Marketing your startup the inc guide to getting customers, gaining traction, and growing your business

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service If legal advice or other expert assistance is required, the services of a competent professional person should be sought ISBN: 978-0-8144-3968-5 (eBook) Library of Congress Cataloging-in-Publication Data Names: Covel, Simona, author Title: M arketing your startup : the inc guide to getting customers, gaining traction, and growing your business / Simona Covel Description: New York : AM ACOM , [2018] | Includes index Identifiers: LCCN 2017060023 (print) | LCCN 2018004101 (ebook) | ISBN 9780814439685 (ebook) | ISBN 9780814439302 (pbk.) Subjects: LCSH: New business enterprises M arketing Classification: LCC HD62.5 (ebook) | LCC HD62.5 C675 2018 (print) | DDC 658.8 dc23 LC record available at https://lccn.loc.gov/2017060023 © 2018 AM ACOM /AM A All rights reserved This publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AM ACOM , a division of American M anagement Association, 1601 Broadway, New York, NY 10019 The scanning, uploading, or distribution of this book via the Internet or any other means without the express permission of the publisher is illegal and punishable by law Please purchase only authorized electronic editions of this work and not participate in or encourage piracy of copyrighted materials, electronically or otherwise Your support of the author’s rights is appreciated About AMA American M anagement Association (www.amanet.org) is a world leader in talent development, advancing the skills of individuals to drive business success Our mission is to support the goals of individuals and organizations through a complete range of products and services, including classroom and virtual seminars, webcasts, webinars, podcasts, conferences, corporate and government solutions, business books, and research AM A’s approach to improving performance combines experiential learning—learning through doing—with opportunities for ongoing professional growth at every step of one’s career journey 10 Information about External Hyperlinks in this ebook Please note that footnotes in this ebook may contain hyperlinks to external websites as part of bibliographic citations These hyperlinks have not been activated by the publisher, who cannot verify the accuracy of these links beyond the date of publication CONTENTS ACKNOWLEDGMENTS INTRODUCTION WHAT IS MARKETING ANYWAY? DEFINE YOUR BRAND POSITIONING YOUR PRODUCT HOW MUCH SHOULD YOU SPEND? ONLINE MARKETING TAKING IT OFFLINE CUSTOMER MARKETING WRITING A MARKETING PLAN SETTING A BUDGET 10 WHEN TO MIX IT UP 11 FINDING OUTSIDE HELP 12 UNDERSTANDING MARKETING SOFTWARE CONCLUSION SOURCES INDEX ACKNOWLEDGMENTS W HEN WE SET OUT to write a book that could serve as an easy-to-read, hands-on marketing resource for company founders, we found much of the best material was within our own walls For nearly forty years, Inc has provided advice, education, and inspiration to the leaders of fastgrowing private companies, chiefly through our unrivaled editorial content That material—produced by veteran reporters, all-star editors, and expert columnists, among others—is much of what you see on the pages of this book Our thanks to all of them; this book wouldn’t be possible without their groundbreaking work From that reporting, we’ve compiled the following best-of guide—a book that’s both actionable and inspiring, designed to help company founders demystify the art and science of great marketing Our hope is that this will become a one-stop, indispensable resource to help you spread the word and ignite growth at your company INTRODUCTION W HAT IF DOLLAR SHAVE Club’s founder hadn’t made that famous YouTube video, the one where he deadpans about razors, polio, and his big-name competition—to the tune of 25 million views? What if Dropbox didn’t think a referral program was worth it—a program that at times, generated 35 percent of the company’s signups? What if Warby Parker’s