PROMOTING YOUR STARTUP MUSTS AND MISTAKES Marketing Communications Strategies and Tactics Workshop September 18, 2013
Agenda What companies need/want Let s hear from you Are you ready? Who s going to do it? Exercise: audience & messaging Budgeting and priorities Musts and mistakes Discussion
Every (Start-Up) Company Wants Greater awareness Higher visibility Greater credibility More sales More sales Even more sales
Every (Start Up) Company Needs A compelling story A short way to tell it (elevator speech, brand position/promise) Customers A case study (optional) A budget
Are we in the right meeting?
Who is going to figure this out? You? CEO? Sales/marketing director? Advisory board? Do you need an agency?
Where to begin? What do you do? Who do you think your customers are? What makes you different (your market niche)?
Group Exercise What do you do? Who do you think your customers are? What makes you different (your market niche)? Write your pitch.
Advertising, PR, SEO, Social Media, Networking GETTING THE WORD OUT
Advertising The action of calling something to the attention of the public especially through paid media (Merriam-Webster s) Examples Print Online Broadcast Outdoor Often begins with research to identify positioning and messaging that resonate with the target audience You control the timing and the messaging Requires persistence to break through the clutter
Public Relations Public relations is a strategic communication process that builds mutually beneficial relationships between organizations and their publics. (PRSA) Also called earned media Examples Media placements & opinion editorials Events & stunts Corporate communications Crisis communications Community affairs Supports the brand position and messaging Third party credibility is powerful You can t control the timing or the messaging
Search Engine Optimization (SEO) The process of affecting the visibility of a website or a web page in a search engine's "natural" or un-paid ("organic") search results. (Wikipedia) Search Engine Marketing (SEM) includes paid search results Drives traffic to a website or other web presence The website must convert
SEO and SEM
Social Media Forms of electronic communication (as Web sites for social networking and microblogging) through which users create online communities to share information, ideas, personal messages, and other content (like videos). (Merriam-Webster s) Facebook, Tumblr, LinkedIn, Twitter Earned and paid media opportunities Misconception: it s free The debate over ROI rages on Consumers and businesses are undeniably engaged
Networking The exchange of information or services among individuals, groups, or institutions; specifically : the cultivation of productive relationships for employment or business (Merriam-Webster s) Examples: Face to face meetings Industry events Civic organizations Sponsorships Advisory board Critical for any start-up
Getting The Right Mix Ideally, your marketing will include a healthy mix of paid and earned media Advertising, SEO & Social = paid media Public relations & Networking = earned media Most start-ups can t afford all of these
Budget 10% of total sales and revenue (Harvard Business School Professor, Michael Porter) Varies within industries and by size of company Some companies spend as little as 3% (Inc. Magazine)
Costs Advertising Fees for creative development are charged hourly and as a set fee for projects Up to 15% of the media budget as fee for media buying is also standard (determined by scope of project, becoming less common) Can vary with the project and agency Public Relations Fees for services (writing, strategy, media lists, pitching and reporting) are organized as an hourly rate, retainer or set fee Can vary with the project and agency
Costs SEO Usually an upfront fee plus a monthly maintenance fee Social media Advertising Content creation and community management may require additional staff, agency support Networking Membership costs Sponsorship costs Time
Prioritizing Trust your instincts Test Measure Refine
Musts and Mistakes Musts Know who you are and what you do Figure out who your customers are Choose a marketing mix ads, PR, social, networking Track growth, ROI Test, repeat Cross the chasm Mistakes Hiring an agency too early Reactionary thinking Overthinking brand Ignoring messaging/the pitch Having interns run the social strategy Over-complicating results and metrics
Discussion