The Startup Code 2016: Making Your Startup Shine
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"Make your startup shine with branding, PR and social," the presentation Chuck Tanowitz, Kevin Hart and I shared at The Startup Code 2016 @ MIT conference, called "The Fastest Ways to Grow Your Startup into a Successful Thriving Business"
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The Startup Code 2016: Making Your Startup Shine
- 1. MAKE YOUR STARTUP SHINE WITH BRANDING, PR AND SOCIAL January 26, 2016
- 2. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 3. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 4. DESIGN
- 5. EXPERIENCE
- 6. CONSISTENCY
- 7. COMMUNITY
- 8. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 9. Myth Build a better mousetrap and the world will beat a path to your door.
- 10. Myth Media comes first, customers and community come later.
- 11. Myth Community is only about social media.
- 12. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 13. Myth One article in the New York Times is going to make my business!
- 14. Myth Just find a PR person with great contacts who can whisper in the ears of journalists.
- 15. Myth Reporters will find your story.
- 16. Myth Reporters do the writing.
- 17. Myth I can measure everything in Google Analytics.
- 18. Myth Pay for play is junk.
- 19. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 20. A JOURNALIST TRIES TO MAKE SENSE OF THE NEW MARKETING LANDSCAPE http://blogs.reuters.com/felix-salmon/2013/04/14/the-native-matrix/
- 21. THERE IS A CONVERGENCE HAPPENING IN MARKETING Image courtesy IDG
- 22. CHANNEL MADNESS
- 23. WHAT IS CONVERGING? • The marketing technologies that companies use • The marketing strategies that companies engage in • The media categories that individuals and brands use to interact with content and each other • The specific channels where this interaction takes place • The customer and brand experiences • The specific social media platforms and the applications used by brands and individuals
- 24. THE EVOLUTION OF MARKETING TECHNOLOGY: 1970-TOMORROW Take your customer database and digitize it: telesales Then port it to the personal computer: contact management software Then add collaboration, lead scoring and reporting: sales force automation Then port it to the web and add lifecycle management: customer relationship management Then add SEO and some automation scripts: marketing automation Then add omnichannel support and mix in some consumer empowerment: digital marketing hub http://www.crmswitch.com/crm-industry/crm-industry-history/
- 25. VISUALIZING THE DIGITAL MARKETING HUB CMS/CRM or Marketing Automation Platform Email Marketing System Facebook Twitter Other Social Channels Web / Mobile / Tablet F2F Hootsuite Tweetdeck Google Analytics Link Shorteners IFTTT Buffer
- 26. VISUALIZING THE DIGITAL MARKETING HUB Knowledge Interest Intent Action Awareness Your Marketing Hub Your Sales & Marketing Process Your Channels
- 27. TRANSITIONING TO A DIGITAL MARKETING HUB, OR, DON’T PANIC!
- 28. THE STARTUP MARKETING LIFECYCLE Define what you want your target community to think and do Build a community of brand advocates and ambassadors Engage with your target communities and their influencersENGAGE3 EXTEND2 BRAND1 Evolve your channel strategyCONVERGE4 Figure out what is working, what is not, and make changesMEASURE5
- 29. Twitter “Applause Rate” (Favorites, Likes) Low Engagement High Engagement Medium Activation Lead Generation High Activation Share “Amplification Rate” (Retweets) Download Opt In Engage Activate Medium Engagement LinkedIn Activation (Click) “Engagement Rate” (Original Tweets or Replies) Bounce Lands on Slideshare/Blog Post/Website, Reads, No Follow-through Low Activation Clicks to Read More on Site HOW TO MEASURE SUCCESS
- 30. THE ESSENTIAL AND BETTER TOOLS FOR MEASURING EFFECTIVENESS ESSENTIAL • Web Analytics (e.g., Google Analytics) (Behavior -> Site Content -> All Pages) • Social media analytics • (Every tool measures differently) BETTER Campaign Codes + Link Shortener (e.g., bitly.com) + Web Analytics (e.g., Google Analytics)
- 31. SO, YOU WANT TO CALCULATE ROI? ROI is just 1 metric It may not even be the most important metric!
