Marketing 101 for Startups
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This was a presentation that I gave to at the Startup Institute of Boston to a group of students interested in working for startups
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Marketing 101 for Startups
- 2. WELCOME TO MARKETING 101 • We’ve got a full agenda from the 4 P’s to Customer Segmentation to Product Launches • You’ll meet several subject matter experts over the next six weeks • This is an interactive program combining lecture and project work • And, there will be a graduation at the end of the course!
- 3. ABOUT CAROLE GUNST School: Undergrad – University of Rhode Island – B.A. Education & Journalism Grad School – Emerson College – M.A. Marketing Communications Experience: “Seasoned” marketing professional who has worked: Full-time for several Boston tech companies like Lotus Development/IBM, Dragon Systems/Nuance, Iron Mountain, EMC and a few you’ve never heard of Consulting with clients that include: E INK, idealab, Vistaprint, Viridity Software, and many others you can find listed on www.gunst.com Life: Live in Boston, but most of my family lives in Kentucky Love to volunteer with entrepreneurs and causes tied to literacy and education
- 4. LET’S TALK ABOUT YOU • What’s your background? • Where did you graduate from? • What do you think marketing does within an organization? • What do you want to do? • Where do you want to go?
- 5. WHAT IS MARKETING? mar·ket·ing [mahr-ki-ting] noun Definitions: 1. the act of buying or selling in a market. 2. the total of activities involved in the transfer of goods from the producer or seller to the consumer or buyer, including advertising, shipping, storing, and selling. mar-ket [mahr-kit] verb Definition:package and sell goods Synonyms: advertise, barter, exchange, merchandise, offer for sale, retail, vend, wholesale
- 6. THE FOUR P’S OF MARKETING
- 8. Client Side • Chief Marketing Officer • Marketing VP • Product Manager • Product Marketing Manager • Marketing Manager • PR Manager • Social Media Manager • Market Research Agency Side • Partner • Creative Director • Account Manager • Media Services/Buyer • Production • Intern MARKETING ROLES
- 9. MARKETING WITHIN A CLIENT ORGANIZATION VP Marketing Director of Product Management Product Manager Product Manager Director of Product Marketing Product Marketing Manager Director of Marketing Communications PR Manager Social Media Manager Marcom Manager
- 10. MARKETING ROLES WITHIN A STARTUP The Boss – CMO or VP of Marketing – sets strategy and manages the team Product Management – in-bound focus - works with engineering, quality assurance (QA), documentation, customers to develop a success product/service/solution. Must know the market, know the customer, and know the competition Product Marketing – out-bound focus – works with Product Management to launch the product/service/solution and keep it selling until it’s time for a new product/service/solution to launch Marketing Communications – out-bound focus – works with Product Marketing on all content required to support the product/service/solution throughout the lifecycle of the product. Measures results and reports on metrics. Channel Marketing – out-bound focus - gets the product into the marketplace with distributors, resellers, and business partners. Job is a cross between sales and marketing
- 11. PRODUCT MANAGEMENT What Product Managers Do: • Collect and prioritize market and customer requirements and translate into product requirements • Manage trade-offs and work closely with development to deliver on those requirements • Manage cross functional teams and ensure whole product readiness for feature and new product releases • Product lifecycle management • Market and competitive research • Customer visits, establish and manage customer advisory boards • Vendor management
- 12. PRODUCT MARKETING What Product Marketers Do: • Market Knowledge: Segmentation, User Personas, Buyer groups, Purchase motivators, competitive intelligence, use case scenarios, and customer problems. • Business Strategy: Go to Market strategy, sales strategy, channel strategy, sales pipeline definition, market strategy definition. • Tactics: Lead generation plans, customer retention programs, branding, awareness, field marketing program definition, campaign definition, analyst relations and media relations. • Content: Sales support materials, whitepapers, brochures and data sheets, presentations, demos, web site content, ROI calculators, blog posts, forum content, case studies, press releases, FAQ’s, other special purpose content and video. • Optimization and Market Learning – ROI tracking, pipeline tracking, website metrics tracking, customer advisory boards, customer focus groups and user groups.
