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STARTING A STARTUP IN THE DIGITAL ERA | @JLoomstein James Loomstein Managing Partner Rogue Marketing
| Date post: | 03-Jul-2015 |
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Business |
| Upload: | digital-space-consulting |
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STARTING A STARTUP IN THE DIGITAL ERA
| @JLoomstein
James Loomstein Managing Partner Rogue Marketing
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?
Let Me Tell You a Story
Credit: Karl Sakas @jloomstein
That’s because it is amazing – it’s not real.
This. Doesn’t. Happen.
@jloomstein #Pubcon 4
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…..
@jloomstein #Pubcon 5
@jloomstein #Pubcon 7
@jloomstein #Pubcon 8 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……
How we got here – connected economy
Timeline
Industrial Economy
Knowledge Worker
Connected /Shared Economy
How it happens Self-‐Awareness
Ideas Audience Product
ExecuSon
So here is how it happens
What you need to start a start-‐up • Self-‐awareness
• Idea • Audience
• Product
Then you need
• Team • ExecuSon
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?
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
ExecuSon
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 Sme? Why not two years ago? Why not two years from now?)
@jloomstein
Self-‐Awareness Idea
Audience Product
ExecuSon
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 differenSaSon
Self-‐Awareness Idea
Audience Product
ExecuSon
Audience
Overview
• You can’t create demand or a market that doesn’t want to exist
• You’re compeSng for aaenSon
• 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 ideaSng
• 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
What you want
• Small niche that you can own and rapidly expand
• Understand what is going to be big to your audience in 8-‐10 years
@jloomstein
Self-‐Awareness Idea
Audience Product
ExecuSon
Product
@jloomstein
Overview • Great idea -‐-‐-‐> Great product -‐-‐-‐> Great company • UnSl you build a great product -‐ nothing else maaers Where to start ideaSng • Build something that users love -‐ Making something that people like -‐ is a great way to fail • Its beaer 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 buaons • iPhone was the first mobile phone that people loved
Self-‐Awareness Idea
Audience Product
ExecuSon
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 quesSons • Bonus point – very few fail from funding
First metrics to focus on • Growth • Total registraSons • AcSve users • AcSvity levels • RetenSon • Revenue
Boaom 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 ExecuSon x Luck* *Luck = random number
Execu'on is everything.
Before we move on
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 Sme • You can’t create demand • What is my story • Stop worrying that someone is going to steal your idea (execuSon is everything) • You can’t outspend brands • Everyone is compeSng for aaenSon
How is someone going to pick your company
Being Picked
• 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
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 plalorms • Rule 4: Don’t scale unSl its profitable • Rule 5: OpSmize for a specific tacSc (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 markeSng 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….
@jloomstein #Pubcon
How to think about your digital strategy Crea'ng a framework Social Media | Connected Economy | Digital Media Opportuni'es
How to think about your company
@jloomstein
Company/Brand
OperaSons
Finance / AccounSng
Human Resources
MarkeSng Sales
Vendors
DistribuSon
How to think about your digital strategy
@jloomstein
MarkeSng
Website / SEO In-‐store
(Coupon, Display, Co-‐Op)
Social
Digital Media (SEM)
E-‐Commerce
Mobile
Blog
PR/Event/Influencer
CRM
Video
Content MarkeSng
Social
Twiaer
YouTube
Snapchat
Streaming
How it plays out
@jloomstein
Company/Brand
OperaSons
Finance / AccounSng
MarkeSng
Human Resources Sales
Vendors
DistribuSon
MarkeSng
Website
In-‐Store
Digital Media (SEM)
E-‐Commerce
Blog
Social PR/Event/Influencer
CRM
Content MarkeSng
SEO
Social
Twiaer
YouTube
Snapchat Instagram
Streaming
Content
Outreach
Community
How to think about your markeSng
@jloomstein
Blogging | Social | SEO | Paid Media (SEM)
Call-‐To-‐AcSon | Landing Page | Email
Sales AnalyScs CRM
Top of the funnel Pulling visitors to website
Middle of the funnel ConverSng aser they visit
Nearly 6B searches on Google everyday – maybe a few of those people would be interested in your product
Boaom of the funnel Conversion – markeSng asset you own
How to think about your social strategy
@jloomstein
Social
Twiaer
Snapchat
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 promoSon
Example | Investor
• Company: Founder collecSve
• Website: www.foundercollecSve.com
• About: Seed-‐stage venture capital fund built by a collecSon of successful entrepreneurs ($200K+ / 30 investments annually)
• Focus: Accelerate the relaSonship process + build thought leadership
This is your new reality
@jloomstein #Pubcon
2005 | Pope John Paul
@jloomstein #Pubcon
2013 | Pope Francis 2013 | Pope Francis
@jloomstein #Pubcon
Everyone is compe'ng for aNen'on and experience
Ward, “I think you were a li4le hard on the Beaver…”
Do This | Where to focus
• IdenSfy your core offering
• Pick your super power
• Tell a beaer story
• Invest in operaSons / non-‐revenue acSviSes (I.e. accounSng, 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, Sme, 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
@jloomstein #Pubcon
This is your goal….
Wait….About Me
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1999 – Graduated Bradley University 2002 -‐ Started in digital markeSng 2005 – Graduated SMU MBA
Work for “Big” Agencies Omnicom 2003-‐ 2010
2011 – Started Digital Space
2016 – Merged Rogue
2011 – D/FW SEM 2012 – Pubcon 2014 – SMU MBA Adjunct Professor
@jloomstein
@jloomstein #Pubcon
¨ 10+ member digital strategy agency based out of Dallas
¨ We develop brand strategies, go-‐to-‐market posiSon strategies, and create digital markeSng amplificaSon models for mid-‐market companies and brands
¨ Passionate about the tools, plalorms, and technology used to connect and engage consumers
And, we do this
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@jloomstein #Pubcon 42
Execu'on is everything.
Where to connect…..we’d love to chat
GoRogue.net
[email protected]@GoRogue.net
@Jloomstein
Appendix Building a Toolbox
Think Strategy. Not TacSc.
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 • Twiaer • Instagram • Pinterest • Quora
@jloomstein
Audience listening tools
Listening for opportunity • Google.com/trends • Alltop.com • Search.twiaer.com • Hootsuite.com • Topsy.com • SocialmenSon.com • Ubersuggest.com • AddictomaSc.com • Tagboard.com • Nuzzel.com • IceRocket.com • Tailwind.com
@jloomstein
• IdenSfy relevant topics to write about • IdenSfy headlines that impact search results • Discover where your audience hangs out online • IdenSfy content that solves a problem • IdenSfy who leads the conversaSon relevant to your industry • What type of content trends among your community • IdenSfy 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.
CompeStor / compeSSve tools
@jloomstein
Trending Tools • BuzzSumo.com • ProductHunt.com • Google Alerts • Google.com/Trends • Feedly.com • Trendspoar.com • Contentgems.com • AppAnnie.com
Compe'tor Tools • MenSon.com • FanPageKarma.com • FollowerWonk.com • Hashtracking.com • MenSonMapp.com • Hootsuite.com • WhatRunsWhere.com • SpyFu.com • Alexa.com • SocialMetrix.com
CreaSve / amplifying tools
@jloomstein
Why this works Build online properSes
Create central access + community Workflows + automaSon
CreaSve content packaging Organize content process Benchmark performance
Create call to acSon (Snip.ly) Audience insights
Social listening Localized markeSng Provides scalability
• Canva • PicMonkey • Pitch Engine • OutBrain • RebelMouse.com • Kapost • Snip.ly • Spreadfast.com • Sprinklr.com • WeLink.com
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
