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InnovateEDU Bootcamp: 7 Questions Investors Will Ask About Your GoToMarket Strategy
1. Saturday, February 11, 2017 Katie Martell @ InnovateEDU
7 Questions Investors Will
Ask About Your GTM Strategy
And How Not to F*ck it Up
2. @KatieMartell
Emerson IMC
AAF (Century Council), EmComm, troublemaker
8+ years startup marketing
NetProspex (12-125 employees + exit)
Version 2.0 Comms (TechCrunch, 25+ product launches)
Aberdeen Group (30+ y/o brand/product overhaul)
Entrepreneur
Cintell co-founder, CMO (MassChallenge finalist, $1M raised)
On-demand marketer, blogger, speaker
Many early-stage companies + big tech brands
Engagio, Allocadia, MarketingProfs, Building Engines, Mirakl,
Influitive, Evergage, MarcomCentral, Aptitude Research Partners,
CabinetM, Codeship,Verndale, Influitive, RedSwan5
3. 1. It’s Saturday
2. Boston rocks for startups
3. Tangible vs theoretical
4. Resilience (this sh*t is hard)
3
Why you’re awesome
4. *This slide is using Font Awesome
Today:
1. Kickstart your GTM plan
2. What investors look for
3. Entrepreneur fails
your date herestörre - a multipurpose PowerPoint template 4
7. What many think GTM is:
your date here större - a multipurpose PowerPoint template 7
8. A GTM Strategy
is a blueprint.
It’s an action plan.
Like a business
plan, but specific to
marketing and
sales.
8
9. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
9
7 Questions to Answer:
10. 1. Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
10
7 Questions to Answer:
11. …it’s easy to lose sight of
who this is all for in the first place.
In a world
of more…
16. Clearly define your buyer (s):
Profile (demographic, geographic, psychographic, behavioristic)
Personality (e.g. “Big Five”)
Pain points (what is preventing them from reaching goals?)
References / influences / watering holes
A day in the life
Jobs to be done
16
1) Who is the customer?
17.
18.
19.
20.
21.
22.
23. TAM
SAM
SOM
TAM
Total available market
Total market demand for product
or service
SAM
Serviceable Available Market
Segment ofTAM that is within your
geographical or other reach
SOM
Share of Market
portion of the SAM that you can
capture with existing resources
24. TAM 1.9 Billion
SAM 532 Million
SOM 10.6
Million
TAM
Total available market
Trips booked worldwide (1.9 Billion)
SAM
Serviceable Available Market
Budget and online (532 Million)
SOM
Share of Market
Trips with airbnb (10.5 million)
25.
26. 26
You need to find a market that is LARGE
ENOUGH to grow in, and who have the
PAIN that motivates them to take action
(buy), and have the FUNDS to do it.
27. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
27
7 Questions to Answer:
29. 2) What problem do you solve?
29
REMEMBER,
YOU ARE HERETO
SOLVE A PROBLEM.
30. 3 big motivators
30
PAIN FEAR GAIN
something I
currently experience
and need to get
away from (most
compelling)
A future pain I want
to avoid
A future state that I
see as better that I
personally want to
attain
!
31.
32. 32
Buyers are 3X more
likely to move away
from pain than
move towards
potential gain.
- Tim Riesterer
34. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
34
7 Questions to Answer:
39. If you do have competition:
39
Learn as much as you can about them.
Company information (mission, organization, size, growth, funding)
Target audience (size, definition)
Pricing
Products and services
Distribution / partnerships
Messaging
Product feature comparisons
How they go-to-market (events they’re at / influencers they work
with / publications they’re in)
Strengths & weaknesses
40. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
40
7 Questions to Answer:
44. Your buyers care about
WIIFM
What’s in it for me?
44
It’s not all about you:
45. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
45
7 Questions to Answer:
46. 3 numbers to know
your date here större - a multipurpose PowerPoint template 46
1. Price
2. Customer acquisition cost
3. Lifetime value
47. Pricing model: The $100M question
47
When you eventually become a $100 million dollar company, what will your customer
base look like?