PR firm hadn’t helped place a story in GQ—a piece that dubbed the company the “Netflix of eyewear” and generated so many sales that the startup ran out of inventory?2 If those companies’ founders hadn’t decided to spread the word about their companies—each in their own way—they may have never become household names The same goes for your business So you have a killer product Now, how will people find out about it? Many startups fail—even if they offer a great product or groundbreaking service—because they fail to get the word out They may think the product will sell itself Or they may think marketing is somehow underhanded, or dirty If that describes you, it may help to reframe your idea of marketing The best marketing isn’t about pushing a message or coming up with a slogan Marketing exists to help you find people who love your product: If you don’t plan to invest in marketing, you probably shouldn’t invest in building a product, either If you’re in the early stages of your business, know that it’s never too early to start If you’re worried about somebody stealing your product idea, consider another worry, says Dharmesh Shah, co-founder of HubSpot and a small-business marketing expert.3 Worry about how you’ll get customers And team members And funding All of these things are really hard—especially if you don’t talk about your idea If you’re a marketing skeptic, you may have a gut feeling that marketing is sleazy You’re not alone This book is designed to help you overcome that—to think about marketing in a new way The best marketing is about building brand, reach, and credibility, and doing what you best: helping customers We know a lot about that: For nearly forty years, Inc has chronicled the victories of fast-growth small businesses—and the bumps along the way Over the years, we’ve talked to thousands of founders who grew their companies into household names about how they spread the word We learned something essential along the way: You won’t win in the marketplace by shouting louder, placing bigger ads, or buying the fanciest booth at a trade show You’ll win by building a marketing strategy and applying the right mix of tactics for your business—no matter your budget Let’s get started WHAT IS MARKETING ANYWAY? M ARKETING IS SURPRISINGLY difficult to define Part research, part design, part sales —at its core, marketing is any activity that makes it easier to sell your product We’re talking generating leads, running TV ads, using customer relationship management software, or authoring a blog: It all falls under the marketing umbrella You’ve probably heard people use the terms marketing, advertising, and branding interchangeably But if you want marketing to help drive your sales, you first need to understand the differences making it social, 181 measurability of, 187–88 vs sweepstakes, 181, 186 conversion goals, 44 Corcoran, Barbara, 196, 247–48 The Corcoran Report, 196 Cotopaxi, 182–83 CrazyEgg, 53 Creative Marketing Alliance, 53 Crescerance, 37 CRM (customer relationship management) software, 202–3, 243–44 analyzing buying patterns, 203 cost of, 204 maximizing per-customer profits, 203 seeing customers produce most profit, 203 customer acquisition, 36 customer acquisition cost (CAC), 31–32 customer marketing, 199–204 cost of, 202 CRM (customer relationship management) software, 202–3 customer surveys, 200–201 customers, 73 defining ideal customer profile, 33–34 hanging onto, 199 identifying what makes them tick, 34 value of current, 221–22 customer service, 17 customer surveys, 34, 200–201 survey deployment and management, 245 customized metrics, 43 Cutler, Elizabeth, 11 Daily Glitter contest, 184–85 Danny Wimmer Presents, 219 Dasheroo, 63 demos, 155–56 Digital Out of Home (DOOH), 142 Digital Press, 15 direct mail, 125–32 calls to action, 127 case study, 128 cost of, 129 creating mail that works, 130–31 DIY, 129–30 introducing yourself, 126 measurability of, 132 precise targeting and, 126–27 promoting holidays or events, 127 reaching high-level