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8/2/2019 Entrepreneurial Marketing UT TedFinch
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Entrepreneurial Marketing
Ted FinchChief Marketing Officer
Titan Solutions Group
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Overview
Objectives Background
Marketing defined
The marketing organization
A Plan of action
Strategy
Tactics4 ps
Operation
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Objectives
To explain how to setup marketing at a high-techstartup, which positions and tripwires for when.
Startups can be external (started from scratch), or
internal (started from existing company with hand-
picked team).
External startups usually require self-funding, friends &
family, angel investors, VC, or public funding.
Internal startups are usually new divisions or new
companies funded internallyand are often spun off
(like my current company).
All startups use a similar marketing process By the way, these slides will be a little text heavy so you can refer back to them later
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Background 21 years of marketing. 7 years consumer marketing in entertainment industry. 14 years
high-tech marketing. Sold the companywas acquiredfive times.
First high-tech external from scratch startup in 89, VP of sales and marketing, original13 people grew to over 4,000 people. Sold company.
Executed over 400 product launches from over 150 companies (Sony, Microsoft, Ashton Tate,Compaq, Adobe, Lotus, IBM, Citrix, Aldus, Corel, Autodesk, HP, Intel, Canon, plus manymore). Industry mercenarieslaunched entire categories. Sold company.
Later formed an internal startuppublishing software. Helped launch a category
called the Internet. Four world-wide top sellers, including Netscape Navigator and AOL.Sold company.
Formed another internal startup (1/2 owed by us, and owned by Tom Clancy)--RedStorm Entertainment. Sold company.
Senior VP at Metrowerks, sold to Motorola. Sat on 7 person marketing board, headed up$2 billion division. Headed marketing at internal startup division.
VP of Marketing at $130 billion GE, highest % growth sector. Responsible for re-booting acquired company marketing.
Chief Marketing Officer at Titan Solutions Group. Currently creating a software startupdivisionintend to take public.
Founder of Chanimal The Ultimate Resource for Software Marketing atwww.chanimal.com. 8 years old and over 53 meg and 250+ pages of content.
http://www.chanimal.com/http://www.chanimal.com/8/2/2019 Entrepreneurial Marketing UT TedFinch
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Marketing Defined
Often marketing is referred to as advertising, pr,collateralthe promotional arm of the company
Marketing is providing satisfaction. To providethat satisfaction, marketers study their target
customers to find out what they want, designproducts or services to satisfy those wants,appropriately price, promote, distribute, andsupport that offering, and monitor customer
satisfaction to fine tune their product (and thenstart all over again with the next release).
Basically, marketing is finding a need and fillingit.
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Marketing Defined
Marketing includes strategy (determining what todo) and tactics (determining how to do it)
The four Ps of the marketing mix is an easy
framework to remember
Product (definition, validation, profitability)
Price (margins, positioning)
Placement (sales, distribution)
Sales is a subset of marketing
Promotion (PR, ads, events, online, etc.)
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Organization
Always start with the marketingperiod (even before engineeringsoyou know what engineering must do and can hire accordingly)
Initially you must have product marketing/management to define,
validate, position, price and profitably drive product through development,
promotions and sales into the market
Too often the product is created first, by engineering (usually an
engineering founder with an idea), before the first marketing person ishired. Marketing then applies reality therapy, promotes what theyve
got, and soon starts the real process over to properly refine ithence the
usual better 2nd release
Engineering driven companies use field of dreams marketing. If you
build it Market driven companies ask, What do you want (and are willing to pay
for), and then they build it
The following org charts show a standard marketing organization, the
stages of startup/marketing dept. development and tripwires
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Marketing Organization
Admin
Trade Show House
Event Marketing
PR AgencyOn-line Omsbudsman
Public Relations
Ads / Direct Response
Webmaster
Production / Traffic
Outside Design
Graphics Designer
Copywriter
Mgr, Creative Services
Director, MarCom
Admin
Product Marketing Mgr
Product Marketing Mgr
Research Firm
Research Assistant
Marketing Research
Director, Product Mgmt Channel Marketing Mgr
Markeing Alliance Mgr
Marketing Operations
International Marketing
Product Training Mgr
VP Marketing
Chart represents functions that exist within a marketing
organization.