Will it be:
1 customer paying you $100 million dollars a year
10 customers paying you $10 million a year
100 customers paying you $1 million a year
1,000 customers paying you $100,000 a year
10,000 customers paying you $10,000 a year
100,000 customers paying you $1000 a year
1,000,000 customers paying you $100 a year
10,000,000 customers paying you $10 a year
100,000,000 customers paying you $1 a year
48. Customer acquisition numbers
48
CAC
Customer
acquisition
cost
What is your cost going to be to acquire a
customer?
Entire cost of sales/marketing functions
(salaries, marketing programs, etc) and
divide it by the number of customers.
E.g.
$1m total marketing spend
1,000 customers
CAC = $1,000
49. Customer acquisition numbers
49
LTV
Lifetime
value
What is the lifetime value of a customer?
Gross margin associated with the customer.
Net of all installation, support, operational
expenses.
• If your product is a one-time fee, this is
simple.
• For businesses that have a recurring
revenue model, take monthly recurring
revenue and divide it by monthly churn
rate (% by which customers stop
subscribing to a service)
51. One simple rule:
51
The CAC must be less than the LTV.
YOU HAVETO acquire customers for less
money than they will generate in value over
the lifetime of your relationship.
Don't skip this.
CAC < LTV
52. One simple rule:
52
• VC will dig into this and they will call you
out.Your business model does not work
unless CAC is less than LTV.
• Recover CAC in < 12 months
• CAC less than LTV by 3X – 5X
CAC < LTV
53. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
53
7 Questions to Answer:
54. Entrepreneur fail #6
Overly optimistic about how easy it will be to acquire
customers. “If we build it, they will come.”
55. Diffusion of innovation.
your date here större - a multipurpose PowerPoint template 55
How new ideas / technology spreads.
56. 7) How will you acquire customers?
56
• Or, how will you distribute your product?
• Draw on learnings from research you did in
step one.
• Tactics should be:
Cost-effective
Relevant
Tested and continually optimized (lean)
57. Be prepared at each stage:
your date here större - a multipurpose PowerPoint template 57
Awareness
Consideratio
n
Purchas
e
Awareness of the problem. Your job is to help
them understand they have a problem. Educate
them.They’re looking for help to solve their
problem – so talk about their problem.
Understanding / engagement with your
solution. How do you differentiate against the
competition, or the status quo?
Late-stage. What success have others had with
a solution like yours? (case studies).Can I try
the product before I buy?
Post-sale: How can you continue to make me
successful? How can I advocate on behalf of
your brand?
58. Big list o’ tactics to consider
58
• Partner programs (with programs who offer complimentary products/services, using joint
marketing and co-branding)
• Inbound + SEO strategy (links on other sites, keyword analysis)
• Direct mail (yes it still works!)
• Thought leadership (bylines / speaking / be a trusted advisor in your field)
• Content marketing to attract leads
• eBooks
• Webinars
• blogging
• Podcast
• Infographics
• Targeted email / nurture program
• High-conversion website
• Influencers (paid and free)
• Referral channels (incentivize existing users to be advocates)
• Live events
• Social media (highly targeted paid ads + content sharing)
• Professional associations
• PR + content amplification
59. Big list o’ tactics to consider
59
• Partner programs (with programs who offer complimentary products/services, using joint
marketing and co-branding)
• Inbound + SEO strategy (links on other sites, keyword analysis)
• Direct mail (yes it still works!)
• Thought leadership (bylines / speaking / be a trusted advisor in your field)
• Content marketing to attract leads
• eBooks
• Webinars
• blogging
• Podcast
• Infographics
• Targeted email / nurture program
• High-conversion website
• Influencers (paid and free)
• Referral channels (incentivize existing users to be advocates)
• Live events
• Social media (highly targeted paid ads + content sharing)
• Professional associations
• PR + content amplification
Tactics should be:
Within budget
Relevant to your buyer
Tested and continually optimized
60. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
60
7 Questions to Answer:
62. Have a game plan
62
What are your goals at each stage of your life-cycle?
63. 1.Who is the customer?
2.What is the problem you’re solving?
