Jake Finkelstein is the founder and CEO of Method Savvy -- a data-driven advertising agency that works with growth-stage and enterprise class companies to build repeatable processes for revenue growth. Jake began his career in the music industry, most notably working with artists such as Johnny Cash, Incubus, Modest Mouse, Ben Folds Five and The White Stripes. When not working with entrepreneurs or playing music, Jake can be found cooking, reading and writing. You can catch up with him on Google+.
Marketing a startup isn't for the faint of heart. Fraught with dangers like limited budgets, aggressive competitors and marketplace apathy, it's a lot more likely that your startup will fall flat on its face than wildly succeed. Yet, if entrepreneurs gave up at the first look at long odds there'd be a lot fewer of us out there.
The totally ambiguous answer is: usually. And like hiring any full-time employee, you need to work hard to find the right person with the right skill set. So what should you be looking for in your brilliant growth hacker/marketer? Let me share a few tips that I've learned—and seen others learn—the hard way. --Read On
If only demand generation was as easy as television shows like Mad Men make it seem. Have a great creative mind mix up a stiff drink and dream up an emotionally compelling storyline. Then, hand it over to a competent media team to put it in front of the right people consistently over time so that they flock to your doorsteps, wallets open.
Unfortunately, as any startup who has tried winning new business will tell you, gaining attention is easy but capturing new customers is hard. Very hard. There are an endless variety of methods and channels where your startup can spend money, time and staff resources. But figuring out the right combination of marketing and advertising that generates profit is much more difficult.
In my experience as a founder and in working with startups, I regularly see smart people waste oodles of cash on dumb marketing investments. Why? They're looking for that elusive silver bullet solution or, more commonly, simply don't know what they don't know.
Well, let's make not knowing an excuse no longer. Below are the most common ways I see founders and startup marketers waste money and annoy prospective customers. Hopefully it'll help you avoid these all too common potholes. --Read On
Entrepreneurs are an optimistic bunch. We ignore what most people look at as impossible challenges and see problems that have solutions. We believe. And work hard. We find a way to make it happen.
But that doesn't mean that a young company trying to take its great idea to market is a pretty thing to watch. Finding product market fit is difficult even for seasoned marketers. Worse yet, startups regularly struggle to understand how to properly invest in customer acquisition and retention.
Why? Because too few of us have calculated our sales funnel math.
The Secret To Marketing Success Is For Your Business to Make More Money From Customers Than It Costs You To Acquire Them
I know. That's obvious. Yet in practice, it's harder than it seems. Many of us have a gut-level desire to come up with fun, creative marketing ideas, throw them against the wall and wait for the revenue to roll in. Even if that works—and that's a long shot—that doesn't mean that it will be profitable.
Thankfully, there is a reasonably easy way to build a model around how much you should spend to acquire and retain a customer... and then compare it against your real-world performance to keep you on track.