In startups, multiple functions are handled by one person.
As the organization grows, and the workload increases, each
area is handled by a specialist. Areas plump from this point
on depending on the # of products, channels, international, in-
house work, etc.
Product Definition, Price
Build, buy, alignPromotion
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Early Organization
Titan Solutions Titan Pro Services
SupportQADocs
EngineeringTitan Solutions & Pro
Product MarketingResearch, Bus Intel
Product Manager(Product) 1
PROn-line - WebDirect Response
AdvertisingEventsGraphic DesignCopywritingAgency Mgmt
MarCom(Promotions) 2
Marketing Alliances(Product/Promo) 4
Channel Marketing(Channel Mgmt)
Marketing Sales(Direct Sales) 3
Titan Software
Titan Solutions Group
1. Get the product defined, validated and intodevelopment
2. Wordsmith positioning, collateral (packaging, on-line,
copywriting)
3. Start pre-sales
4. Formal alliances to ensure complete product
5. Setup channel kit, define program, early recruiting
Hiring order
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Next Stage Organization
Titan Solutions Titan Pro Services
SupportQADocs
EngineeringTitan Solutions & Pro
Product MarketingResearch, Bus Intel
Product Manager(Product) 1
PR - 6
On-line/Web - 7
Direct ResponseAdvertisingEventsGraphic Design
CopywritingAgency Mgmt
MarCom(Promotions) 2
Marketing Alliances(Product/Promo) 4
Channel Marketing(Channel Mgmt) - 8
Marketing
Sales Person - 5
Sales(Direct Sales) 3
Titan Software
Titan Solutions Group
5. Additional sales to pre-sell product and start long sell-in
6. Start analyst meetings, prepare for press release, product launch
7. Setup on-line presense, product information, line up promotions,
setup portals (press, reseller, customer)
8. Start recruiting in mass
Definition, setup and initial promotions come first. The rest of the
positions are filled as the product is launched.
This is a self-funding model.
External funding may accelerate the
process (but actually shouldnt
unless entering a hyper competitive
market)
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Sage Tip: Organizational Chasm
Having personally gone through this stage six times (and havingconsulted multiple companies), I have found that the marketing
generalist (wearing multiple hats) stage typically changes when the
company transitions between 12-20 million and between 75 to 110
people.
At this time, the workload is usually too great for the initial marketing
individuals. The team must diversify and specialist must be hired (or
be ready to step up internally).
This is also the time that the original entrepreneurial do it all skills
may bottleneck the company growth if they dont evolve, or let go (of
2-3 roles) for the group to specialize.
I have seen some companies move all the way to 50 million and then
stick there like glue, until they get through this transition so they can
move to the next level.
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Observations Marketing has a mixed reputationoften deserved. Management seems to know the
least about the roles of marketing and typically fill the department with engineers,customer support, sales, accounting, interns, you name it. To top it off, they throw in agraphic artist, since this position has to be specialized.
Also, mostVPs of Marketing that I work with, dont know much about marketing(having no formal marketing education (school or books), having come up through theranks with similar non-marketing backgrounds).
At Motorola Semi-Conductor Sector, with about 400 marketing people, only a handfulhad any marketing training.
At multiple GE divisions (industrial systemsnot consumer goods), most of marketingwas from support and engineeringwith only 1 business degree within the entire group.Other marketing VPs were technical lightweights, and usually only knew marketingcommunications--no formal pricing, product marketing, alliances or channel marketingbackground. Best background, technical undergraduate (or aptitude), graduate degreewith marketing emphasis. Plus, sales and consumer marketing experienceto apply to
technical products. Real marketing professionals, that are skilled (and practiced) at all 4 of the marketing
Ps are rare. However, they can chew up a market and eat competitors for lunch and caneasily recognize big holes to capitalize to help their startup succeed. They can also trainand mentor existing folks with templates, processes and example. Ive spent much ofmy time mentoring teamsmany became world class (such as the team that launchedNetscape Navigator, the oldest had been out of college for 18 months).
