Start-ups

Marketing and advertising will not save you

/ Robert Pease / 1 Comment

I have been fortunate to get to know the guys at the Foundry Group over the past year as they led the Series A investment in Gist.  They are a good group and being a bit of a Boulder, CO fan boy myself, I have definitely enjoyed getting to know the team there.

This past November, I really enjoyed dining with Jason Mendelson of Foundry (and a few others) ahead of the Defrag conference in Denver.   

Jason recently did a presentation for the University of Colorado New Venture Challenge on "How to Build a Company" and I thought I would share it here (slides below).  Here is a link to the summary of it on the University of Colorado New Venture Challenge site and there is also a link to video of his presentation on the same site.

Lots of great stuff in here including this point that I definitely agree with:

"Marketing and advertising will not save you: Every marketing guy
knows that half of his budget is wasted; he just doesn’t know which
half.”

Jason Mendelson – CUNVC Crash Course Series January 13 2010http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=crashcourseseries1132010-100114211515-phpapp01&stripped_title=jason-mendelson-cunvc-crash-course-series-january-13-2010

Workflow vs. Wizardry

/ Robert Pease / 1 Comment

Ok, so I'm trying to be a bit clever with my title here but wanted to put a post out there about the difference between the technical innovation that powers a product and the workflow that product enables.  Cool technology for the sake of cool technology is great and all but in order for it to be worthy of paying for it must serve some functional need – established, in need of optimization, or newly created.

My first start up was a company called Idapta.  We had really cool technology built by some super smart people.  The only problem was that we were building for a market that had yet to materialize (everyone remembers the build it and they will come strategy around B2B marketplaces, right?).  As we tried to pivot into the world of supply chain management, we were woefully unprepared both functionally and institutionally to address the core workflow needs at the process level and the underlying legacy technology.

My point is that it is definitely important to push the window of innovation and build great new products but that has to be mapped back to the demand profile of your market.  There is either pent up or realized demand awaiting your clever new widget or latent (yet to be realized) need requiring you to spend time, money, and energy elevating that pain to the point of need for a solution.  Needless to say, the latter option is super expensive and can be a "long hard slog."

Are you building with the workflow of your target user in mind or just building what you want to?  What do your target customers/users currently use to do what you want them to do with your product?  Nothing?  Then you are going to be elevating pain.  Ridiculously inefficient process or manual workaround?  Then you are on to something.

Three keys to a successful modern marketing plan

/ Robert Pease / 1 Comment

I assembled these notes in advance of a presentation I thought I would be giving.  That didn't come together but I did want to share these three points here as "keys to a successful modern marketing plan."  There are definitely more parts to a plan than what is listed here but I believe these are especially relevant to what you can do and must do given how technology has changed both the approach and pace of marketing.

1.  Launch is a process not an event

Launch is not a one time event for your company.  Launch is a continuous process whether it is the release of new features, a partner announcement, or just a continuous flow of information and events that you are driving. 

I am not a fan of the "one shot" launch events.  Not because I don't think Techcrunch 50 or Demo are good events.  I just believe there are way too many variables that impact a positive outcome…and that the results of the outcome are fleeting.  Isolating everything that could potentially derail a demo or conflicts that could lead to a sparse audience is pretty much impossible so don't set yourself up for disappointment. 

I recommend laying out your time line and finding the events that support it.  Do not spend buckets of money on events although many require some level of sponsorship to get on stage.  Just be frugal about spend and critical of the opportunity.  If it seems to good to be true or it is presented (sold) as the "make or break" event for your company, move on.

2.  Identify on-line influencers in your domain & meet them

Everyone can be a publisher these days and there are no shortage of bloggers, podcasters, and amateur journalists in just about every industry and sub-industry.  A bit of time using a search engine will reveal lots of targets for your given domain that have huge readerships.  Engage with these on-line influencers, share your expertise, and provide content for their audiences.  Traditional newspaper circulation continues to decline so focus on those who focus on what you do and in your space rather than hope for that big article in the Wall Street Journal.  If what you are doing and saying is compelling (and you are really are on expert), those opportunities will find you.

3.  Embrace new technologies but don’t lose sight of fundamentals

Social media is a tactic, not a profession.  It has a role in the marketing mix and is a phenomenal customer support tool.  See it for what it is and understand it is a platform for your brand.  Use channels like Twitter, Facebook, and your blog to share news about you, about your industry, and to show off your expertise as well as that of others (yes, including your competitors).

For a bit of additional perspective, watch this video about how the fundamentals of B2B marketing stay the same:

Fifteen Great On-Demand Tools for Your Small Business

/ Robert Pease / Leave a comment

I am lifting this list from the Seattle Tech Startups discussion thread because this response from Ksenia Oustiougova is too good not to share broadly.  Ksenia runs a great company here in Seattle called lilipip! that does animated marketing videos.

Here is her list in response to the question of "what tools do you use to manage your personal workload."  Her answer is a great snapshot of the tools used to run a small business and an example of how any company can access a wide variety of really great products on-demand and at relatively low cost these days.

