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The Art of Startup Customer Acquisition
- 1. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY1 The Art of Startup Customer Acquisition How to choose the right sales and marketing channels and tactics? Martin Wrobel Alexander von Humboldt Institute for Internet and Society Saturday, September 3, 2016
- 2. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY2 About me Worked for several years in sales and marketing-related management roles Supported more than 100 startups in sales and marketing in 1:1 sessions, mentoring hours, and workshops Did my PhD at Alexander von Humboldt Institute for Internet and Society (HIIG) and Berlin University of the Arts
- 3. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY3 Agenda 1. Importance 2. Facts3. Advice 4. Q&A
- 4. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY4 Agenda 1. Importance 2. Facts3. Advice 4. Q&A
- 5. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY5 “Almost every failed startup has a product. What failed startups don’t have are enough customers.” Quote: Gabriel Weinberg and Justin Mares
- 6. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY6 Customer acquisition is THE major challenge for startups at all stages. According to the European Startup Monitor (2015), German Startup Monitor (2015) and Startup Genome Report (2011) sales, marketing and customer acquisition are the most important challenge for startups. “Properly executing startup customer acquisition means the difference between the success and failure of your big idea.“ Quote: Renée Warren Importance --> Facts --> Advice --> Q&A
- 7. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY7 Agenda 1. Importance 2. Facts3. Advice 4. Q&A
- 8. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY8 Product Promotion Place Price Customer-Centricity is the new sales and marketing word of today. Marketing-Mix “Customer-Centricity is a culture of putting the customer at the center of everything you do.” Not the product. Customer-Centricity Quotes: Brian Solis; David Skok “Building a sales and marketing machine is a structured methodology for designing and reviewing your customer acquisition process. It stresses the idea that the only right way to build a sales and marketing process is to design it around your customers (customer-centric).” Importance --> Facts --> Advice --> Q&A
- 9. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY9 An ideal customer profile (ICP) is the starting point! “It‘s a targeted offensive in the right places (online and offline) aimed at the right people.” Quotes: Ryan Holiday; Ian McAllistor; David Newman Picture source: flickr, Leolein “Who, then why or what.” Do it like Amazon and work backwards from the customer, always. Importance --> Facts --> Advice --> Q&A
- 10. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY10 There is no silver bullet on how to acquire customers. Picture source: flickr, Ed SchipulQuotes: Larissa MacFarquhar & Aaron Swartz, Ryan Holiday, Paul Graham “You can’t expect people to come to you; you have to pull them in.” “Your customers have to be acquired.” “You can't wait for customers to come to you.” Importance --> Facts --> Advice --> Q&A
- 11. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY11 Early customer acquisition is more like sales than it is marketing. Sales is narrow and deep. “Sales is narrow and deep and this is what is important for startups.“ Quote: Paul Graham; Jessica Livingston Marketing is broad and shallow. “Do things that don’t scale.” Importance --> Facts --> Advice --> Q&A
- 12. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY12 Customer acquisition has a lot to do with data, KPI’s, analytics & learning. Either you’re analytical and data-driven, or you go by what you think works. Quote: Stuart McDonald Importance --> Facts --> Advice --> Q&A
- 13. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY13 And, on the other hand, with creativity of course. “Think outside the box.” MATHMEN vs MADMEN Source: American Marketing Association Importance --> Facts --> Advice --> Q&A
- 14. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY14 Product development and customer acquisition go hand in hand. Picture source: flickr, Thomas HawkQuotes: Ryan Holiday “Forget the conventional wisdom that says if a company lacks growth, it should invest more in sales and marketing. Instead, it should invest in refining and improving the product or service itself until the customers are so happy that they can‘t stop using it.” Importance --> Facts --> Advice --> Q&A
- 15. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY15 “It’s easy to waste a lot of money in the wrong channels.” Picture source: flickr, Alan O'Rourke How to find the right sales and marketing channels for your startup? Quote: Gregory Ciotti Importance --> Facts --> Advice --> Q&A
- 16. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY16 Search Engine Optimization Search Engine Marketing Direct Sales Social Media Marketing Banner Marketing and Retargeting Video Marketing Couponing or Voucher Marketing E-Mail Marketing Guerilla Marketing Viral Marketing Affiliate Marketing Content Marketing Business Development and Partnerships Review Pages Public Relations Mobile Marketing Speaking Engagements Community Building Blogging, Podcasting Shopping Clubs Trade Fairs Influencer Marketing Marketing Engineering Engagement in Forums (e.g. LinkedIn) Product and Price Comparison Pages Platforms Verified Programs Crowdfunding or Crowdsourcing Offline e.g. TV, Radio, Print Retail, Wholesale, (Online) Market Places Thanks to the Internet you have a wider choice of channels than ever before. Source: Weinberg and Mares 2015; Kollmann 2013 Importance --> Facts --> Advice --> Q&A
- 17. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY17 ? Heart? Gut? Toss a coin? Play a game? But how to decide on which sales and marketing channels / tactics to focus? Facts? Importance --> Facts --> Advice --> Q&A
- 18. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY18 Agenda 1. Importance 2. Facts3. Advice 4. Q&A