- 32. VALUATION IS JUST ONE OF FIVE KEY METRIC CATEGORIES 1. Inputs 2. Outputs 3. Outtakes 4. Outcomes 5. Valuation http://bit.ly/1qMJEep * Hat tip (or h/t as we say in social media) to “Measurement Queen” Katie Paine
- 33. WHAT DRIVES YOU? AWARENESS Ideal for • Feeding the top of the sales and marketing funnel • Influencing the influencers of big ticket or long lead item purchases • Driving sales of impulse, small ticket or in-store retail items Top campaign/program priorities • Exposure • Eyeballs • Quick purchases Pair with • Strong analytics LEAD GENERATION Ideal for Going deeper into the sales and marketing funnel Reaching the buyer of big ticket or long lead items directly Online sales Top campaign/program priorities Actions Wallets Pair with A solid email marketing program Marketing automation
- 34. TAKEAWAYS 1. Your logo is a vessel that is constantly being filled with meaning 2. Define the experience you want your customers/partners/employees to have 3. Be consistent in your message and your behaviors 4. Build your community from Day One 5. Create a sustained outreach program – “One and Done” doesn’t work 6. Hire people who can message and tell stories consistently 7. Understand what and why you’re measuring 8. There's no such thing as a Facebook strategy 9. Have a conversion strategy in place: It starts with social and ends with your website 10. Analytics are your friend, but measure what counts
- 35. ©2015, Eric Mower + Associates (EMA). Brand as Friend is a registered trademark of EMA and its methodologies are proprietary information. All ideas, concepts, strategies, recommendations, trademarks and materials presented in this document by EMA are provided to you to help make an informed decision regarding the use of our ongoing services, and will remain the property of EMA unless otherwise negotiated in a formal agreement with our agency. The use of any EMA presentation concepts and materials outside of a contracted relationship with our agency is prohibited, including the use of this material in-house or with other agencies. By accepting this proposal, you agree to these terms and understand our ideas cannot be employed or further developed without a formal agreement between our agency and your organization. THANK YOU
Notes de l'éditeur
- Which would you choose? You need to know and understand what you’re trying to accomplish, who your audience is and target your design to that. Your logo is not your brand. Google logo meant nothing September4 1998 Think of your logo as an empty vessel that is constantly being filled with meaning. That meaning comes from the experience of the brand Examples: Don’t let your cousin’s son (who likes art) do your logo and brand identity. Hire a professional and do a thorough job of nailing the shape, colors, style of your brand identity because, when done well, it will contribute… Don’t let a back-end code engineer design your UI. Get a professional Uber, Google, Apple, Snapchat
- The brand is the sum total of an individual or organization’s experience with you, your company/service Define the experience whether it’s the UI or the UX and define it for employees, partners and customers Create behaviors that become second nature to everyone in your organization Behave consistently (this includes human, process and technology behaviors) Being purposeful increases the likelihood of consistency
- Deliver your messages, identity and your behaviors consistently over time Consistency is comforting to your employees, partners and customers Consistency increases the chance that your story is memorable, repeatable and sustainable among the community of people who will advocate for you
- Good design and a great experience delivered consistently over time builds a community of brand advocates that is unstopable Chuck…
- Once you think about the brand the next step is to extend that brand and build a community of advocates. I work on the PR side and I know a number of startup founders think “we need PR!” But they’re often hindered by myths both in terms of what they think PR is about and their expectations, so I wanted to go through some of those and talk about the reality.
- Reality: "Better" is a start, but people need to know about it. How it's marketed, which isn't just about PR, is key. Branding, positioning, partnerships, UX, it's all part of the same core issue: understanding and speaking directly to your customers. People love to point to the VHS and BetaMax discussion to talk about how one brand beat out the other, but marketing doesn’t really answer that question. Betamax actually had a very good lifecycle as a professional tool, even as VHS won the home users. Success is really about community, product-market fit and timing.