decisionmakers, 126 ROI, 131–32 Direct Marketing Association’s 2016 Response Rate Report, 125 Dollar Shave Club, 100–101, 239, 247, 248 DraftKings, 133 Dropbox, 170 Drummey, Corbett, 68, 84 Dubin, Michael, 100–101, 239, 248 Economy, Peter, 202 Edge, Charles, 112 editorial calendars, 78–79, 81 Edwards, Samuel, 60, 161 Elevate My Brand, 200 email marketing, 45 being real, 47–48 case study, 49 cost of, 51 DIY, 51 measurability of, 52 subject lines, 46–47, 49 testing, 48, 49, 50–51 emails, brand identity and, 17 event marketing, 147–53 cost of, 151 creating guest lists, 149–50 deciding your objective, 148 DIY, 152 Facebook and, 150 generating buzz, 150–51 making the most of invitees, 151 measurability of, 151–52 ROI and, 151–52 Experian, 132 Facebook, 54–59 boosting posts, 59 cost of, 57 DIY, 58–59 event marketing and, 150 measurability of, 58 paying for more, 55–57 promoting pages, 59 sending people to your website, 59 FanDuel, 133 Fathom, 148 Finneran, Tom, 233–34, 236 First Round Management, 190 flyers, 143 Followerwonk, 245 Food52, 4, 219 format, identifying, 35 forms, brand identity and, 17 Forrester, 229 Fox’s Pizza Den, 131 Gates, 17 Gatorade, 148 Gendusa, Joy, 120, 130 Get It Done House Buyers, 130 Gilvar, Malcolm, 154 giveaways, 178–88 See also contests post-giveaway action plans, 180 goals, determining primary, 35–36 Godin, Seth, 103 Goldman, Bryce, 128 Google, 95, 97, 108, 114 AdWords, 158 AdWords Performance Grader, 157 Analytics, 42, 43, 44, 45, 243–44 search results, 41, 42, 45, 59, 86–87, 97–98, 98, 108 “Got Milk?” campaign, 141–42 grassroots marketing, 161–68 case studies, 164–65, 166–67 cost of, 163 DIY, 163 finding customers, 162–63 Grotech Ventures, 160 Grubhub, 142 Gwozdz, Kate, 156, 157–58 Hale, Natalie, 140 Happy Family, 166–67 Harley-Davidson, 24 Harris, Bobby, 189–90 Hartley, Tara, 139 hashtags on Instagram, 75, 76–77, 82 Instagram and, 74, 76–77 on Twitter, 66 Haupricht, Adam, 131 Hayes, Danny, 219 Health Media Concepts, 131 Hein, Bettina, 218–19 Henry Grey PR, 148 Hesser, Amanda, 4, 219 Heyward, Emily, 13 Hitchner, Kenneth, 53 Hootsuite, 244 Hroncich, J T., 133–34, 136–37, 138, 139 Hubspot, 51, 112, 243 Huckberry, 80–81 IBM, 97 Ice Bucket Challenge, 175 Ignite Visibility, 73 Inc., 105, 111, 155, 164–65, 166–67, 239 Influence.co, 117 influencer marketing, 113–21 case study, 118–19 cost of, 117, 120 fake followers and, 116 getting connected, 114 how it works, 114–15 links acquired and, 121 measurability of, 120–21 micro-influencers, 116–17, 118–19 promotion and, 115–16 qualified leads and, 121 referral traffic, 120 revenue/conversions from campaign, 121 ROI and, 114 screening influencers, 116 shares of campaign, 121 social media following and, 120 Infusionsoft, 48, 51 Inspira, 176 Instagram, 71–83 adding location, 77 avoid perfectionism, 75–76 being authentic, 75 case studies, 80–82 color, 80–81 composition, 80–81 cost of, 83 DIY, 72–74 editorial calendars, 78–79, 81 engaging users, 75 hashtags and, 74, 76–77 Instagram for Business, 72 knowing your goals, 75 measurability of, 83 promoting ads, 75 showing your personality, 75 starting a conversation, 74–75 Stories, 78–79 using hashtags, 75, 76–77, 82 Instant Pot, 118–19 International Women’s Age, 175 Isabel Harvey, 184–85 Jamf, 112 Jantsch, John, 16 Jobs, Steve, 16 Johnson, Brian, 130 Johnson, Emma, 114 Jones, Jon “Bones,” 189–90 Kawa, Malki, 190 Keating, Katie, 97 Kenney, Jim, 144 Kerpen, Dave, 43 key performance indicators (KPIs), 109, 228 KIND, 68 Kissam, Alexis, 184–85 Kissam, Kimberly, 184–85 Koch, Jim, 164–65 Kopari Beauty, 128 LaCroix, 82 lead generation, 36 LG, 148 Likeable Local, 43 Lincoln, John, 73 LinkedIn, 59–64 accurate contact info, 61 “Campaign Manager” tool, 64 compelling image, 61 compelling summary, 61 cost of, 64 custom URL, 61 descriptive headline, 60 DIY, 63 measurability of, 64 professional image, 60 profile, 60–61 relevant work history, 60–61 lotteries, 186 vs contests, 181, 186 vs sweepstakes, 181, 186 Lululemon, 162 Macy’s, 68 MailChimp, 51, 146 Mail Shark, 130 Maloney, Matt, 136–37, 142 marketing See also advertising; specific kinds of marketing budgets, 215–22 customer, 197–204 how much to spend on, 29–37 on a limit budget, 32–33 mixing it up, 223–30 offline, 123–96 online, 39–121 putting it all together, 6–7 what is marketing? 