- 19. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY19 Customer archetypes Most promising channels Matching Make an informed guess on which channels are highly likely to perform. Importance --> Facts --> Advice --> Q&A Product Competitor Price Customer Other Money Goals Time Knowledge Channels Indicators
- 20. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY20 Indicator: Customer
- 21. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY21 How does your customer’s buying journey work? “It’s easier to market to people who are already listening.” Awareness Interested Considering Intend to buy Evaluation Buy Quotes: David Newman; Steve Jobs “You've got to start with the customer experience and work back toward the technology - not the other way around.” Importance --> Facts --> Advice --> Q&A
- 22. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY22 Indicator: Competitor
- 23. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY23 Competitors and other benchmark companies with a similar product or service can be a source of inspiration, too. Which channels and tactics are they using? What are your competitors and other benchmark companies doing? Importance --> Facts --> Advice --> Q&A
- 24. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY24 Indicator: Product
- 25. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY25 Simple Complex versus Known Unknown What characteristics do your products or services have? Software Hardware Long sales-cycles Short sales-cycles One-time business Repeat business Existing budgets Non-existing budgets Digital Physical B2C B2B Importance --> Facts --> Advice --> Q&A
- 26. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY26 Indicator: Price
- 27. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY27 There are several ways to build a $100M business. Which is your category? 10 x 10.000.000 $ 100 x 1.000.000 $ 1.000 x 100.000 $ 10.000 x 10.000 $ 100.000 x 1.000 $ 1.000.000 x 100 $ 10.000.000 x 10 $ 100.000.000 x 1 $ = 100.000.000 $ Source: Christoph Janz Importance --> Facts --> Advice --> Q&A ARPA # of customers
- 28. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY28 Indicator: Other
- 29. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY29 Money Knowledge, Skills, Competencies Channels How much money do you have? What are your goals? When do you want to see the first results? What knowledge and skills do you have available? How much traffic are you getting through the channel and what is its quality? Goals Importance --> Facts --> Advice --> Q&A Time
- 30. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY30 Summary overview of the indicators Customer Competitor Product Price Money Goals Time Knowledge Channels Importance --> Facts --> Advice --> Q&A
- 31. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY31 Search Engine Optimization Search Engine Marketing Direct Sales Social Media Marketing Banner Marketing and Retargeting Video Marketing Couponing or Voucher Marketing E-Mail Marketing Guerilla Marketing Viral Marketing Affiliate Marketing Content Marketing Business Development and Partnerships Review Pages Public Relations Mobile Marketing Speaking Engagements Community Building Blogging, Podcasting Shopping Clubs Trade Fairs Influencer Marketing Marketing Engineering Engagement in Forums (e.g. LinkedIn) Product and Price Comparison Pages Platforms Verified Programs Crowdfunding or Crowdsourcing Offline e.g. TV, Radio, Print Retail, Wholesale, (Online) Market Places Summary overview of the channels and tactics Source: Weinberg and Mares 2015; Kollmann 2013 Importance --> Facts --> Advice --> Q&A
- 32. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY32 Become an expert in the channels you are going to execute. Importance --> Facts --> Advice --> Q&A
- 33. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY33 Start focusing on a few channels first and make sure to execute them well. Picture source: flickr, Richard Cawood Spend enough time and money to get enough data to assess the effectiveness of a channel. Importance --> Facts --> Advice --> Q&A
- 34. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY34 Choose proper key performance indicators (KPI) to measure your progress. “CAC > CLV” If the customer lifetime value (CLV) exceeds what it costs you to acquire that customer (CAC), business gets interesting. “CLV > CAC” Importance --> Facts --> Advice --> Q&A
- 35. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY35 Find your ideal channel mix and always try to optimize it. Importance --> Facts --> Advice --> Q&A Nothing is more constant than change.
- 36. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY36 Picture source: flickr, Chase Elliott Clark Take responsibility as a founder and focus on customer acquisition! Quote: Peter Thiel “If you build it, will they come?” What are the odds! Importance --> Facts --> Advice --> Q&A
- 37. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY37 Sessions | Roundtables | Workshops | Talks | Mentoring Business Model Innovation Finance HR & Culture Law Sales & MarketingLean Project Management Apply via www.Startup-Clinics.com and like us on Facebook. Startup Clinics Importance --> Facts --> Advice --> Q&A
- 38. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY38 Agenda 1. Importance 2. Facts3. Advice 4. Q&A
- 39. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY39 @martinwrobel martin.wrobel@hiig.de www.startup-clinics.com www.hiig.de Thanks for listening.
- 40. ALEXANDER VON HUMBOLDT INSTITUTE FOR INTERNET AND SOCIETY40 Quotes and sources. American Marketing Association; From Mad Men to Math Men | Brian Solis | Christoph Janz | David Newman; Do it! Marketing | David Skok | European Startup Monitor | Gabriel Weinberg & Justin Mares; Traction | German Startup Monitor | Gregory Ciotti | Jessica Livingston | Ian McAllistor | Larissa MacFarquhar & Aaron Swartz | Paul Graham | Peter Thiel; Zero to One | Renée Warren | Ryan Holiday; Growth Hacker Marketing | Startup Genome Report | Steve Jobs | Stuart McDonald | Tobias Kollmann