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Key points and highlights from Chris Winstanley’s presentation “Marketing your Startup, a very short introduction”. Charging monthly recurring fees can work really well - makes the purchase less of a decision. Try testing different price points and see what it does to conversions - work out the price elasticity of your offering. Look seriously into the freemium model, it's a very powerful business model when well implemented. Get free advice from other businesses - test the user journeys of successful websites like BaseCampHQ. If a new feature stays on Amazon.com for more than a week you can assume it is because their team found it works. If a new feature disappears within a week, there's probably a good reason, so consider seriously before emulating it.
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Marketing – a very brief introduction
Chris Winstanley
The 4 P’s (or is it 7?)Pro
du
ct
Pri
ce
Pla
ce
Pro
moti
on
Pro
ces
s
Physi
cal
Evid
ence
PeopleAnd for
services (not products):
Idea to product/service
Does it exist? (probably)Search and ask. Most things have already been done
Does anybody want it?If it doesn’t exist, there’s probably good reason
Can you do it better/cheaper/cooler?Bearing in mind you probably have few resources
How much time and money will it cost to create?Double the estimated development cost and time
BaseKit platform cost around $3m to build
How to charge, and how much
Do you need to charge or can you give it away?Affiliate Links, in some sectors
https://www.affiliatewindow.com/merchant_directory.php
Advertising, expect a very low returnGoogle Adsense is easy
If you are charging, monthly recurring is usually bestMakes the purchase less of a decision
If you can cover your CPA in year 1 that’s great
People’s apathy can make you a lot of money
Charge as much as you can get away with, sustainablyUnless you’re unique you’ll need to benchmark competitors
You should ask people what they expect to pay
Test different price points and see what it does to conversion
The Freemium Way
Relies on upselling from a free versionTime limited, remove advertising, additional features
This is BaseCampHQ
Where to sell it? (Place)
Your own websiteTime and cost to set up
All your risk paying for traffic
Anything but a basic e-commerce solution needs dev
Via a marketplaceLike Amazon or eBay for physical goods
Through aggregators or affiliatesGuarantees your cost of acquisition
Marketing Channels (Promotion)
Channel Pros Cons
PPC Control, speed, testing
Expensive, transient (no brand effect)
SEO Free traffic! Time and difficulty
Email Easy, cheap Need a database first
Social Media Easy-ish, cheap Time consuming to do well
Advertising Cheap, builds awareness
CTR low, creative costs
Affiliates Guarantees your CPA
Expensive to set up, voucher-code led
Partnerships Leverage another brand and their customers
Difficult and lengthy to set up
Process
Your user journey is crucialHit people with simple
Don’t make people wait for anything (load time)
Look at how Amazon, BaseCampHQ do it
A good user journey could make your business
Fulfillment needs to be equally slickKeep people (over) informed by email, SMS
Call people if something goes wrong, don’t email
Surprise and delight your customers. It’s not that hard.
Physical Evidence
These do not stop your car breaking down
They do make you continue paying
They’re free advertising for your business
People
Make it personalEnsure it’s easy to contact you
If you’re selling something, have an 0800 number
Get back to people the same day
Use chat to improve your sales conversion
Have an about us pageWrite it yourself, it’s not one for the intern
Include some photos that resonate with your audience?
Have some fun with it. A personality goes a long way
Any Questions?
Q: We are a UK company with key interests in the USA. When we do email marketing to US-based leads, are we bound by UK or US law, or both?
A: You have to comply with the laws of where you are emailing to, not from (or we’d all be emailing from Brazil)