- Reality: Think about your community from day one. Anyone who touches your company is part of the community. This includes customers, partners, investors, friends and family, neighbors and even competitors. Think about how to keep them informed and how to bring them in closer. Simple things like email newsletters, deals, holiday cards, etc. But also events that you host, events you attend, where you sponsor, etc. You want to be a good community member, giving back as much as you’re taking.
- Reality: if you spend all day tweeting, facebooking and writing posts on LinkedIn and then think COMMUNITY RELATIONS! Then you’re doing it wrong. Social media offers a lot of good channels to interact with your community and can offer some great research, but your community engagement strategy should be much bigger than that. At the same time, this is important. Hiring a college intern to tweet for you means handing over part of your core marketing strategy to someone who may not have the right experience. Think about where this fits in.
- Once you have thought about your community and begun building the content to reach out to them, it’s time to engage both with them and their influencers. This is where media relations starts to come into play.
- Reality: It takes a sustained program that reaches the right people. One article is nice, but it's not going to make or break your business. Also, the NYTimes is a high bar, one that's tough to reach. Spoke with a company recently that said "yeah, we need 10,000 emails, so a friend told me that I can get about 1000 emails for each big article, so I only need 10. And I want to get those in the next month so I can make my kickstarter goals" Even if you get a 1 % clickthrough rate, that means each article needs to have 100,000 readers. That's a high bar. He got no articles. At the same time I spoke with an early-stage startup that got a nice piece in TechCrunch, that drove about 1000 visitors to his site, he collected 100 email addresses and was happy. It was enough to start the process of growth.
- Reality: This is a short-term fix. It doesn't create community and it doesn't generate long-term results. You need to look for someone who can position you and help create stories that reporters want to tell. Then you find the reporters who can tell those stories. Exception: morning talk shows.
- Reality: Sorta-true. They can't find things that aren't there for them to find. They like to think they find things, but they don't. examples: rape along the Charles; affordable housing in Newton. They're not digging in to find something, they're asking their friends. some companies want to stay quiet.
- That is still somewhat true. But in trades, especially today for things that aren't straight-up news, they want stories written. But even big journalists will take stuff that you wrote and use it. I’ve seen whole chunks from press releases show up in stories by top business and trade pubs. It happens.
- Meh…. sorta true. You can measure web traffic, but referrals are another matter. Not everything is going to be easily trackable to a single article. so you need to aggregate and know that your efforts overall are leading to positive results. It's also difficult to accurately measure awareness. A lot becomes more anecdotal. My clients will say "a sales guy got a call from an article," but does that mean the others are junk? No, because one builds on the other and sometimes you're just not going to know if it worked. You need to look at the whole program and the growth over time. Trying to separate which individual piece works is kind of like trying to remove ingredients from a chocolate cake. Once it’s done it’s difficult to tell what did what. If you want to change the recipe and experiment, great. But what you get in the end is doing to be something different. It may not be bad, but it may not be what you intended.
- Reality: world has changed in the past if you were going to pay to put something in a publication, it was either an ad or it was seen as subpar. You didn't want that. Now there are a ton of different paid media strategies that are designed to meet different needs of your marketing mix. Some are aimed at lead generation, some at awareness and thought leadership, some at SEO, etc. The trouble lies in figuring out how much any one deal is worth.
- Thanks, Chuck. I want to pick up on a couple things you mentioned. First, I want to tackle Pay for Play, because it’s a great illustration of convergence. The barriers between earned media and paid media – between the editorial side of the house and the publishing side of the house – were, not too long ago, firm. Thanks to Craig Newmark, everything changed, first in the newspaper industry, then elsewhere. Revenue models started failing, and the media world shifted rapidly. Today, pay for play isn’t the bad word it was even two years ago. And the landscape is continuing to shift. Shift so rapidly that even the media are struggling to keep up. One reporter tried his best to capture some of the current options available to us.
