Starting a business presentation presented at Southern Methodist University.

1. STARTING
A
STARTUP
IN
THE
DIGITAL
ERA
#SMU
|
@JLoomstein
James Loomstein
CEO/Founder
Digital Space Consulting

2. Let
Me
Tell
You
a
Story
@jloomstein
Brandon and Sarah developed this amazing [app, company, service, brick and mortar business, etc.]
Launched a website, created a Facebook page, sent out some
tweets, and posted a video to YouTube
Created a press release and posted to the Internetwebs….
The next week – Brandon got a call from the local news, TechCrunch did a story on him, and his article was featured on
BuzzFeed and Mashable (or D Magazine) labeled them the next big thing…
Sounds amazing doesn’t it……………
Like a dream come true?

3. Let
Me
Tell
You
a
Story
Credit:
Karl
Sakas
@jloomstein
That’s
because
it
is
amazing
–
it’s
not
real.
This.
Doesn’t.
Happen.

4. @jloomstein #Pubcon4
Execu'on
is
everything.
Let’s Talk About You + Reality
• Number one problem is obscurity
• Race against time and capital
• Can’t outspend mass market
• Can’t do it all yourself
• Your directionless How
you
need
to
start
thinking…..

5. @jloomstein #Pubcon5

7. @jloomstein #Pubcon7

8. @jloomstein #Pubcon8 Why
it
works
Everyone
has
a
role
to
play
Everyone
knows
what
to
do
Everything
builds
on
the
previous
thing
Its
not
direc'onless
It’s
not….we
(race
cars,
race
boats,
race
horses)
Its
not
we
do
that……

9. How
we
got
here
–
connected
economy

10. Timeline
Industrial
Economy
Knowledge
Worker
Connected
/
Shared
Economy

11. How
it
happens
Self-­‐Awareness
Ideas
Audience
Product
ExecuTon

12. So
here
is
how
it
happens
What
you
need
to
start
a
start-­‐up
• Self-­‐awareness
• Idea
• Audience
• Product
Then
you
need
• Team
• ExecuTon
Credit:
Karl
Sakas
@jloomstein
+
What
do
you
need
to
think
about
when
you
think
about
the
idea?
+
What
do
you
need
to
think
about
when
you
think
about
the
audience
before
the
product?
+
Why
do
products
(companies
or
brands
or
startups)
fail?

13. Self-­‐Awareness
Overview
§ Bet
on
your
strengths
§ Drop
the
things
you
suck
at
Where
to
start
§ Strengths
Finder
2.0
(Tom
Rath)
§ Find
where
you
over-­‐index
and
go
all-­‐in
Common
mistake
among
entrepreneurs
• Spending
10-­‐20
years
of
their
professional
life
checking
boxes
• The
others
try
and
do
everything
themselves
@jloomstein
Self-­‐Awareness
Idea
Audience
Product
ExecuTon

14. Ideas
Overview
• Ideas
come
first
and
the
start-­‐up
second
• The
market
drives
ideas
(not
what
you
learned
in
a
textbook)
Where
to
start
idea'ng
• Does
this
idea
solve
a
problem
I
currently
face
• How
easy
is
this
to
replicate
• How
much
do
you
love
this
idea
(passion)
• Why
now
(why
is
this
the
perfect
Tme?
Why
not
two
years
ago?
Why
not
two
years
from
now?)
@jloomstein
Self-­‐Awareness
Idea
Audience
Product
ExecuTon

15. Ideas
@jloomstein
Common
mistake
among
first
'me
start-­‐ups
• First
idea
needs
to
sound
really
big
• It’s
not
the
growth
rate
of
the
start-­‐up,
it’s
the
growth
rate
of
the
market
• Lack
of
differenTaTon
Self-­‐Awareness
Idea
Audience
Product
ExecuTon