1–7 marketing agencies, 143 marketing plans budgets, 208 completion dates, 208 conducting research, 209 developing, 213 implementing, 213–14 measuring tactics, 211–12 objectives, 208 outlining tactics, 211 responsible parties, 208 staying flexible, 213–14 sticking to it, 213 strategies vs tactics, 212–13 SWOT analysis, 209, 213 writing, 205–14 marketing software, understanding, 241–46 Marketo, 146 McCullough, Tres, 148 Media Partners Worldwide, 140 messaging, identifying, 35 Millward Brown study, 84 Minkoff, Rebecca, 149 Minkoff, Uri, 146, 149 Mintz, Laurel, 200 mission statements, writing effective, 26–27 Mobley, Katharine, 37 Moffett, Nathanson, 92 “mommy bloggers,” 117 Moz, 245 MP Consulting, 218 Murdoch, Rupert, 14 Nascar, 189, 191 Nicolette bracelets, 184–85 Nielsen, 137, 138, 168 Nike, nontraditional sponsorships, 189–91 North Face, 182 NPR, 119 offline marketing, 146–96 contests, 178–88 direct mail, 125–32 event marketing, 147–53 giveaways, 178–88 grassroots marketing, 161–68 out-of-home advertising, 141–46 public relations, 192–96 radio advertising, 137–41 referral marketing, 168–73 sponsorships, 188–91 sweepstakes, 178–88 trade shows, 153–61 TV advertising, 132–37 old-school marketing, 146–96 contests, 178–88 event marketing, 147–53 giveaways, 178–88 grassroots marketing, 161–68 public relations, 192–96 referral marketing, 168–73 sponsorships, 188–91 sweepstakes, 178–88 trade shows, 153–61 The Onion, 97 Optify, 244 OptinMonster, 201 out-of-home advertising, 141–46 case study, 143–44 cost of, 143 Digital Out of Home (DOOH), 142 DIY, 143 measurability of, 146 outside help, finding, 231–40 Pantaloukas, Alma, 82 Parnell, Michael, 218 partners, identifying, 73 Passport, 130 Patagonia, 182 Patel, Neil, 53–54 personal brand-building, 14–16 personas, 34, 104, 226–27 developing, 26–27 updating, 226–27 Pina, Zach, 80–81 Pinterest, 83–91 Add a Pin, 86 article pins, 88 being traffic ready, 89–90 cost of, 90–91 Create a Board, 86 creating pins, 86–87 finding affiliates, 91 measurability of, 90 Pin It, 88 place pins, 88 product pins, 88 refining your profile, 85 repinning, 88 researching your audience, 84–85 scheduling and looping pins, 88–89 setting up business page, 85–86 pitch, 155–56 Pixability, 218–19 Popick, Janine, 63, 175 Popular Pays, 68, 84 Postcard Mania, 130 products, positioning, 19–27 Pruitt, Jeff, 26 psychographics, 23–24, 104 public relations, 5, 192–96 case study, 196 connecting with the press, 193–94 cost of, 194–95 DIY, 194–95 Questival, 182 QuickSprout, 180 radio advertising, 137–41 buying remnants, 140 cost of, 138 DIY, 140 getting a bargain, 139 getting creative, 139 measurability of, 141 rotator spots, 139–40 run of station (ROS) commercials, 139–40 Rainey, Don, 160 Rampton, John, 120 rankings on, search results, 41, 42 Red Antler, 13 Red Bull, “Wings Team,” 162–63 Red Meets Blue Branding, 13 referral marketing, 168–73 adding incentives, 170–71 case study, 172–73 cost of, 171 how to ask for referrals, 169–70 measurability of, 171 when to ask for referrals, 168–69 requests for proposals (RFPs), writing, 236 Rice, Julie, 11 Roberts, Brian, 131–32 Roberts, Deb, 209, 210, 211–12 ROI (return on investment), 146, 158, 214 event marketing and, 151–53 influencer marketing and, 114 ROI calculation, 43 Rothstein, Larry, 190–91 sales collateral, creating, 229–30 Salesforce, 204, 243 2017 State of Marketing report, 225 sales team, listening to, 227–30 Sam Adams, 164–65 Schultz, Howard, 12 SEO (search engine optimization), 41–45 conversion goals, 44 cost of, 44 customized metrics, 43 DIY, 45 measurability of, 43–44 ROI calculation, 43 source attribution, 43–44 visitor behavior, 44 Shedivy, Audrey, 148, 149 Sherman, Erik, 105, 111 ShortStack, 178, 179 Singer, Steven, 143–44 