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Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. The founder explains that the product is so “buzz-worthy” that usage will spread rapidly through word-of-mouth only, meaning people loving it and recommending it to their friends.
Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Defining the right business model requires the same diligence as designing the right product, but the approach and skills required are different.
Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. The founder explains that the product is so “buzz-worthy” that usage will spread rapidly through word-of-mouth only, meaning people loving it and recommending it to their friends.
For the rest of us, we need a business plan, as well as a product plan. Some of you may be convinced that your product specification communicates the product message even better than a business plan, so why be redundant? Professional investors and even customers invest in people, rather than just a product.
Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. First of all, Seth Godin pointed out a long time ago that viral marketing does not equal word-of-mouth. Develop viral content. Seed viral activity.
Major Phases / Major Features - What are the major features in the major phases for the product? Do you transact immediately or on delivery of some product or service? Social Integration/Viral Outreach - are you integrating in some way with social networks? Any other kind of viral outreach? What has been captured so far?
Major Phases / Major Features - What are the major features in the major phases for the product? Do you transact immediately or on delivery of some product or service? Social Integration/Viral Outreach - are you integrating in some way with social networks? Any other kind of viral outreach? What has been captured so far?
I was talking with an early-stage founder who has a product vision and wants to get it built. He wanted to get input from me on what he's doing, and he wants to begin to ask developers what it would take to build his product. Me : Product definition, use cases, feature list, wireframes, comps, really whatever you have.
One of the harsh realities for most product entrepreneurs is that they have deal with hiring and firing as their company grows, and they have no experience or idea where to start. They know how to capitalize on social media, viral marketing, events, and the new tools of the trade. Staffing Professional.
If you’re a technology startup you need to excel at product, of course. The starting point of product IS marketing, which is what a lot of young entrepreneurs that never studied business don’t realize. But being best-in-class at online marketing is also a sine qua non to standout from your peer group.
At TechEmpower, we frequently talk to startup founders, CEOs, product leaders, and other innovators about their next big tech initiative. Background Questions Let’s start with some background questions about the business and product. Ads, Viral/Social, SEO)? What problem is your product trying to solve? Wireframes?
Investors my tell you that, but what they can look at your product on paper and tell what it does and they will understand if it can be built. Leverage Existing Platforms or Third Party Products - you want to test your social network, grab Drupal and whip something together, or even just use a hosted service.
Viral marketing costs real money, and your support staff and hosting systems cost even more. Finish the product before marketing begins. It’s never too early to start marketing, since it usually takes as long to build marketing momentum as it does to build a product. Marketing should start before product development.
This is why I loved Brad Feld’s recent post about the “ illusion of product / market fit.” Are our users addicted to our product? But if users don’t come back to your product directly and often I question whether you have a sustainable product / company. Are we making their lives better?
You may think that patents and copyrights are not required, since your products are so innovative, but you will find that competitors are quick to copy your idea if you don’t protect it. That first burst of customers via word-of-mouth or a viral video won’t sustain your growth. Intellectual property is required for a competitive edge.
Amazon took a consumer value proposition (buying books, then all retail products) and made the consumer experience significantly better, faster & cheaper. We have built route management software so that drivers have productive routes and can cluster pick-ups and drop-offs. In short — how the hell did we raise $30 million?
List key features/ Minimal Viable product plan. Create a “ viral ” landing page, with LaunchRock or KickoffLabs. from your product and get feedback and suggestions on new features. Use Skype or Google+ Hangouts for team conversations. Craft Your Company Hypotheses (use the Lean LaunchLab ). JustinMind , Balsamiq ).
Every time I challenge a business plan with little or no budget for marketing, I get the answer that they will be using “viral” marketing, which costs nothing. The founder explains that the product is so “buzz-worthy” that usage will spread rapidly through word-of-mouth only, meaning people loving it and recommending it to their friends.
One of the harsh realities for most product entrepreneurs is that they have deal with hiring and firing as their company grows, and they have no experience or idea where to start. They know how to capitalize on social media, viral marketing, events, and the new tools of the trade. Staffing Professional.
In today’s world, it seems that emotion, not logic, sparks the new trends that become culture, and drives our devotion or disappointment in new products and brands. Businesses which ignore this contract are excluded from consideration, despite maybe having a logically better product or price. Enlist disciples and a congregation.
Plan to deliver a family of products, rather than a one-trick pony. Even a great initial product, with no follow-on, won’t keep you ahead of competitors very long. A smarter risk is to build a plan, with associated greater resources, that will put you in position to expand your product line and keep one step ahead of competitors.
The “it” is a physical or web product they’ve often been locked-down, pounding away at, for many weeks. The product is so good, helpful, and easy to use that it literally almost does its own marketing organically through the product’sviral nature, just as Hotmail and Gmail have done since inception.
Viral marketing costs real money, and your support staff and hosting systems cost even more. Finish the product before marketing begins. It’s never too early to start marketing, since it usually takes as long to build marketing momentum as it does to build a product. Marketing should start before product development.