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OverviewPlan of Action
Setup (equipment, hook up, create plan of action, internal assessment)
Strategy
Situational analysismarket strategy
Market environment (competition, economy, regulations, etc.), Marketsegments, Product offering
Organizational strategy (adoption cycle, growth strategy)
Market size, share (forecast), growth potential, product positioning Tactics
Product (product & company, build, buy, align, positioning, , naming,branding approach)
Pricing (objectives, strategy, structure, levels)
Placement (direct, indirect, OEM, channel)
Promotions (PR, on-line, ads, events)
Collateral
Operations
Goals, budget, organization, supportsummarized in Marketing Plan
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Start with a Plan of Action
In a start-up (internal or external), I always start with aplan of action. Personally, and require it of each teammember.
This is a high-level action plan that sets the framework forhow you are going to proceed. It helps level set the team
and establishes the stages and high-level target deadlines. The 2nd step estimates the time frames, could go into a
Gantt chart, and proceeds to the business and marketingplan (with a lot of definition/validation work up front).
I will take you through my actual plan of action for actuallive work (nothing confidential, but this is the realprocessyou are seeing how it is done, line by line)
Note: it contains information to level set the executiveteam on terms and processes
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Setup & Plan of Action
Done. Setup laptop, network, password, access,filing system
Done. Initial assessment. Competition, market
size, alliances, budgets, organization, collateral
Done. (need to review & sign-off). Plan of action.
Identify and sequence most of the marketing,
sales, training, support, and product action items
to create a commercial software division. Done. (setup meeting). Hook up with John to
parse out Business Plan deliverables. Prepare
w/Plan.
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Strategy
Identify the uncontrollables (competition,economy, regulations, market demand,
market size, existing segmentation), and
decide how to address them with the itemswe can control (product positioning,
marketing mix (4 Ps (product, price,
placement, promotion) to achieve our
overall financial objectives (including
sustainable financial growth).
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Formal Plans
Business PlanMarketing plan is a subset of overall business
plan covering the market section.
I will work internally to further delegate so wecan meet our timeframe.
Marketing plan will dove tail with financials
and projections.
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Situational Analysis
Market environment Define our current and future space (hi-level, where do we want toplay now, where should we play later)
Competition
Identify current and potential competitors - ranked
Review product (install, timing, usability, featureseverything aprospect would see), price, distribution and sales, promotions,alliances, OEMs, supply chain. Identify holes.
SWAT analysis
Technological issues
Preferred platforms (.net versus Notes), latest technical options, trends
Economic issues State of the economy, current impact on home sales, dynamics of
sales to software systems adoption
Social political issues
New regulation that will help, hurt us (financing, security installation,etc.)
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Situational Analysis
Market size Compile list of top 10, 25, 100, 1000 to evaluate size and
characteristics
Compile secondary research (reports) to validate sizing
Market segments5 questions to evaluate
Smaller homogeneous subsets of overall heterogeneous market
(will one product satisfy the wants of everyone within the
market? (size, sophistication, platform)?
Easy to identify and characterize?
Easy to reach, find and promote to? Individual segments large enough to be profitable?
Are all buyers in same segment responsive to similar
promotions?
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Organizational Strategy
Growth or ConsolidationConsolidation strategies
Determine course of action for existing product
(harvesting, pruning, retrenchment, divestment)
Growth strategies
Market penetrationbetter ingress into existing
markets
Product developmentchange product orperception
Market developmentfind growth in new markets
Diversificationintroduce new products
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Strategy - Growth Potential
Market sharePercentage - justification
Gaining
Sales forecastBy product
By segment
By regionBy distribution
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Product/Company Positioning
The APEX of strategic analysishow dowe expect to compete and grow in this
space?
What is our products key differentiators,unique value and positioning?
What is our companys key differentiators,
unique value and positioning?