- Felix Salmon made this grid. I don’t want to spend a lot of time on it, but I present it for your reading enjoyment. Briefly, you have two questions: Who wrote the piece of content, and who published it. Depending on your answer, the piece of content qualifies as one of six possibilities. Your marketing mix should probably include a little bit from each of these areas. But hurry up, because even these distinctions are blurring. As PR people, Chuck and I also delve into content marketing, blogging, brand journalism and even sponsored content. To continue to be relevant, we have to be smart in all of these! So where should startups start? That bottom row is where you start. How many people here are blogging, either on their own site, LinkedIn, Medium or something similar?
- I’ll give another couple examples of the convergence happening now. Here in Boston, the Boston Globe is struggling with delivery issues… So here we have reporters on the editorial side helping the publishing team. Earned helping paid. And Earned and paid are converging in other ways. Writers are now more commonly being compensated for the performance of their stories! So as the media converge, so do the marketing strategies…
- It’s not just media and strategies that are converging. The very channels we use to reach our communities are converging as well. As technology allows us to share data across very disparate marketing channels – from the in-store experience, the online experience, the print experience, the phone experience, etc. – a single, increasingly accurate picture of the customer is painted. We don’t need to rely on demographic data anymore to make critical decisions, as Kenny mentioned, we now have a picture of each individual customer. The data are driving the evolution of marketing strategy.
- So we’ve touched on a few things that are converging. But wait, there’s more…
- So where is this convergence heading? Well, it’s heading toward this idea of a digital marketing hub. This is a new term – coined by Gartner and destined to be replaced by the next big thing, but essentially, it’s a combination of content management, CRM, marketing automation, omnichannel support and a consumer-centric approach to marketing.
- How does it all work together, you ask? You start with your hub. [CLICK] Your central platform. It is, at its heart, your content management system [CLICK] (your CMS – like WordPress, Drupal or Joomla). The goal of your content creation and engagement efforts is to drive people to this hub, to a central location where you have the most control and the best ability to serve them. But most of your engagement will happen outside this sphere of influence. It will happen on channels like [CLICK] Facebook, [CLICK] Twitter and [CLICK] other social channels. Oh yeah, and each of those may come through the [CLICK] web, or through a mobile app or a tablet. And you may rely [CLICK] on your email marketing system to help reinforce your messaging and calls to action. And, [CLICK], God forbid, let’s not forget the dreaded in-person experience (a retail store or a trade show booth visit). So you need ways to connect with and manage each of these channels [CLICK]. Social media engagement tools like Hootsuite and Tweetdeck were created to do this, but while they support basic workflow management and even some measurement, they’re not closely tied to the content engine – to your hub. Nevertheless, they’re a step in the right direction. And you need ways to measure. All the social channels offer measurement, but what and how they measure is completely platform dependent. [CLICK] Tools like Google Analytics and link shorteners can provide more consistency, and can even get a little closer to the heart of the matter, but still don’t paint a unified picture. And how do you integrate the in-person experience? To do this all right, you need a single platform, a marketing hub that includes all of these… [CLICK]
- A true digital marketing hub integrates all of these things, [CLICK] providing direct access and control over all of your channels, and [CLICK] integrating your sales and marketing process as well – bringing in your CRM and sales force automation tools, so you have a customized experience for both your customers and your sales and marketing teams. Add a healthy dose of marketing automation and you’re good to go!
- Now if I made the CFO in you shudder by dropping names like Oracle and IBM, don’t panic. You can start your migration toward a digital marketing hub without an integrated software platform IF you start thinking holistically about your marketing engagement, execution, extensibility and evaluation. As you get ready to transition to a digital marketing hub, put your website, or your primary social media channel, at the center of that hub. Make sure Google Analytics is working well. Have your social media content and other campaigns direct traffic to your website or social hub, and turn on platform-specific measurement (or another measurement tool) and create your own funnel with the social channels at the top, website landing pages toward the bottom, and a website conversion form at the very bottom of the funnel. BOOM: instant marketing hub. Well, maybe not instant. It still will take time to set up right. But it’s a start.
- The other myth that Chuck mentioned that I wanted to pick up on was about Google Analytics.
