Marketing for Tech Start-Ups – Getting the fundamentals right - Entrepreneurship 101

Marke&ng for Tech Startups

Ge5ng the Fundamentals Right Entrepreneurship 101

Jon E Worren October 26, 2011

Defini9on

Marke9ng is an organiza9onal func9on and a set of processes

for crea9ng, communica9ng, and delivering value to customers

and for managing customer rela9onships in ways that benefit

the organiza9on and its stakeholders. Source: AMA

Marke9ng Mix

Product

Price

Promo9on

Place

Your idea or vision

Glacier & Mountain: Taken!

Putrified Shark Meat •  Putrified shark meat •  Hákarl, fermented shark, usually

buried for months to allow certain unhealthful substances to leak out, then air-‐dried.

•  It is usually served in bite-‐size cubes and washed down with ice-‐cold brennivín.

•  It is divided into two types, glerhákarl (glass shark), the part closest to the hide which is chewy and semi-‐opaque, and skyrhákarl (skyr shark), soW and tender inner parts. Both can have a preCy strong taste.

The Winner……Air!

FROM IDEA TO VALUE PROPOSITION Joking aside…..

Value Proposi9on Statement •  The value proposition statement may consist of

several components:

-  What you are offering

-  The specific value associated with your offering

-  For whom you are creating value

-  What makes your product special or unique

Requires a number of decisions

•  What should the product or applica9on look like?

•  Who should buy it? •  What problem is it solving for them – what value does it generate for the buyer?

•  How do they buy? •  Why would they pick us over the compe99on?

So, we have a few things to inves9gate…

Ques9on Your Assump9ons

•  Customers and their problem •  Product concept •  Distribu9on •  Pricing •  Demand crea9on •  Market Type •  Compe99on

Customer Development Model

Customer Discovery

Customer Valida9on

Customer Crea9on

Company Building

Customer Discovery

State your hypothesis

Test problem hypothesis

Test product concept

Verify

Value Proposi9on Statement The value proposi&on statement consists of several parts:

-‐  What you are offering

-‐  The specific value associated with your offering

-‐  For whom you are crea9ng value

-‐  What makes your product special or unique

Product vs Customer Dev

•  Implements vision •  Feedback from Customer Development team

Product Development

• Ques9ons assump9ons • Decides on customers, problems and features

• Offer feedback to PD

Customer Development

Customer Valida9on

Prepare to sell

Sell to visionaries

Determine Posi9oning

Verify Valida9on

GET STARTED! What are you wai9ng for?

Entrepreneur’s Toolkit •  A collec9on of ar9cles, videos, workbooks and templates to

help you grow your business.

•  marsdd.com/toolkit

Other E101 Marke9ng Lectures

•  November 16: Business Model

•  December 7: Value proposi9on

•  January 11: Market Analysis

•  February 22: Marke9ng Communica9on

•  March 7: Go-‐To Market Strategy

•  March 14: Sales

•  March 21: Distribu9on

Summary

•  Marke9ng has a holis9c mandate

•  Marke9ng ac9vi9es must be part of start-‐up from the beginning

•  Ques9on your assump9ons

•  Blank’s Customer Discovery and Customer Valida9on processes offer credible avenues towards a well founded value proposi9on and a sustainable business model

Thank You! Jon E Worren [email protected]

Photo credits

•  simiezzz

•  CoCreatr

•  jonny2love

•  Rosie Simca