MIT Entrepreneurship and Maker Skills Integrator Making Money, Part 1 January 2018 Marina Chan
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MIT Entrepreneurship and
Maker Skills Integrator
Making Money, Part 1
January 2018
Marina Chan
DE Themes, again
DE3: How does your customer
acquire your product?
Who is in your “Decision Making Unit” (DMU), and how
do they make decisions to buy your product?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users
Who is in your “Decision Making Unit” (DMU)?How do they make decisions to buy your product?
Economic Buyer Who’s paying
Champion Who loves it
Influencers Who’s opinion counts the most
Veto Powers Who has the authority to say NO
Users Who will be the ultimate user for the product
Mobile phone example
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users
What about robots in the factory?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users
In class exercise: DMU. Who are they? What is
the process with which they decide to buy?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• Users
8
Sharing!
9
Let’s talk about awareness generation
In class exercise: How will you raise awareness
of your product to the people who matter?
• Economic Buyer
• Champion
• Influencers
• Veto powers
• End user(s)
11
Sharing!
12
13
14
The sales funnel
15
SUSPECTS
PROSPECTS
LEADS
CUSTOMERS
$$$
The sales funnel
16
SUSPECTS
PROSPECTS
LEADS
CUSTOMERS
$$$
Conversion
Rate %
1
7
18
The sales funnel
19
SUSPECTS
• Age
• Location
• Gender
• Occupation
• Mobile vs. PC
• Education
• Behaviours
• Income
• Language
• Interests
IDENTIFYING AUDIENCE
Variables
KPI: Cost per click
(“I want to learn more”)
20
SUSPECTS
PROSPECTS• Tone/voice
• Color
• Image
• Price
• Format
• Features
• Benefits
• Tagline
TESTING MESSAGE
KPI: Cost Per Email Acquisition
(“I’m interested in purchasing”)
Variables
21
TESTING MESSAGE: IMAGES
22
$0.87 per acquisition $2.44 per acquisition $3.83 per acquisition
TESTING MESSAGE
23
SUSPECTS
PROSPECTS
LEADS
• Stay top-of-mind
• Build credibility & relationship
• Demonstrate value of product
• Create urgency & excitement
CULTIVATING LEADS
Variables
KPI: CTR to Purchase Page
(“I intend to buy”)
24
20,000+MINUTES OF LIVE STREAMING
1,500+ LIVE Q&A INTERACTIONS
300+MEDIA MENTIONS
25
SUSPECTS
PROSPECTS
LEADS
CUSTOMERS
$$$
• Price properly
• Bonus / add-ons
• Remove friction from purchase
• Address remaining questions
DRIVING PURCHASE
Variables
KPI: On-Page Conversion
(“I will buy”)
26
SUSPECTS
PROSPECTS
LEADS
CUSTOMERS
US$330K
Saw ad and
clicked on it
Came to page
and purchased
3%
2%
Came to page
and gave email40%
Go-To-Market Strategy
2
7
STRATEGY CONSIDERATIONS
SELF-SERVICE
SALES
Low cost, self serve model
High volume product sales
Marketing driven
INSIDE SALES Lowest cost human touch model
Inbound / Outbound Marketing
Increasingly good for enterprise
CHANNEL SALES Fast track geographic coverage
Low initial investment
Limited customer contact
FIELD SALES Direct customer feedback
Expensive
Sell high ASP products
What we talked about
• Decision making unit aka buyer personas
• Buying process
• Awareness generation
• Sales funnel
• Sales processes
28
Questions?
29
Appendix
30
3
1
3
2
Case: Groupon
3
3
Case: Groupon
3
4
35
SUSPECTS
The sales funnel
36
SUSPECTS
PROSPECTSThe sales funnel
37
SUSPECTS
PROSPECTS
LEADS
The sales funnel
38
SUSPECTS
PROSPECTS
LEADS
CUSTOMERS
$$$
Conversion
Rate %
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