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Marketing Mix4 Ps
Product
Product type, name, features, benefits, competitive positioning, buy/build
or align
Price
Objectives (marketshare, ROI, sales growth, long-term profit)
Strategy (22 optionsfloor, penetration, parity, cross-benefit, etc. Structure (which products, by account, time & conditions)
Levels (volume break points, site license, by product, service and
peripherals)
Placement
Direct or indirect Promotions
PR, advertising, direct response, on-line, alliance, events
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Product
Review current product (install, learn, demo)
Product definition
Existing product fixes (usability, bugs, enhancement request)
Competition (more detailed analysissummary)
Review, evaluate and contact potential alliances (align or build)
New product research (or shortcut and summarize any existing)
Decisionsif we believe we know most of the requirements based onprevious product, we can proceed until we receive early validation and thenmove into Market Requirements Document (MRD)
Secondaryreviews and reports
Primaryqualitative and quantitative (to validate frequency)
Competitive matrix
Internal assessment (engineering, support, QA, sales) Current customers (CIO, roundtable (person, phone, webinar), test for usability,installation, platform, features
Analyst, consultants and resellers
Prospects Focus groups, trade show meetings, roundtables, phone calls, webinar
Survey prospects, analyst, resellers and have them prioritize suggested features
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Product
Product definition
Summarize customer business case
Identify major problems we need to solve
Evaluate which can be solved currently
Create roadmap to address overall needs
Quantify our savings and $ in pain
Positioning (transfer this info to strategy section)
Finalize our build, align, buy strategy Market Requirements Document (MRD)
Formal as necessary to create the product (less formal, less time, more hands-on) Functional characteristics
Use case scenarios
Usability requirements
Performance capacity, speed, concurrency
Interface/integration requirements w/3rd party hardware and software
Prioritized according to a phased roadmap
Name product (review naming conventions, follow 5 step process). Not necessaryuntil the product is defined. Warning: Never release name until press release.
Name division (review naming conventions, follow 5 step process)
Create brand identity (name, logos, messaging, look and feel, usage guidelines)
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Product
Brand identity
Not necessary to name the product, division, etc. until the product is
defined (have not even solidified its positioning until thenwhich may
come into play with the naming). Always use code name. Never release
name until the press release (or we dont have news).
Name product (review naming conventions, follow 5 step process).
Review naming conventions (budget, abstract/descriptive/suggestive (etc.),positioning, tag lines)
Brainstorm for names (that meet objectives and finalized conventions)
Narrow the list and do basic name search
Conduct basic and quick acid test with prospects/customers
Decide final name candidates, prioritize and conduct advanced name and
trademark search
Finalize namedo not publish until press release
Name division (review naming conventions, follow 5 step process)
Create brand identity (name, logos, messaging, look and feel, usage
guidelines)
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Product Development
Get alliance or OEM agreement w/timeline foranything we align, versus build
Review and validate our architecture to ensure
modularity, standards, expandability
Review product specification to ensure it maps to
MRD
Formal sign-off (as needed)
Setup beta sites for testing, pre-sales Setup initial usability and benchmarking review
Product sign-off meeting
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Price - Strategy
Price distinguishes our offering from the competition andsimilar products. It communicates our value proposition
and influences buying behavior.
Review pricing for competitive and similar like products
Review prospects cost for home grown and alternativeapplication (how have they been getting the job done)
Review cost for the entire system (looking for ways to
reduce the overall price, not ours)
Understand the overall cost (software, customization,support, maintenance)
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Pricing
Pricing objectives
Marketshare, return on investment, sales growth, short/long-term profit,etc.
Pricing strategy
Floor pricing, penetration, price taker/maker (pariy), premium, cross-benefit (razor/bladesoftware vs. customization), etc.
