Sales - Entrepreneurship 101

Ilse    

Be creative. Use unconventional thinking. Become strategic.

Sales Skills Prospecting Asking Questions Finding “Pain” Uncovering Budget Gaining Commitment

Personal Skills Goal Achieving Resilency Self-starter Reslts Oriented Self Management

Job Skills Product or Industry Knowledge Sales Experience Market Knowledge Education

Increasing Account Size And Importance

Increasing Complexity of Transaction

Inside    Sales  

Direct    Sales   Solu1on  Selling  

Retail  /  Online  

Indirect  /  Partners  

Let your Customer help you choose. Big is not always best for a startup.

MARKETING PARTNER

Prospects 10%

Validated 25%

Qualified 10%

Best Few 90%

POST

Won

1 in 10 chance of success at each

stage

Start up is closer to 1 in 25

Prospects 10%

Validated 25%

Qualified 10%

Best Few 90%

POST

Won

Marke1ng  campaigns  Sales  Sheets  Presenta1ons  

Reference  Story  Solu1on  Sales  Sheets  Customized  Presenta1ons  

Demo  Sponsor  LeAer  Custom  Value  Proposi1on  

Solu1on  Blue  Print  Proposal  Specific  Pricing  

Implementa1on  Billing  

Customer  Management  Stable  Opera1ons  

Social media is the new cold call.

Thought leadership over social media channels creates a

pull effect.

Adds the “network effect” to your sales

funnel.

Stakeholder   Map  Economic  Buyers   User  Buyers  

final  authority  to  release  the  funds    

use  or  supervise  the  use  of  your  product  

Technical  Buyers   Coaches  

judge  and  rule  on  your  product’s    specs   guide  you  in  the  sale  

Create  WIN  WIN  with  each.  Determine  and  rank  degrees  of  influence  honestly.  

Analyze  your  posi1on  with  each  honestly.  

Partners  Licensors  Simplicity  Pilot  

Reference  Revenue  Margin  

For  every  10  cold  calls  made  

You  may  get  to  make  3  

presenta1ons  

To  generate  1  sale  

Note Startups have the 25-3-1 rule

Good sales people face rejection every day and still smile!

Be  clear  on  ..  •  what’s  in  it  for  them  •  mee1ng  purpose  •  your  value  proposi1on  

•  1me  allotment  •  who’s  aAending  •  facili1es    

¨ Title ¨ Problem hook ¨ Problem explanation ¨ Customer impact ¨ Big idea insight ¨ Solution (value proposition) ¨ Underlying magic ¨ Team and credentials ¨ Partners and customers ¨ Summary

2  ears  &  1  mouth    Use  in  that  propor1on!  

Nathan Monk (‘Digital Cowboy’) Sr. Associate, Info. Technology, Communications & Entertainment (ICE) Bio: • ICE advisory team member with focus on consumer ent. & ecommerce companies • Have a strong passion for entrepreneurship • ‘Lean Startup’ practitioner • Digital marketer, sales and BD professional • Experience: CBC, CanWest, OgilvyOne and Yahoo! Follow me: @Cowboytweets Linkedin.com/in/nathanmonk marsdd.com/blog/author/nmonk/feed/

How  do  we  break  through  the  noise?  

‘Posi1oning  is  not  what  you  do  to  a  product.  Posi1oning  is  what  you  do  to  the  mind  of  the  prospect.  That  is,  you  posi1on  the  product  in  the  mind  of  the  prospect.’  

                 -­‐  Al  Ries,  Posi1oning

5  steps  to  start  ‘breaking  through  the  noise’:    1.  Understand  your  Product  (Unique  Selling  Prop.)  and  validate  it.  

2.  Understand  your  Market  (Where  am  I  selling?)  and  validate  it.  

3.  Understand  your  Target  (Who  am  I  selling  to?)  and  validate  it.  

4.  Understand  your  Timing  (When  do  I  sell?)  and  validate  it.  

5.  Understand  your  Tac;cs  (How  do  I  reach  them?)  and  validate  it.    

‘A  single,  clear  and  compelling  message  that  states  why  you  are  different  and  worth  buying.’  

         -­‐  Steve  Blank,  The  Four  Steps  to  the  Epiphany    

Unique  Value  Proposi;on    

5  steps  to  developing  clear  and  compelling  features:  1.  Pick  the  ‘most  valuable’  features    (beware  of  feature  creep).  2.  Pick  what  makes  it  different  to  the  target.  3.  Pick  the  greatest  solu1on  to  the  problems  the  target  has.  4.  Build  a  ‘back  story’  (elements  which  make  it  magne1c).  5.  Validate,  validate  and  validate  with  your  targets!    

Features    

‘Your  objec;ve  is  to  find  a  big  enough  market  you  can  reach  with  customers  who  need  your  product  that  will  pay  a  price  you  can  build  a  business  around.’  

   -­‐  Ash  Maurya,  Running  Lean      5  steps  to  market  discovery:  1.  Find  greatest  customer  segment  with  the  biggest  pain.  2.  Ease  of  reach:  find  the  quickest  path  to  customers.  3.  Price:  pick  a  customer  segment  that  allows  you  to  

maximize  on  price.  4.  Start  in  smaller  markets,  then  go  large.  5.  Validate,  validate  and  validate!  

But  how  do  you  determine  you  have  the  correct  product/market  fit?  

