For example, Blockbusters has open stores in 17 countries.
The Foundations of Startup Marketing For early-stage startups, feedback is more important than customers. The faster you can resolve customer objections, and improve the product to match market demand, the more likely you are to win over the long run.
Dropbox, Hotmail, Eventbrite, Mailbox, and Snapchat famously acquired millions of users with almost no money spent on marketing. Building virality into their product. Below is a graph to illustrate startup growth at different rates based on varying viral coefficients.
Imagine that the Y-axis represents your number of user signups, and the X-axis represents time. If your viral coefficient is 1. If you have a viral coefficient above 1. How do you embed marketing into your product? The first is to build a product worth recommending. If every single user recommends two new users, you have exponential growth.
Brian Halligan from Hubspot put it best when he said: If that were the case, a better approach would be to produce user-generated content that could be used to scale producing high-quality whitepapers. The fastest way to understand why potential customers are not converting is to ask them.
Install Intercom — a great tool that allows you to talk in real time with website visitors. Ask visitors to fill out a survey using Survey Monkey.
Ask for feedback in a forum your customers participate on. Commission some user tests from UserTesting.
Following this, hopefully you will have a good idea of what is preventing your visitors from converting. Focus on your headlines, call to actions, and lead capture forms. Use tools like Leadformlywhich will give you a high-converting form without having to spend months split testing different variations.
The following model by WiderFunnel is also a fantastic starting point for understanding how to improve the likelihood of a conversion. For example, can we reduce the navigation to minimise distractions? Once you have your mockups designed, I recommend using Visual Website Optimizer to test them against your existing landing page.
VWO has a great user interface, making it very easy to quickly test variations of your website without needing to make backend coding changes. Conversion rate optimisation is not something you do once. You should strive to constantly tweak and improve your landing pages to make incremental improvements.
At the same time, always remember the model below. Incremental tweaks will always hit a limit. Finding your perfect audience using segmentation Most people think of Facebook Ads as an acquisition channel for driving signups. There is no limit to how finely you can segment a Facebook advert.
If you wanted, you could run an identical adverts to different demographic and psychographic audience segments.
Using conversion tracking, you can see which demographics and psychographics then have the highest conversion rate on your service. Here are a few examples. For one of our clients, FanDistrowe found that 23 year old Canadians are approximately 3x more likely to convert than 21 year olds.
We know that musicians in New Zealand are more likely to convert than Australians. Facebook Ads are, in my opinion, the best way to quickly and affordably verify who your audience are, and what your cost-per-acquisition is for different demographic groups.
Most people will not go out of their way to give you feedback. Use incentives, meet your users, and study user behavior data to understand where people fall off in your funnel, and more importantly — why?
Targeting Early Adopters Many inexperienced marketers make the mistake of targeting the mass market too soon. If you want to own the majority market share, your initial launch strategy and messaging must appeal to innovators and early adopters.
The laggards will follow. The gist of the book is that, if you want to inspire someone to take action, you must begin by explaining why you do what you do. Not what or how.Customer retention is a great strategy and should be getting as much, if not more, focus as customer acquisition.
There are a lot of strategies, tactics, and tools to retain customers. Choosing the right set of solutions can be difficult and confusing. Strategy and the Internet by Michael E. Porter Reprint rd March HBR Case Study Mommy-Track Backlash ra Alden M.
Hayashi First Person The Job No CEO Should Delegate rb Larry Bossidy HBR at Large The Nut Island Effect: When Good Teams Go Wrong rc Paul F Levy. For example, you know certain customer acquisition tactics (like search engine advertising) are critical, but adding content marketing or online reputation management to your overall strategy could amplify word of mouth and referrals, boosting the potential value of every customer.
One way to think about customer acquisition management is to consider it the link between advertising and customer relationship management, as it is the critical connection that facilitates the acquisition of targeted customers in an effective way.
The Customer Acquisition Process. Customer acquisition requires forethought and strategies. Internet marketing strategy • ‘The key question is not whether to deploy Internet technology – companies have no choice if they want to stay competitive – but how to deploy it.’ Porter, M.
() Strategy and the Internet, Harvard Business review, March , 62– Netflix has rewarding the best talent employees that motivate them to work hard. STRATEGIES • At business level strategy, Netflix using cost leadership strategy that serve lowest monthly fee and low rental cost.
• Netflix also use diversify strategy when it expand its business to china and india market.