16. Audience
Overview
• You
can’t
create
demand
or
a
market
that
doesn’t
want
to
exist
• You’re
compeTng
for
abenTon
• If
you’re
being
X
instead
of
Y
• (for
people
who
like
red
instead
of
white)
–
you’ve
already
failed
• Customer
will
put
up
with
an
imperfect,
but
rapidly
improving
product
Where
to
start
ideaTng
• What
is
the
size
and
growth
of
the
market
• How
is
the
market
going
to
evolve
• Does
my
idea
target
a
small/rapidly
growing
market
or
an
old/dying
market
@jloomstein
Self-­‐Awareness
Idea
Audience
Product
ExecuTon

17. Product
@jloomstein
Overview
• Great
idea
-­‐-­‐-­‐>
Great
product
-­‐-­‐-­‐>
Great
company
• UnTl
you
build
a
great
product
-­‐
nothing
else
mabers
Where
to
start
ideaTng
• Build
something
that
users
love
-­‐
Making
something
that
people
like
-­‐
is
a
great
way
to
fail
• Its
beber
to
build
something
that
a
small
amount
of
users
love
-­‐
than
a
something
that
a
lot
of
people
like
Think
for
yourself
• What
are
the
products
you
love?
Now
-­‐
are
they
simple
to
use/learn?
• Google
is
a
search
box
with
two
bubons
• iPhone
was
the
first
mobile
phone
that
people
loved
Self-­‐Awareness
Idea
Audience
Product
ExecuTon

18. Product
@jloomstein
Why
do
products
(start-­‐up’s)
die
• Failure
to
build
a
product
people
love
• Lack
of
word
of
mouth
• Failure
to
find
1,000
true
believers
• Lack
of
user
feedback
• Asking
quesTons
• Bonus
point
–
very
few
fail
from
funding
First
metrics
to
focus
on
• Growth
• Total
registraTons
• AcTve
users
• AcTvity
levels
• RetenTon
• Revenue

19. Bobom
line
–
if
you
don’t
get
this
stuff
right.
Nothing
else
will
maNer.
Success
=
Self-­‐Awareness
x
Idea
x
Product
x
Audience
x
Team
x
ExecuTon
x
Luck*
*Luck
=
random
number
Execu'on
is
everything.

20. Before
we
move
on

21. Recap
@jloomstein
Strategic
impera'ves
• Audience
first.
Product
second.
• Stop
trying
to
find
customers
for
your
products;
find
products
for
your
customers
• 1,000
true
believers
• The
number
one
asset
to
everyone
is
Tme
• You
can’t
create
demand
• What
is
my
story
• Stop
worrying
that
someone
is
going
to
steal
your
idea
(execuTon
is
everything)
• You
can’t
outspend
brands
• Everyone
is
compeTng
for
abenTon

22. How
is
someone
going
to
pick
your
company

23. Being
Picked

24. • Win
by
being
more
ordinary,
more
standard,
and
cheaper
• Or
win
by
being
faster,
more
remarkable,
and
more
human
Competing on price is a race to the bottom. You can’t
out Wal-Mart….Wal-Mart

25. Recap
@jloomstein
• Rule
1:
Build
your
personal
+
company
brand
• Rule
2:
It’s
not
about
you,
it’s
about
your
customer
• Rule
3:
Try
small
investments
into
the
plamorms
• Rule
4:
Don’t
scale
unTl
its
profitable
• Rule
5:
OpTmize
for
a
specific
tacTc
(I.e.
conversion,
reach,
etc.)
From
a
marke'ng
point
of
view
• How
do
we
deliver
a
posi've
customer
experience
throughout
the
research,
discovery,
and
purchase
journey
• How
do
we
create
client
or
customer-­‐centric
content
• How
do
we
create
the
right
message
to
the
right
audience
at
the
right
'me
• How
do
measure
the
effec'veness
of
our
markeTng
dollar
• How
do
we
maximize
marke'ng
budget
with
limited
talent
and
training
resources
• How
do
we
create
our
brand
so
people
know,
like,
trust,
and
buy
from
us
The
Decisions
you
make….