3. How are they solving it today?
4.What is your brand promise?
5.What are your customer acquisition numbers?
6.What tactics will you use to acquire customers?
7.What are your goals?
63
7 Questions to Answer:
This is why you join a startup, right? Because you want a seat on a rocket ship!
But… 9 out of 10 startups don't make it.
culture of failure, fail-fast and learn from it.
Failure is ok -- my company failed for a variety of reasons.
The #1 reason we failed is the #1 reason most companies fail.
Lack of product/market fit. Lack of a market need for your product.
If no one wants your product, your company isn't going to succeed. Many startups build things people don't want with an irrational hope that you'll convince them otherwise.
I'm here to tell you that's not going to happen.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
It’s never been easier to start a company. More access to capital, more open source technologies to build products, more information than ever, more connection to anyone around the world. it’s never been more important to remember who it’s all for in the first place.
The truth is, most companies are the center of their own universe. Our products and services are the center of our world.
And so it’s never been more important to understand who they are, what they need, and how you can best engage with them.
In an increasingly competitive market, your advantage may just be how well you understand your buyers.
The startup that understands their buyers best, wins. This is the #1 thing an investor will look for. Theyk now
CLEARLY define your customer. Get really good research. Customer insights.
Demographics (age, gender, family size, income, job) / if B2B, organizational context
Geographic (where do they live and work?)
Psychographic (lifestyle, activities, opinions, motivations, personality)
Behavioristic (advanced tech user, brand loyalist)
Name (humanized)
One method: Big Five
Openness to experience (inventive and curious? Or consistent and cautious?)
Conscientiousness (efficient and organized? Or easy-going and careless?)
Extraversion (outgoing and energetic? Or solitary and reserved?)
Agreeableness (friendly and compassionate? Or analytical and detached?)
Neuroticism (sensitive and nervous? Or secure and confident?)
What you're looking for pain / segments (differences) / how they buy
How to find it: surveys / in-depth interviews / focus groups / market research
Ideal customer profile
start by identifying a small number of very specific customers — if you’re B2B, companies, if you’re consumer, desired segments e.g. urban professionals with specific characteristics. then put yourself in the shoes of these customers by thinking about their issues, talking to hem about their challenges and pain points.
Imagine going to a party where you don’t know anyone.
Imagine the same party, but now you know everyone in the room.
How to find it: surveys / in-depth interviews / focus groups / market research
Ideal customer profile
start by identifying a small number of very specific customers — if you’re B2B, companies, if you’re consumer, desired segments e.g. urban professionals with specific characteristics. then put yourself in the shoes of these customers by thinking about their issues, talking to hem about their challenges and pain points.
You must focus on a TAM – total addressable market -> revenue opportunity. Quick metric of the underlyig potential of an opportunity.
TAM = total market demand for product or service
SAM = the segment of TAM that is within your geographical or other reach
SOM = Share of Market – portion of the SAM that you can capture with existing resources
A NOTE about "Creating a market" it's a lot of work, it's expensive, and it's not worth it.
You need to find a market that is LARGE ENOUGH to grow in, and who have the PAIN that motivates them to take action (buy), and have FUNDS to do it.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
The three big motivations:
PAIN (something I currently experience and need to get away from) – the most compelling.
FEAR (a future pain I want to avoid)
GAIN (A future state that I see as better that I personally want to attain.)
Why pain works so well
Pain works as a stronger motivator than the desire for pleasure, because all consumers have what psychologists call “the negativity bias.” Simply put: we do more to avoid pain than we do to gain pleasure. Our brains literally light up more from a negative external stimuli than from a positive one! (Kissmetrics.)
Your brain is simply built with a greater sensitivity to unpleasant news.
This is part of our evolution as human beings – to keep us out of harm’s way. From the dawn of human history, our very survival depended on our skill at dodging danger.
We are super sensitive to negativity – in all aspects of our lives.
Buyers are 3X more likely to move away from pain than move towards potential gain. Tim Riesterer (Chief Strategy and Marketing Officer of Corporate Visions Inc)
Why does pain serve as a stronger motivator than gain?