- 13. MARKETING COMMUNICATIONS What Does a Marcomm Manager Do: • Manage the corporate website, utilizing both internal and external resources, including SEO, SEM, blogging, content development, and analytics; constantly look for ways to improve website traffic and conversions. • Coordinate and leverage internal team to create engaging content, leverage social media opportunities, and build brand awareness and SEO for company. • Create marketing collateral and sales tools including brochures, datasheet, presentations, proposals, graphics, diagrams, etc. • Ensure that campaigns, assets, communications, and messaging are aligned to corporate branding initiatives. • Analyze and report on weekly, monthly, and quarterly activities, results, and ROI for all marketing initiatives.
- 14. PUBLIC RELATIONS MANAGER What a PR Manager Does: • Develop compelling and impactful PR campaigns for the launch of new products and maintain a regular media presence for the organization • Engage with leadership and independently synthesize complex information into press materials and talking points for the organization to utilize in interviews, speeches and other materials • Manage the day-to-day relationship with the PR agency, including providing strategic direction, developing and managing schedules and overseeing budgets • Leverage Social Media - Oversee the strategy and implementation of Facebook, Twitter and other social programs for the company • Oversee internal corporate communications initiatives, including educating employees on product launches, overseeing Town Hall events, overseeing Intranet content development and managing corporate giving campaigns • Handle crisis communications • Build and maintain relationships with top-tier national print, electronic and broadcast media in both business/financial and general news arenas
- 15. CHANNEL MANAGER What a Channel Manager Does: • Partner with existing channel dealers/partners to develop and execute strategic account plans to meet monthly, quarterly, and annual revenue goals and objectives • Conduct sales presentations and product demonstrations to dealer base and end users • Frequent hands-on contact with channel partners for pre-sales planning, forecasting pipeline, sales presentations & end-user sales • Ensure dealer partners are following clearly defined growth plans • Complete and maintain sales reports, forecast information • Create promotions that move product through distribution channel
- 16. MARKETING V. SALES What Sales Managers Do: • Manage the revenue, profit, sell-through and inventory of the Western sales region • Reach quantitative and qualitative targets in sales territory. • Adhere to budgets, and implement corporate strategies. • Identify growth opportunities, follow-up with leads, and work with sales and marketing management to qualify account. • Communicate back to Marketing and managers on key local market needs and regional requirements that allow successful marketing and growth across borders. • Work with the reseller partners to create market opportunity and analysis plans, including how to better serve specific client and vertical groups • Provide timely insight to market conditions and competitive placement, pricing, promotional activity and any additional relevant information • Work closely with channel marketing team on implementing marketing initiatives with accounts for in-store and on-line activities
- 17. MARKETING WITHIN AN AGENCY ORG CHART VP Account Director Account Executive Art Director Copywriter Graphic Designer Research Director Media Buyer
- 18. SETTING GOALS “If you don't know where you are going, any road will get you there.” -- Lewis Carroll
- 19. DEVELOPING A MARKETING PLAN • Overview or Summary – should briefly describe your business and the major points of your plan • Situation Analysis – a detailed and brutally honest assessment of your market, competition, and business opportunities and challenges • Marketing Strategy – define specific revenue goals and show how you plan to hit your marketing goals • Marketing Tactics – show the action plan for executing on the strategy you outlined utilizing the marketing mix • Marketing Budget and Timeline – the projected costs and timeline related to executing marketing tactics • Define Metrics – show how to measure the success of the marketing plan
- 20. DEFINING GOALS – CASE STUDY WHAT: HiveDesk is web-based software that makes it easy to manage remote teams. OBJECTIVES FOR 2011: • Relaunch HiveDesk.com to existing customers • Hit revenue target of _______ • Build awareness and attract new customers • Form partnerships for business and potential acquisition TARGET MARKET: • Consultants – show your clients how much work you did and when • Entreprener – monitor virutal teams of employees • Manager – monitor your remote employees • Call Center – log productivity of reps ASSIGNMENT: Review the marketing plan I created for this client and comment.