26. @jloomstein #Pubcon
How
to
think
about
your
digital
strategy
Crea'ng
a
framework
Social
Media
|
Connected
Economy
|
Digital
Media
Opportuni'es

27. How
to
think
about
your
company
@jloomstein
Company/
Brand
OperaTons
Finance
/
AccounTng
Human
Resources
MarkeTng
Sales
Vendors
DistribuTon

28. How
to
think
about
your
digital
strategy
@jloomstein
MarkeTng
Website
/
SEO
In-­‐store
(Coupon,
Display,
Co-­‐Op)
Social
Digital
Media
(SEM)
E-­‐
Commerce
Mobile
Blog
PR/Event/
Influencer
CRM
Email
Video
Content
MarkeTng
Social
Facebook
Twiber
LinkedIn
YouTube
Pinterest
Snapchat
Instagram
Streaming

29. How
it
plays
out
@jloomstein
Company/
Brand
OperaTons
Finance
/
AccounTng
MarkeTng
Human
Resources
Sales
Vendors
DistribuTon
MarkeTng
Website
In-­‐Store
Digital
Media
(SEM)
E-­‐Commerce
Blog
Social
PR/Event/
Influencer
CRM
Email
Content
MarkeTng
SEO
Social
Facebook
Twiber
LinkedIn
YouTube
Pinterest
Snapchat
Instagram
Streaming
Content
Outreach
Community

30. How
to
think
about
your
markeTng
@jloomstein
Blogging
|
Social
|
SEO
|
Paid
Media
(SEM)
Call-­‐To-­‐AcTon
|
Landing
Page
|
Email
Sales
AnalyTcs
CRM
Top
of
the
funnel
Pulling
visitors
to
website
Middle
of
the
funnel
ConverTng
ater
they
visit
Nearly
6B
searches
on
Google
everyday
–
maybe
a
few
of
those
people
would
be
interested
in
your
product
Bobom
of
the
funnel
Conversion
–
markeTng
asset
you
own

31. How
to
think
about
your
social
strategy
@jloomstein
Social
Facebook
Twiber
LinkedIn
Pinterest
Snapchat
Instagram
YouTube
Streaming
Content
Outreach
Community
E-­‐Books
• Facebook
dark
posts
• Facebook
promoted
posts
• Facebook
ads
• Blogs
• Guest
posts
• Infographics
• Video
• Podcast
• Advertorial
• YouTube
ads
• Explainer
videos
• Video
series
• LinkedIn
ads
• LinkedIn
blog
posts
• LinkedIn
groups
• Webinar
promoTon

32. Example
|
Investor
• Company:
Founder
collecTve
• Website:
www.foundercollecTve.com
• About:
Seed-­‐stage
venture
capital
fund
built
by
a
collecTon
of
successful
entrepreneurs
($200K+
/
30
investments
annually)
• Focus:
Accelerate
the
relaTonship
process
+
build
thought
leadership

33. This
is
your
new
reality

34. @jloomstein #Pubcon
2005
|
Pope
John
Paul

35. @jloomstein #Pubcon
2013
|
Pope
Francis
2013
|
Pope
Francis

36. @jloomstein #Pubcon
Everyone
is
compe'ng
for
aNen'on
and
experience

37. Ward,
“I
think
you
were
a
li4le
hard
on
the
Beaver…”

38. Do
This
|
Where
to
focus
• IdenTfy
your
core
offering
• Pick
your
super
power
• Tell
a
beber
story
• Invest
in
operaTons
/
non-­‐revenue
acTviTes
(I.e.
accounTng,
project
management,
etc.)
• Learn
that
you
can
either
being
a
meaningful
specific
or
a
wandering
generality
• Fill
your
roster
with
the
right
people
(money,
technology,
client,
Tme,
recruiter,
sales)
• Build
your
team
based
on
energy,
hustle,
integrity,
and
talent
• Drop
the
stuff
you
suck
at
/
double
down
on
your
strengths
• Understand
that
none
of
this
is
easy
Credit:
Karl
Sakas
@jloomstein

39. @jloomstein #Pubcon
This
is
your
goal….