Small Business Saturday, 222 Smith, Davis, 182 Snapchat, 92–97 case study, 96 cost of, 95 DIY, 94 finding B2B success, 96 geofilters, 95 how to use it, 93–94 Lightbulb Moments, 96 measurability of, 95 Snap Ad videos, 95 Snapchat Publisher, 95 Snapchat Stories, 92, 93 Snapchat Story, 93 who’s doing it well, 97 Snyder, Jeff, 176 social media management, 244–46 social media marketing, 52 content marketing, 103–13 editorial calendars, 78–79, 81 Facebook, 54–59 influencer marketing, 113–21 Instagram, 71–83 LinkedIn, 59–64 Pinterest, 83–91 researching your audience, 84–85 Snapchat, 92–97 Twitter, 64–71 YouTube, 97–103 Soul Cycle, 11–12 source attribution, 43–44 Source Communications, 190 South by Southwest, 101 Sowards, Vicki, 130 sponsorships, 188–91 company day of service events, 189 corporate grant programs, 189 cost of, 191 fundraisers, 189 matching gift programs, 189 measurability of, 191 nontraditional, 189–90 prize donations, 188–89 providing local meeting space, 189 Steele, Dennis, 144 Steinfeld, Jay, 21–22 Super Bowl XVIII, 97 survey deployment and management, 245 SurveyMonkey, 245 Susan G Komen Foundation, 175 sweepstakes, 178–88 See also contests Sykes, Timothy, 181 Synapse Marketing Solutions, 209 talking points, brand identity and, 17–18 Tallwave, 26 target audience identifying, 34 researching, 33–34 target market considering psychographics, 23–24 evaluating, 24–25 finding, 22 specific factors, 23 TechCrunch, 101 Tesla, 172–73 TheBeautyBean.com, 69 Toback, Todd, 130, 131 TOMS, 68 Tootsie Roll Industries, 179 trade shows, 153–61 case study, 157–59 cost of, 156 guerilla marketing at, 160–61 measurability of, 156 starting before the show, 154 think one person at a time, 154–56 traditional advertising, consumers’ increasing distrust of, 113 TV advertising, 132–37 buying remnants, 136 committing to multiple-week schedule, 135 cost of, 133–34 DIY, 137 finding bargains, 135–36 local, 135 looking for fire sales, 136 measurability of, 137 negotiating added value, 136–37 negotiating media mix, 137 paying up front, 135 purchasing at auctions, 136 taking advantage of market conditions, 136 Twitter, 64–71 Analytics, 71 case study, 69 cost of, 70 DIY, 71 engagement rate, 68 events calendar, 66 hashtags on, 66 impressions, 67 link clicks, 67–68 measurability of, 67–68 not for everyone, 68 profile visits, 68 Promote Your Tweet button, 70 promoting tweets, 70–71 retweets, 67 thinking real time, 66 Top Tweets button, 71 Tweet Activity, 67 Tweets tab, 71 Ultimate Fighting Championship, 189–90 Unilever, 100 Urban Outfitters, 131–32 user generated content (UGC), 75 Vanhulst, Jean-Luc, 214 Vaynerchuk, Gary, 53, 66, 77, 87 Vertical Response, 175 video analytics, 113 content marketing, 112–13 kinds of, 98–99 Snap Ad videos, 95 viral videos, 99, 102, 240 YouTube, 97–103 viral videos, 99, 102, 240 Virgin Group, 247 visitor behavior, 44 Visram, Shavi, 166–67 Wagner, Steven, 131 Want, Robert, 119 Warby Parker, 5, 177 Warnick, Melody, 135 WealthySingleMommy.com, 114 websites, 243–44 Westenberg, Jon, 96 Whole Foods, 166 Wolfer, Alexis, 69 word-of-mouth marketing See referral marketing WordStream, 57, 156, 157–59 workplace, brand identity and, 17 Write2Market, 214 writers, hiring, 105, 111–12 Yadav, Rani, 106–7 YouTube, 97–103 case study, 100–101 choosing kind of video, 98–99 DIY, 102–3 going viral, 99, 102 humor and, 100–101 timing and, 100–101 Zuckerberg, Mark, 16 Zurixx, 129, 218 ... author Title: M arketing your startup : the inc guide to getting customers, gaining traction, and growing your business / Simona Covel Description: New York : AM ACOM , [2018] | Includes index Identifiers:... define your brand identity You want that identity to shine through every single day, and become woven into the fabric of your business Here are five ways to bring your brand into your business, ... under the broader canopy of marketing BRANDING Branding refers to the visual elements of a company—but it doesn’t stop there Branding refers to specific elements that range from the logo to the