Pricing structure Which products need to be priced
Software, professional services, installation, support, maintenance
Time and conditions
Pricing levels
New customer matrix, competitive upgrades, update price matrix, alliancepricing, OEM pricing, sample (NFR) pricing, reseller discounts,international pricing, gratis items, exception policies
Price sales dialoguesprice savings build-up, reduce to simple, priceversus cost
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Placement - Sales
Direct vs. Indirecttrip wires Direct salescompany initiative
Hire a hands on sales director/manager
Setup sales compensation, commission, bonus program
Recruit appropriate sales people and/or hire rep firm Prepare sales kits (see collateral)
Train sales people (product, market, customers, salestraining)
Setup field systems (contact mgmt, etc.) Create and populate field database
Setup field sales lead dissemination and follow-upsystem
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Placement - Sales
Indirect
Program setup
Program definitionreseller levels w/benefits and requirements
Setup co-op, mdf policies and guidelines
Reseller kit w/program descriptions
Intro letter, Reseller PowerPoint, checklist, reseller application and agreement,levels, contact information, reseller prices, part numbers, customer PowerPoint,
training requirements, collateral samples, product reviews, etc. Recruit resellers
Setup distribution agreements (Ingram, Tech Data)
Identify target resellers (size, type, markets)
Setup contact database and compile list
Setup initial reseller database (password protected, overview of program,
product info, bbscollaboration, lead dissemination and follow-up Contact and recruit (PR, alliance resellers, direct mail, VARVision, roadshow,
temp firm, reseller-centric events)
Reseller training (certification, training materials, physical and/or on-linetraining)
Reseller promotions and Co-op/MDF management - ongoing
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Promotions
PR (1/7th the cost, 15 times more believablealways start with PR!)
Setup
Determine objectives and measurement
Company positioning statements
3-5 key talking points division and product
Company backgrounder
Internal media training (what to say, cautions)
Establish policies (flaming, spokesperson, routing)
Setup crisis management process
External PRhire PR firm
Internal PR
Build target list, database and calendar Identify and compile industry influencers (analyst, consultants, organizations)
Identify and compile target publications
Identify target trade events
Create master calendar
Create reviewers guide
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Promotions
PR Internal PR
Proactive campaigning
Setup interviews with analyst and key executives
Follow-up with executives to stay in contact with press as experts
Issue press releases Setup press tour (preferably at trade events)
Speak at trade show eventsas the industry expert
Write ghost stories and submit to freelance writers
Create white papers to validate companys unique value
Place success and case stories
On-line ombsbudsman
Follow-up and tracking
Read, correct all mistakes
Setup clipping service, clip books, bulletin boardcommunicate
Calculate response and value (Media Quality Quotient Analysis)
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Promotions
On-line marketing Definition stage
Solidify objectives, consistent look and feel,
PR/reseller/alliance portal, buy domain name
Building stage Setup lead portal, product information, plan-o-gram and e-
commerce
CD-ROM version, site stats, on-line surveys, search engine,
Web policy
Promotion stage Metatags & key search words, submit to search engines, link
to/from alliances, organizations, op-in list, announce on-line
forums, affiliate program
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Promotions
Alliance marketing
Setup & definition stage
Define objectives
Identify potential alliances based on product, complimentary sales contacts,etc.