40. Wait….About
Me
1999
–
Graduated
Bradley
University
2002
-­‐
Started
in
digital
markeTng
2005
–
Graduated
SMU
MBA
Work
for
“Big”
Agencies
Omnicom
2003-­‐
2010
2011
–
Started
Digital
Space
2011
–
D/FW
SEM
2012
–
Pubcon
2014
–
SMU
MBA
Adjunct
Professor
@jloomstein

41. @jloomstein #Pubcon
¨ 10+
member
digital
strategy
agency
based
out
of
Dallas
¨ We
develop
brand
strategies,
go-­‐to-­‐market
posiTon
strategies,
and
create
digital
markeTng
amplificaTon
models
for
mid-­‐market
companies
and
brands
¨ Passionate
about
the
tools,
plamorms,
and
technology
used
to
connect
and
engage
consumers
And,
we
do
this
41

42. @jloomstein #Pubcon
42
Execu'on
is
everything.
Where to connect…..we’d love to chat
DigitalSpaceConsulting.com
info@digitalSpaceConsulting.com
James@digitalSpaceConsulTng.com
@Jloomstein

43. Appendix
Building
a
Toolbox
Think
Strategy.
Not
TacTc.

44. Personal
branding
tools
Create
a
website
for
$10….
• Create
personal
website
on
About.me,
Tumblr.com,
Magnt.com
• Create
URL
on
GoDaddy.com
• Redirect
personal
url
to
personal
website
Social
Profiles
• Facebook
brand
page
• Linkedin
(personalized
url)
• LinkedIn
business
page
• Twiber
• Instagram
• Pinterest
• Quora
@jloomstein

45. Audience
listening
tools
Listening
for
opportunity
• Google.com/trends
• Alltop.com
• Search.twiber.com
• Hootsuite.com
• Topsy.com
• SocialmenTon.com
• Ubersuggest.com
• AddictomaTc.com
• Tagboard.com
• Nuzzel.com
• IceRocket.com
• Tailwind.com
@jloomstein
• IdenTfy
relevant
topics
to
write
about
• IdenTfy
headlines
that
impact
search
results
• Discover
where
your
audience
hangs
out
online
• IdenTfy
content
that
solves
a
problem
• IdenTfy
who
leads
the
conversaTon
relevant
to
your
industry
• What
type
of
content
trends
among
your
community
• IdenTfy
influencers
None
of
these
tools
are
all-­‐inclusive.
They
catch
bits
and
pieces
of
what
is
out
there
but
don't
always
get
it
all.
If
you
run
a
search
every
day,
it
will
only
takes
a
few
minutes
to
scan
through
anything
new.
If
you
want
to
conduct
a
"fresh"
search
that
isn’t
skewed
by
your
Google
history,
use
the
Google
Chrome
browser
and
open
an
incognito
window
(ShiJ
+
CTRL
+
N)
so
it
doesn't
factor
your
Google
profile
in
results.

46. CompeTtor
/
compeTTve
tools
@jloomstein
Trending
Tools
• BuzzSumo.com
• ProductHunt.com
• Google
Alerts
• Google.com/Trends
• Feedly.com
• Trendspobr.com
• Contentgems.com
• AppAnnie.com
Compe'tor
Tools
• MenTon.com
• FanPageKarma.com
• FollowerWonk.com
• Hashtracking.com
• MenTonMapp.com
• Hootsuite.com
• WhatRunsWhere.com
• SpyFu.com
• Alexa.com
• SocialMetrix.com

47. CreaTve
/
amplifying
tools
@jloomstein
Why
this
works
Build
online
properTes
Create
central
access
+
community
Workflows
+
automaTon
CreaTve
content
packaging
Organize
content
process
Benchmark
performance
Create
call
to
acTon
(Snip.ly)
Audience
insights
Social
listening
Localized
markeTng
Provides
scalability
• Canva
• PicMonkey
• Pitch
Engine
• OutBrain
• RebelMouse.com
• Kapost
• Snip.ly
• Spreadfast.com
• Sprinklr.com
• WeLink.com

48. Stay
smart
tools
@jloomstein
Podcast
• Gary
Vaynerchuck
(Ask
Gary
Vee
Show
–
YouTube
/
iTunes)
• Lewis
Howes
• This
Week
in
Startups
(TWIS)
Websites
• ProductHunt.com
• Top
100
apps
(iTunes)
Content
cura'on
/
management
• Feedly
• Get
Pocket