Start by building just enough of your product to get early CAC and CLV signals (they won’t be perfect). channels (search, social, viral, new media), cost-efficient distribution We often reference Dave’s work when talking to innovators. cto , infotech , innovation , product , project , saas Don’t worry about scaling just yet.
Plan to deliver a family of products, rather than a one-trick pony. Even a great initial product, with no follow-on, won’t keep you ahead of competitors very long. A smarter risk is to build a plan, with associated greater resources, that will put you in position to expand your product line and keep one step ahead of competitors.
Most technical entrepreneurs focus hard on building an innovative product, but forget that an elegant solution doesn’t automatically translate into a successful business. Defining the right business model requires the same diligence as designing the right product, but the approach and skills required are different.
So what happens when production is reduced by 99% and distribution bends to infinity? Content can go viral – the highest quality stuff is shared. Video production & distribution is becoming much more programatic. That would be like selling physical consumer products and deciding not to sell at Walmart.
In his maiden post on the topic he wrote, “After product-market fit and an efficient conversion process, the next critical step is finding scalable, repeatable and sustainable ways to grow the business. If this isn’t part of your culture on your product & marketing teams I can assure you it is on one of your competitors.
Try charging customers for your product when you have 12 competitors giving the product away free finances by $20 million of VC. There is no sector of the economy that isn’t being transformed by the online community that is now voraciously consuming media, applications, communications and buying global products.
Plan to deliver a family of products, rather than a one-trick pony. Even a great initial product, with no follow-on, won’t keep you ahead of competitors very long. A smarter risk is to build a plan, with associated greater resources, that will put you in position to expand your product line and keep one step ahead of competitors.
Make sure you integrate video production into your company’s marketing plan. If you manage to get your video production and marketing right, you can dramatically boost your conversion rate. You can’t expect someone who has no idea about your offer to immediately purchase your product or service. Helps In Building Trust.
Read everything you can about viral marketing. Don’t use the same message on Twitter you developed for email blasts and postcard blitzes. Social media demands two-way communication, rather than outbound only. It’s not free, so budget appropriately, but not excessively. Start social networking with peers.
Price is as important as any other feature to determine product/market “fit.” ” How many times have you seen someone struggle with an inferior product because they cannot afford the better one? Price is inextricably linked to brand, product, and purchasing decisions — by whom, why, how, and when.
Yesterday, I was talking to a startup founder about their MVP and they said something that finally got me to write this post: "I have a few investors interested but they want to see a product." It is almost never the case that you are building an MVP to "show" to an investor the product itself.
You build a team, ship your product, more tech press, more funding. They qualify every initiative with, “well this didn’t prove viral adoption last time so I don’t expect a silver bullet this time.” But reality sets in after the first few battles. You raised your seed funds. You get invited to speak on panels.
If you don’t know, Ring offers home security products that started with a video doorbell, then video floodlights, outdoor stickup cams and now in-home security features that innovate in-home security alongside outside protection. We were CONVINCED Dropcam (then Nest) wouldn’t mobilize a competing product quickly if it did sell?
The integration of AI and generative AI is radically transforming how consumers interact with technology, potentially leading to a wave of innovative products and services. The potential is HUGE. Take a look at the summary in gallery below. I’ve seen many founders that don’t have a CTO and outsourced development.
Many of them get hung up on understanding how to select the right minimal viable product. He came up with the concept to simply the search for product/market fit by using an MVP Tree. Many startups fall into the trap of building toward a “mission” rather than a minimum viable product (MVP). Your mission is your baby.
I was recently talking with a startup company who wanted me to try their product. I’m a big believer in product stability & performance before adding too many features. Measuring viral adoption is obviously important. If you have multiple versions of your product, how many are web vs. mobile?
and a full-fledged production crew. Film productions, businesses that were aiming to spend big bucks on live advertising are now turning to various animated video styles to get the job done. What about real product demos? Many companies want to showcase their upcoming products. The bigger the team, the greater the cost.
The main B2C benchmarks have to do with traction: growth in user acquisition, user retention/churn, monetisation, as well as the effectiveness of consumer marketing + virality. With the explosion in DTC products (see my post on VC Cafe), they probably deserve a category of benchmarks on their own.
This strategy of IBM started to fail once the market was filled with clones and fakes of their products. Recently, McDonalds shifted from plastic straws to paper straws after a twitter campaign went viral on how they use 1.8 They focused on IT and computing services to reach their goals and build their business back.
In today’s market ( 8,000 martech products alone ), it’s easier to attract the right customer with material they value than it is to chase down and convert a prospect who isn’t ready to buy. If your product was developed to solve a real-world problem, your ideal customers already exist. Like SEO, demand generation is a long game.
In contrast, it left several e-trends: augmented reality, zero coding, the marketplace boom, and product subscriptions are just a few of them. With the help of voice assistants, such as Siri and Alexa, you can purchase the product just by saying it while running errands. We will deliver product x every three months with free shipping.”
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