- Quantitative measurement will occur across all platforms and relative to the level of engagement of an FA (e.g. tweets, retweets, links, shares, etc). We also recommend more quantitative analysis to address: Whether or not FAs are moving down the conversion funnel from awareness to engagement and query Is Natixis’ voice resonating within the community becoming a “thought leader” in the social space Internal efficiencies and ability to repeat process In addition to monthly reporting and progress checks, at six months, we recommend a cross campaign performance evaluation that provides ROI/value calculations, and Qualitative measures of internal performance and process efficiency and External program performance relative to the perceived value on the part of FAs In order to do this we will establish our quantitative baselines for each channel and then establish realistic channel and campaign goals
- So how do you measure movement down this funnel? Well, I’ll give a great example of how one company does this. I was first introduced to HubSpot when its CEO, Brian Halligan, spoke on a panel I organized about the work that he makes his CMO Mike Volpe do each month to report on sales. Using HubSpot’s own technology – HubSpot, by the way, is the company that first popularized the concept of “inbound marketing,” to contrast its approach to content marketing with that of more traditional “outbound marketing” or “interruption marketing” efforts ,and thus to highlight the importance of SEO in the content game – Brian asks Mike to report (visually) on which marketing programs or campaigns are driving traffic the furthest down the marketing funnel. Because they’re using some sophisticated techniques to track these campaigns online (a few of which I’ll reveal to you), this becomes relatively easy for Mike to do. But it was a revelation to me, and to many other marketers. The most essential tool to track the effectiveness of your efforts is a web analytics tool, the most popular of which is Google Analytics. As a very simple example, I can track which pages on my web site are attracting the most traffic. But I can do a lot more. Google Analytics is critical to any marketing measurement you may want to do, but it’s only as effective as how you set it up and how you feed it. When you set up Google Analytics, don’t ignore the “Goals” section, which is the closest that Google Analytics can come to the magical reports that HubSpot can generate for Mike and Brian. And when you’re using Google Analytics, take advantage of its support for “campaign codes.” Campaign codes allow you to add extra information at the end of a website URL that tell Google which campaign, which medium and which traffic source generated the most attention to your site. If you Google “URL builder” you’ll find the online tool that Google created to help you create these codes. Let’s say, for example, that you want to create a campaign that drives traffic to a particular page on your website that is offering a discount on a product you sell. That page has an offer, a “get more information” button and a “buy now” button on it. We’ll name the campaign “Summer 2014 Sale.” Medium has four default labels: referral, organic, cpc for paid search, and (none) for direct traffic. Think of these as the big buckets of traffic, the highest level marketing channels. Create new channels at the same high level and don’t get too specific. For example: email social banner (or display) print direct-mail Source has three types of labels by default: website names for referrals, search engines, and (direct). Think of these as your target audiences – the users of specific websites or search engines, or people who already knew you and came directly. Describe who’s viewing your campaign content with source labels like: newsletter-subscribers facebook partner.com = the website where you put your banner ad industry-today = the name of a publication where you advertise postcard-list = the name of the mailing list (Hat tip to Lunametrics for these descriptions: http://www.lunametrics.com/blog/2011/09/08/4-steps-campaign-data-google-analytics/ ) Once you’ve defined these codes, go to the URL builder and feed the original URL and each possible combination of codes to get a series of unique URLs, all pointing to the same page, but defining different sources and mediums. As you create and promote your content online, be sure to use these URLs appropriately – using the facebook code only on Facebook, for example. Now, when you go into Google Analytics, you’ll see much richer reports, and it will tell you, on a campaign-by-campaign basis, which channels and campaigns are most effective! Now these URLs can be awfully long and cumbersome, so I take one more step before I release them to the public or my sales and marketing teams: I shrink them using a link shortener like bit.ly. Bitly benefits me two ways: it makes for shorter, more tweetworthy links, but it also adds another layer of measurement if I create an account on the platform and always log in when I’m shortening links. Bitly provides its own reporting on clicks, so in case Google Analytics is mis-configured or I want a sanity check, it’s a great backup for me.
- ROI is a calculation of value. But value doesn’t just come in a pure monetary form. We’ll come back to a discussion about value in a few minutes, but first, let’s explore ROI a little deeper.
