ng Plan • List key customer goals (from research) • List key issues to solve (from research) • Determine baseline and goal conversions • Determine value of reaching goals • Script your first ten tests • Start tes5ng (ensure sufficient sample size) 61 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions
- 62. Twi$er @SeanEllis Startup-‐Marke5ng.com Repeat Process Frequently 62 Understand MHX Baseline Funnel Understand Visitors Op6mize Conversions Always a beHer way to do everything…
- 63. Twi$er @SeanEllis Startup-‐Marke5ng.com Applied to Every Dropbox Onramp 63 Homepage (synch) Folder Share (Collaborate) File Share (Send)
- 64. Twi$er @SeanEllis Startup-‐Marke5ng.com 64 Sean Ellis Founder/CEO of Qualaroo Blog: Startup-‐Marke6ng.com TwiHer: @SeanEllis Want more CRO 6ps? See free beginners guide to conversion rate op6miza6on www.Qualaroo.com/CRO-‐Guide
- 66. 66 produced by We are a... I need help with... “web platform for recruiting industry” balancing marketing vs. business development “education startup” how to break into complex landscape and user base “lawn and garden retailer” wow to make gardening less intimidating