Prioritize alliances into top 10 (most of your time spent), top 25 and self-serve(compile contacts)
Define the levels, benefits and requirements Create alliance policies (screening criteria, process)
Setup self-serve alliance info for non-top 25 and above
Alliance kit
Intro, benefits, agreement, NDA, logo usage, hi-level roadmap, calendar, orderform, contacts, workshop agenda, alliance PowerPoint, Titan sales script andpresentation (cross-selling), alliance portal
Recruiting stage
Contact top 10, sign agreement, setup workshop dates, contact next 25
Development, sales and promotions stage
Complete alliance workshop, issue alliance press release, link web sites, add toalliance portal, exchange demo software/training materials, prepare an alliancepromotions plan and follow-up
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Promotions
Advertising Determine objectives
Review competitors campaigns (if any) Adscope, personal
clippings
Determine target audience (buyers, influencer, resellers)
Media selection (order trade pubs, review demographics andeditorial schedules, initial media selection)
Create ad concept, copy and design (Z format, direct response
w/offer)
Determine frequency, negotiate placement, submit ads
Create on-line direct response landing page
Measure and evaluate media, message and response
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Promotions
Event marketingRoadshow for resellers and prospects
Prospects 1st half, resellers 2nd half
Trade shows
Attempt to exhibit in alliance booth If own:
Determine who will coordinate
Booth size
Rent or buy a booth Pre-show activities
Post-show follow-up
Lead dissemination and follow-up
Show report
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Collateral
Price list and matrix
Customer PowerPoints
Reseller program PowerPoints
Alliance PowerPoints
Alliance kit
Product demo script
Folders w/sticker space
Product packaging
Product slick
Sell sheet (resellers) Family brochure (if applicable)
Press reprints
Customer testimonials
Business plan - investors
Demo CD-ROM / Video
Case stuides
White paper
Sample RFI and RFQ templates
Competitive matrix (sales
version) 3rd party add-on book
Branded give-away items
PR Reviewers guide
35 mm slides, Web versions
Hi-res .jpg of key executives
and products
Logo usage guidelines
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Marketing Budget
To be added, depending on programs andability to use existing resources
Process, first we create the promotions withthe expected ROI, then we get sign-off
Note: Be prepared to sell your budget, byfirst selling and getting agreement that your
promotions are needed. Under funding(and over funding) is death to your productyou must cost justify
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Budget SummaryExpense/ROI
Channel Marketingrecruit new resellers, sell more through existing resellers
(increase recommendation rate). Expense: $160k + Channel Mgr Return $4.9million.
Advertisingnew product announcements, generate leads for sales and resellers.
Expense: $416k (50% new verticals) Return $1.8 million.
Promotional PRgenerate leads, credibility and awareness. Expense: $144k + PR
Manager (contractor). Return $2.3 million.
Eventsgenerate leads, customer, consultant, reseller and press meetingsonly
ASIS 03. Expense: $338. Return: $513k
Customer & Reseller Conferencecustomer, consultant and reseller support, pre-
sell on-going releases. Expense: $320k ($320 CASI, $110 other divisions).
Collateralproduct catalog, price lists, CDs (support material), reseller sales kits,
data sheets, etc. Expense: $394. Return: Cost. Required to sell the products.
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Channel Marketing
Promotions Direct Response
2,000 targeted locations$8k
ROI: 2,000 x 5% response = 100 leads x 10% conversion = 10 resellers x
$100k/reseller/1st year = $1 million
Reseller database list - $5k ROI: Needed to run campaign Events
Reseller Roadshow (10 cities, $80k less contribution) - $25k
ROI: 10 cities x 25 resellers/each x 10% conversion = 25 resellers x
$100k = $2.5 million
Reseller Collateral ((brochure, binders) (2,000 x $50/ea)) -$100k
ROINecessary to run the program.
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Summary
This process is exactly how products like Netscape Navigator were
published and launched.
This process helped create the worlds largest services company
(launching over 400 products and over 1 million promotions)
This process helped companies like HP, Corel, Microsoft, Motorola,
and GE
There is still a lot of expertise involved in knowing how to execute
each phase of this plan and get a high-tech startup off the ground. The
process is not secret, and not particularly brainy (besides, it was
condensed), but it works and should be helpful in jump-starting your
future startup efforts.
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Resources
To find out more, visit my industry resource, ChanimalThe Ultimate
Resource for Software Marketing at www.chanimal.com. It has over
53 megabytes and 250+ pages of FREE real-world startup tips and
tricks (sample marketing plans, packaging guidelines, examples of
how to do product research, budget templates, etc.). It is compiled
content from some of the best high-tech marketing folks in the world
and is all free.
Also, check out practical, real-world books like, The Product
Marketing Managers Handbook for Software Marketing by Rick
Chapman.
Also, check out In Search of Stupidity, 20 years of high-tech
marketing disasters. Some of us lived through many of the mistakesthis book references. We can all learn a lot from seeing what didnt
work.
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Any Questions?