- ROI is a form of valuation, and valuation is in fact one of five different categories for measuring social media marketing activities. Katie Paine, whom I absolutely adore, talks about the Three Os of measurement, to which I add two: inputs and valuation. I’m a PR guy, so I’ll talk in terms of PR programs for a moment. The inputs to any integrated marketing program are a critical factor in its success. Inputs measure the contributions (in terms of time and materials) to the integrated PR program. These inputs come from the client marketing team, other supporting client-side teams and the agency management team. I’ve spent most of my career on the agency side, and know what it’s like to have my feet held to the fire when it comes to producing results. Agency teams, however, can only be so successful without the active participation of our clients to the PR process, so we have learned to also hold our clients partly responsible for their contributions to the program. These contributions -- the inputs to the PR program -- don’t come just from the client PR contact, however. On the client side, the product development group, HR department, client services group, the management team and many other departments play a role in providing the necessary fodder for a successful PR program. Inside the agency, the management team is responsible for allocating resources -- team members and time allocations -- necessary for the success of the program. Output captures the physical product of our work. It measures the direct and immediate results of our PR program. Traditionally, we have measured those results that are visible to the general public, such as the amount of coverage secured, but this can be supplemented with less publicly visible metrics, such as number of pitches sent, the number of briefings conducted, etc. Many agencies will differentiate between internal output metrics that aren’t shared with the client and shared metrics that they will also report to the client. While this category of metrics is the traditional favorite of PR professionals, it is often eclipsed by our last category, outcomes, because of its results-driven approach. Nevertheless, no PR program -- integrated or traditional -- should skip over outputs; they provide valuable insight into the productivity of a team. There is much to measure beyond inputs and outputs. Thanks to the insights we can glean from social networks, we can also peek into the minds of the communities we’re trying to influence. Outtakes measure how effective our communications efforts are in changing minds. While measuring outputs is the easiest measurement category, measuring outtakes is by far the most difficult, as we have to rely on external signals that might indicate a change in attitude toward a particular company, product or topic. These signals come in many forms, but in general we rely on studying what people say, who they interact with and how they behave around brands. Companies focused on raising brand awareness tend to rely on metrics in this category. Typical metrics include share of voice, sentiment and applause rate (likes, etc.). Analyzing content requires an investment in editorial oversight to either manually sort results or oversee (and override as necessary) any automated functions, such as sentiment analysis, which is notoriously difficult to accomplish. It’s one thing to change minds, but another thing entirely to change behaviors. Outcomes measure behavior changes. More specifically, they measure “conversions.” Conversions are typically thought of as transactions of some form or another. They are most often thought of in terms of transactions. But the transaction doesn’t have to be monetary in nature. It can be any event that drives a prospect one step closer to the ultimate conversion: the financial transaction that results from a sale. Outcome measurement is very popular in integrated PR programs that include a demand generation component -- programs in which the PR team is (at least partially) responsible for supporting direct sales. Anything that could indicate movement down the sales funnel could be a potential conversion, from email opens and click-throughs to requests for information to the final sale and participation in evangelism or affiliate programs. Finally, there’s valuation, of which ROI is one of the bigger metrics. Let’s explore each of these in more detail, highlighting some of the key metrics in each…
- Essentially, marketers are motivated by one of two primary factors. Either they’re trying to raise awareness and feed the top of the sales and marketing funnel, or they’re trying to drive leads a little deeper into the funnel. An awareness strategy is ideal for marketers who want to, for example, influence the influencers of big ticket or long lead item purchases, or perhaps to drive the sales of impulse, small ticket or in-store retail items. The top campaign or program priorities for awareness marketers are: exposure, “eyeballs” and quick purchases. Paired with strong analytics, this can be very effective. A lead generation strategy is ideal for marketers who want to reach the buyer of big ticket or long lead items directly, or drive online sales. The top campaign or program priorities for this strategy are: actions and wallets. Paired with a solid email marketing program and some marketing automation technology, this approach can be very effective as well.