  1. Project management – Basecamp
  2. CRM – Batchbook
  3. Documents (signing contracts) – EchoSign
  4. Docs automatically stored if sent by fax via eFax

  5. Invoicing – Freshbooks

  6. Taxes – OutRight

  7. Operations (manual, overseas VPA's, etc) – Google Docs

  8. Scheduling – Google Calendar

  9. Voice – Google Voice

  10. Newsletter – MailChimp 

  11. Birthday/Thank you cards – Plaxo

  12. Conferencing – Skype

  13. Video management/hosting/tracking – Wistia

  14. Money transferring (anywhere in the world) – Xoom

  15. Sending huge files – DropBox and YouSendIt

This is a great list.  I think I'd add a few like a blogging platform (Typepad or WordPress), a wiki/collaboration space (like PBWorks), and various Twitter tools (like Tweetdeck & CoTweet) as well as the fact that you can address all your email needs with Google Apps.  Other adds would include marketing specific items like PRWeb for press releases, Jigsaw for lead generation/list building, and, of course, Gist for personal relationship management.


Beware the 2%

/ Robert Pease / 1 Comment

In every project or task there are always things that get overlooked, don't go quite right, or are just wrong especially if you are moving fast or entering uncharted territory as often happens in a start up.  I view this as the" 2%."  The key is isolating this 2% down to things that will have the least material impact if they occur or, if they do, can be quickly fixed with limited impact.

Drive for perfection but understand it is elusive.  Understand that things will go wrong but focus on keeping their impact to a minimum.

Don’t forget about accounts receivable

/ Robert Pease / Leave a comment

Having run my own consulting company and been part of several start ups at this point in my life, I can't emphasize enough the need to focus on accounts receivable.  This is the life blood of your venture and your ticket to freedom (if you are venture backed) – inbound cash flow.

Yes, it is important to get that first customer or client but pay attention to payment terms and cash flow implications.  Big companies are big and don't always promptly pay an invoice…so be diligent and understand that your near term cash needs are not the most important thing for your customers.

Be creative, structure pre-pay agreements, and provide incentives for early or complete payment.  It will benefit you in the long run. 

Sales is support

/ Robert Pease / Leave a comment

This is one of my current favorite sayings especially since we have just released Gist in public beta.  Because on-demand software can be accessed, tried, and consumed with relatively little front-end involvement by the company or its staff, support has become the sales function.

Knowing when, where, and how to engage is critical as is doing so without being to "salesy" or self-promotional.  Answer people's questions, address their concerns, and let the product do the marketing for you.

Doing this requires not only a singular focus on users and user experience but having the infrastructure in place to hear what is being said (reference listening framework), a system to manage incidents/tickets, and the technical expertise available to quickly address questions, fix bugs, and even take ownership of a feature request and deliver it for that specific user.

If you nail it, word will spread about your attentiveness and laser focus on the end-user.  This isn't really an earth shattering concept as world-class companies have known for many years that you can truly differentiate from your competitors with outstanding customer service.  You make it an afterthought at your own peril.

Gist is open, come on in!

/ Robert Pease / Leave a comment

Gist_logo

Winding down a seriously busy week that included the public beta launch of Gist.  This project has been in the works for some time and Tuesday marked the public debut.  If you have not tried it out yet, please do. 

I have done many product and company launches with varying results over the years.  Launch something no one cares about and the sound of the crickets is deafening.  Launch something people want and the ride is exhilarating.  The Gist launch was the latter and here is a sampling of the coverage we generated:

Most amazing was watching Twitter come to life with people talking about what we built and their thoughts about it…in real time.  Trust me, Twitter has a purpose and is one of the more revolutionary sales/marketing/support platforms to come around in a long time.

There are still many things to figure out and no shortage of work to be done but we are off to a strong start and it only gets better from here.

Marketing Mayhem

/ Robert Pease / Leave a comment

Over the past year plus, I have been working with a whole new set of tools to understand and reach customers/prospects/users.  This includes Twitter, Linkedin, Facebook, blogs, blog comments and the associated technology to access and analyze what is being said and who is saying it.

Unlike mainstream marketing thinking, what I have been doing has cost very little money and utilizes new tools to reach people in the new places they are spending their time.  More importantly, the leverage in selling resides disproportionately with the buyer these days.  They have instant access to information about you, your competitors, and even the ability to connect with your current and former customers all without your help or involvement.  Understand this is reality and embrace it.

So, what should you do if you are trying to sell something, launch something new, or just expand market share within existing target market?  Set up and make use of a Listening & Engagement Framework.  Check out my previous posts on it to understand what the heck I am talking about.

I have been making extensive use of this type of framework at Gist and put together the presentation embedded here to highlight both what we have been doing as well as the thinking and assumptions behind it all.  Check it out and let me know thoughts and feedback.  One thing I have learned is that the rules are still being written and best practices emerge daily on the best way to use all this stuff as a business.

Marketing Mayhem – Can You Hear Me Now?http://static.slidesharecdn.com/swf/ssplayer2.swf?doc=marketingmayhemnewrulesv1-090822185333-phpapp02&stripped_title=marketing-mayhem-can-you-hear-me-now

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