Notes de l'éditeur
- My name is Carole Gunst and I’ve worked about every job in the marketing department. Most of my experience is with technology companies, but I also have some non-profit marketing experience through work I’ve done as a volunteer or as a board member chairing the marketing committee. Marketing is really the only job that I’ve ever wanted to do within an organization. As a career, it’s been a lot of fun and very rewarding. But, sometimes it’s been frustrating to be in the role which mostly happens when the marketing function isn’t tied to the goals of the organization. While I’ve worked from some big organizations, I’ve worked with a lot of entrepreneurial efforts as well either as an employee, consultant, judge at a business plan competition, advisor, or instructor with the Kauffman program for startups. I’m really looking forward to working with all of the folks at the Boston Startup School. This is a great group who I know will go off to do great things!
- The dictionary tells us what marketing and a market is. Whether you are a farmer with extra vegetables to sell or you are launching a new app, you still need to get your product to a marketplace where your buyers will be and be able to communicate about what you’ve got in order to sell it. But if it was that simple, we wouldn’t need six weeks to explain it, would we?
- In 1960, E. Jerome McCarthy, proposed a 4 P’s classification for marketing which has been taught and used around the world and is still part of how we classify marketing today. Product – a product is seen as an item that satisfies what a consumer needs or wants. It’s either a tangible good(think iPhone) or an intangible service (think tourism). Every product has a lifecycle that takes it from inception to growth to maturity to decline. How you market your product depends on where you are in the product lifecycle. Price – price is the amount that a consumer will pay for the product. Price is important not only because it determines company profit, but because it’s part of the overall product strategy. When setting a price, marketers need to take into account its perceived value, elasticity (how much you can change price before sales decline or take off), and the competitive landscape. Promotion – promotion represents all of the methods of communication to provide information about the product: advertising, public relations, personal selling, and sales promotion. Place – place refers to distribution or how you get your product to a place where it is convenient for consumers to access it.
- Pragmatic Marketing offers courses in Product Marketing and Product Management. This is their diagram of the marketing framework. The top is strategic and the bottom is tactical. For most organizations, you need a mix of both. By drilling down on some of the activities, we can talk more about the role of marketing within an organization. I’ll bet that this diagram makes a lot more sense at the end of your six week course at Boston Startup School than it does at the beginning.
- Depending on the organization, the marketing department can be many places. And, depending on who is running marketing, marketing can be divided and can reside in different parts of an organization. In this example, marketing is split between product management (includes product marketing and product planning) and marketing (includes corporate marketing and marketing communications. Often times, sales and marketing will be closely tied together in the organization and may report into the same person (which is usually a sales VP).
- As a marketer for a startup, you’ll probably be working with outside agencies. So, it’s important to know how agencies work. An Account Director or Executive will be assigned to your account and will be your primary point of contact. That person will work with the rest of the folks in the agency on your behalf. The Art Director will be in charge of the design – logo, over all look & feel, images, etc. – of any campaign you are working on The copywriter will write the text that supports the campaign. The graphic designer will lay everything out across the media types you’ll be using. The research director may be involved with doing market research or running focus groups in support of your campaign. The media buyer will make recommendations and negotiate pricing for all the media – print and online – for your campaigns.
- An article in Inc. Magazine stated that “More than 80 percent of the 300 small business owners surveyed in the recent 4th Annual Staples National Small Business Survey said that they don't keep track of their business goals, and 77 percent have yet to achieve their vision for their company.” If you’re business doesn’t have goals, it makes it hard for marketing to know what to do in order to support the business. On several occasions, I’ve built a marketing plan for one of my clients that ended up getting used as a business plan. If you’re job is marketing, you need to set expectations on what you’re going to be doing; what you did; and what the results are. If you don’t have a business plan, then it helps to find a project that you can own and run with like an event that needs planning or a Facebook page that needs creating or an e-mail newsletter that needs to be created with a database that needs to be managed.
- HiveDesk was a client of mine. Basically, it is a product based on a need that the co-founders saw in the marketplace which was how do we know that the remote workers we’ve got working for us are actually working and what are they working on? They brought me on to market what they had to their current prospects and clients and to help them acquire additional ones. Assignment – how would you build a plan to market this business knowing that you didn’t have a lot of funding? What additional information would you need in order to put together a first draft of a marketing plan? NOTE – we can break off into groups who can present or we could have students do this individually. At the end of the exercise, I’ll hand out the marketing plan that I submitted to my client.