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Super Laws of Entrepreneurial Marketing
Co-Founder & Chief Data Scientist
Healthcare IT Marketing and PR Conference
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My Entrepreneurial Experiences
CRUSH. SMELL. GO
1999
2000
2001
2005
20132015
2016
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Unlearn What I Learned
• Big business strategies simply don’t work for shoestring-funded, tactic-focused entrepreneurs.
• Big business has millions to spend on R&D and sophisticated messaging and promotional campaigns to buy market share.
• Entrepreneurs can’t afford to buy success, they must do it the old fashion way--they earn it through creative low-cost tactics.
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The Best Practice Checklist
Sharpening the Angle Unique Product Claim Large Addressable Need Dominate the Situation Reason to Believe Quantifiable Support
Leveraging Leverage
Ride HorsesProspect for Beta-GoldminesLand an AnchorSeek Out BenefactorsBuild an Advisory Board
Think Big and Act Bid
Puff it Up Grow with Borrowed InterestMaster Social Media & PublicityGet Your Swagger OnReach Out with CrowdfundingDominate Trade Shows
Launching Tactics
Marketing EventsHave a Love FestCompelling DemonstrationsBuild a Sticky BrandCharge a Value PriceClose the Deal
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How smart entrepreneurs quickly go from unique ideas to profitability.
Good Idea
CompetitiveAngle
Profitability
Best Practices Framework
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Startup Marketing Essentials Pumping up Competitive Positioning by leveraging Competitive Angles
Digital Copy Found at myeducator.com
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Entrepreneurs are tactical (bottom up) not strategic (top down)
Focus on Incremental Innovations
Embrace Creativity Loves Constraints: Think Like David
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The Firm Strategy Process
Customers Company Competitors
Target MarketSelection
PositioningMarketSegmentation
Product Place Promotion
Price
CustomerRetention
CustomerAcquisition
Profits
The Marketing Mix
Context
Source: HBS
TopDown
Question: What do we want to do?
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Angle
Mobilize Firm’s Resources
Bottomup
Product Place Events
Price
The Marketing Mix
Current Vision
Question: What can we do?
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Be Tactical
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Art Fry & Spencer Silver
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Play-Doh
Created in 1956 as a cleaning substance for wallpaper. Joseph and Noah McVicker struck inspiration when a teacher casually mentioned her dissatisfaction with
tough--to-shape clay
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Focus on Incremental Innovations
“Entrepreneurs seldom invent and market unique products; rather, they build their ventures around incremental innovations and modifications.”HBR 1998 The Road well Traveled
“We call this R & D”
Rip Off and Design
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Entrepreneurs are David
Think and Act like David
“Am I a dog that you should come to me with sticks?”
Single Combat
Creative Underdog PowerDoes not use Goliath TacticsPlays to StrengthDoes more with less
Philistines Israelites
Goliath
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Creativity Loves Constraints!
Plumber
Truck
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Creativity Loves Constraints!
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Develop a Low-cost Marketing Strategy for Launching Organic Healthy Yogurt
Gary Hirshberg
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David Tactics Goliath Tactics
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Can You Create an Event to Promote Stonyfield Farms?
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A Few Lessons About Being Creative!
Creativity is best when we narrow our focusCreativity loves constraints Work with old things and make them new
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Developing Competitive Angles That Make Our Competitors Irrelevant
Me-too Products Allowed
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Conventional Wisdom
#1. Beware of crowded markets, to be successful, find a specific ________ market!
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Conventional Wisdom
#2. All successful products solve a specific _______ in the market!
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Coolest Cooler
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Tubing: Reduce Pain or Increase the Pleasure or Fun?
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Now That’s Fun
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A Competitive Mental Angle is…“An element of differentness that serves a need and…
Sparks a positive personal connection”
“A product or service that lifts people over a personal hurdle that helps them eliminate pain or experience joy that existing products fail to do.”
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Find a Hurdle
• Solve a Pain Point or Problem
• Build in Maximum Fun
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Elements of Differentness“Make the Tactic Remarkable”
• Double Down: Faster/Better/Cheaper
• Do the Opposite: If everybody is ____ go _____
• Feature An Oddity. If you can’t fix it, feature it.
Stretch to the Extreme!
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Throw the Baby of the Bridge
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Stretch Running to the Extreme
Highlight Fun point, not pain point
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Dirty Dash
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Stretch to Extreme for Fun
Modern Toilet
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Raising Confidence with Rx Drugs
“This is a goofy idea.” Dr. Jerry Avorn Harvard Brigham and Women’s Hospital
Reach your blood pressure goal - guaranteed or you money back!
Has marketing finally gone too far?
Novartis is the world’s fifth largest drug maker and Diovan is its biggest seller. It is the best-selling blood pressure pill with annual sales topping $4 billion.
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Personal Connection
• Humor
• Heart-Personal Relevance
• Support a Cause
• Babies, Kids, Pets
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Competitive Angle Priorities
Uniqueness
Large Addressable Need
Dominate Situation
Reason to Believe
Quantifiable Support
Higher Priority
Lower Priority
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The Focus is on the Situation, not the Customer
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Mini Case: Aprons
Cook with style--retro aprons
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Flirty Aprons
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Testimonials
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Testimonials
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Create a Marketing Event
Marketing Events can be activities, exhibitions, hoopla, happenings, gatherings, tournaments, competitions, matches, races, games, etc
Having a focus on throwing Marketing Events reminds us that we are selling a consumption experience and not just a product
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Why Marketing Events?
Low cost
Get consumers engaged in your product
Viral--use existing social networks to get momentum
Can create a brand overnight
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P&G Says... 1 + 1 =10
Combining a newsworthy marketing event with advertising support pays big dividends!
Positive media coverage [earned media] is 600% more effective than paid for advertisements [paid media]
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What are the Profitable Shows on TV?
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Create a cheap extreme marketing event to highlight your new lip balm on YouTube
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A World Marketing Event
Create an event for a new lip balm.
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BGH A/C Marketing Event
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Duck Brand Duct Tape
Get Experiential
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Make a Compelling Demonstration
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Compelling Demonstration!