Your product or service likely delivers some demonstrable gain for your buyers. But to imagine this gain, your buyer has to take a leap of faith, picturing themselves in a new and better place having signed the contract with you. It’s a leap and it’s hard to get them to do.
However, avoiding loss or experiencing the solution to a pain point they are living with day to day is more convincing.
All human behavior, at its root, is driven by the need to avoid pain and the desire to gain pleasure.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
once you interview buyers you know the consideration set you're in
How your buyer is solving the problem today is often good enough.
The first guy to sell a lighter was not competing against other lighters.
He was competing against flint and tinder, and matches.
A NOTE about "Creating a market" it's a lot of work, it's expensive, and it's not worth it.
You need to find a market that is LARGE ENOUGH to grow in, and who have the PAIN that motivates them to take action (buy), and have FUNDS to do it.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
Starting out— your brand is not how the customer feels about you, it’s also about how you make the customer feel about themselves. What can customers rely on you to deliver? Your brand promise.
Much of this is based on the founders, your culture, and how you execute.
Are you right-brained or left-brained? Left – logical and analytical. Right – intuitive, subjective. Decisions aren’t made with one or the other. They’re made with both.
Common misconception with B2B marketing, that people are solely making decisions on logical factors such as the economics (cost-benefit ROI analysts) or politics.
A lot of this is driven by a rise in stress.
Starting out— your brand is not how the customer feels about you, it’s also about how you make the customer feel about themselves. What can customers rely on you to deliver? Your brand promise.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
Businesses grow in phases. First 5 beta custoemrs. then X. Understand what resources will be needed to get there.
This is scaling. GRowth leads to more growth, which leads to more growth.
Bonus: Recover CAC in less than 12 months.
Note: Product development costs are not factored in.
You’ll need to see CAC less than LTV by some highly significant multiple.
SaaS - 3x, really 5X is what you're shooting for.
Bonus: Recover CAC in less than 12 months.
Note: Product development costs are not factored in.
You’ll need to see CAC less than LTV by some highly significant multiple.
SaaS - 3x, really 5X is what you're shooting for.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
not
SOME WILL! And those are the early adopters.
Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread.
Everett Rogers’s Innovation Diffusion chart
The fattest part of the market often demands more education, more handholding, more social proof through case studies & references, and a relationship with a salesperson or account manager to feel comfortable with the purchase. These buyers might also rely on industry analyst reports like Forrester and Gartner to substantiate a purchasing decision and minimize their career risk. Remember, you’re in the business of selling promotions and many businesses value continuity over innovation.
Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread.
Everett Rogers’s Innovation Diffusion chart
The fattest part of the market often demands more education, more handholding, more social proof through case studies & references, and a relationship with a salesperson or account manager to feel comfortable with the purchase. These buyers might also rely on industry analyst reports like Forrester and Gartner to substantiate a purchasing decision and minimize their career risk. Remember, you’re in the business of selling promotions and many businesses value continuity over innovation.
Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread.
Everett Rogers’s Innovation Diffusion chart
The fattest part of the market often demands more education, more handholding, more social proof through case studies & references, and a relationship with a salesperson or account manager to feel comfortable with the purchase. These buyers might also rely on industry analyst reports like Forrester and Gartner to substantiate a purchasing decision and minimize their career risk. Remember, you’re in the business of selling promotions and many businesses value continuity over innovation.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?
One of the other reasons startup fail is they run out of money. Why? because they didn't grow fast enough in the time allotted. CLEAR GOALS matter.
Paul Graham (Y Combinator, programmer and VC)
“A startup is committing to solve a harder type of problem than ordinary businesses do. You're committing to search for one of the rare ideas that generates rapid growth.” Getting a business off the ground and into profitability, going from “idea to product” and “team to company” typically involves a number of stages.
1. Who is the customer?
2. What is the problem you’re solving? (Your value proposition)
3. How are they solving it today?
4. What is your brand promise?
5. What are your customer acquisition numbers? (pricing / CAC / LTV)
6. What tactics will you use to acquire customers?
7. What are your goals?