1.  When  40%  of  your  users  are  returning  month  over  month  (Running  Lean)  2.  When  you  pass  the  Sean  Ellis  test  by  asking  users:                                                                  How  would  you  feel  if  you  could  no  longer  use  the  (product):  

•  Very  disappointed  •  Somewhat  disappointed  •  Not  disappointed  (it  isn’t  really  that  useful)  •  N/A  –  I  no  longer  use  (product)  

•  *If  over  40%  of  users  are  very  disappointed  you’ve  got  the  right  market    

3.  Get  paid.  

5  steps  to  define  your  Target:    1.  Find  the  greatest  customer  segment  

with  the  biggest  pain.  2.  Ease  of  reach:  find  the  quickest  path  to  

sustainable  customers.  3.  Price:  pick  a  customer  segment  that  

allows  you  to  maximize  on  price.  4.  Start  in  smaller  markets,  then  go  large  5.  Validate,  validate  and  validate!  

5  deciding  factors  for  1ming  considera1on:    1.  Budget  and  tac1cs.  2.  Product  stage:  early  or  late  adopters?  3.  When  &  where  is  the  target  most  recep1ve?  4.  What  are  compe1tors  doing/have  done?  5.  Is  there  any  event  you  can  1e  your  marke1ng  

message  around?    

Tac1cs  for  your  considera1on  and  ‘budget’:    1.  Online:  display,  SEM,  SEO  &  video  2.  Mobile:  (tablet  and  smart  phone)  3.  eMail  4.  Print  5.  OOO  6.  TV  7.  Events  &PR:  release,  blogs  &  community  outreach  8.  Word-­‐of-­‐Mouth  and  Social  Media    

Before  you  start  marke1ng/selling:    1.  Check  out  IAB  Canada:  iabcanada.com.    2.  Sign  up  for  eMarketer  &  mMarketer.  3.  Build  a  one  page  marke1ng  plan  with  tac1cs.  4.  Define  your  metrics  (See  Pirate  Metrics  for  StartUps.)  5.  Check  out  marke1ng  op1miza1on  sonware  (e.g:  

gShin  Labs  &  Highrise)  to  see  what  works  best.  6.  Contact  ad  networks  for  low  cost  inventory.  7.  Read:  StartUp  Marke1ng  Blog  by  Sean  Ellis  .  8.  Read:  Posi1oning  by  Al  Ries  and  Running  Lean.  

5  things  to  know  about  Online:  Display,  SEM  and  Video  

1.  It  can  be  very  cost  effec1ve  and  highly  targeted:  loca1on,  1me  of  day  etc.  2.  It’s  priced  CPM  or  CPC  (CPM  =  brand  awareness)  &  CPC  (CPC=direct  sale.)    3.  You  can  have  ad  units  built  easily  on  Elance.com,  Dribbble  or  independents.  4.  You  can  find  sites  which  meet  your  target  criteria  on  Alexa.com.  5.   See  examples  of  ad  units  at:  IAB.net/guidelines…look  for  UAP  example.s    Tip:  For  SEM  marke1ng  check  out  Google  Adver1sing  programs  

5  things  to  know  about  Mobile  adver1sing:  1.  It’s  underu1lized,  can  be  cost  effec1ve  and  highly  targeted  (higher  CTR).  2.  You  can  reach  folks  on-­‐the-­‐go  in  a  very  personal  environment.  3.  You  can  reach  folks  across  different  devices:  BB,  iPhone,  Android  etc.  4.  Easier  to  form  partnerships  with  mobile  app  developers  to  use  inventory.  5.  Need  to  have  a  mobile  strategy  including  mobile  op1mized  site  (min),  app  

or  site  across  smartphone  and  tablets  (max.).    Tip:  Checkout  AdMob.com  for  more  informa1on.  Many  CDN  publishers  have  mobile  ad  opportuni1es  as  well.    

5  things  to  know  about  eMail  marke1ng:  

1.  A  great  way  to  reach  new  users.  2.  A  great  way  to  engage  exis1ng  users.  3.  An  exact  ROI  can  be  tracked  from  eMail.  4.  A  great  way  to  obtain  feedback  and  test.  5.  A  way  to  promote  across  proper1es  (site,  

facebook,  twiAer  and  blog).    Tip:  Check  out  MailChimp.com  for  more  informa1on.    

5  things  to  know  about  Print,  OOO  &  TV:  

1.  Can  be  more  expensive  then  other  media.  2.  Can  reach  a  far  greater  amount  of  folks.  3.  Can  be  costly  to  produce.  4.  Can  not  be  tracked  as  easily.  5.  Strong  brand  awareness  due  to  reach.  

Tip:  Visit  the  Canadian  Marke1ng  Associa1on  for  more  informa1on  on  using  tradi1onal  media.    

5  things  to  know  about  Events  and  PR:  

1.  Low-­‐cost  &  high  impact  mediums  for  startups.  2.  Can  be  highly  targeted  and  effec1ve.  3.  Allows  you  to  build  rela1onships  with  media.  4.  Can  be  tracked  via  metrics.  5.  Creates  awareness  and  provides  credibility.  

Tip:  Build  a  PR  and  events  database  of  key  events,  bloggers  and  media  you  need  to  reach    

5  things  to  know  about  Social  Media  &  Word-­‐of-­‐Mouth:  

1.  Social  Media  is  the  most  popular  consumer  ac1vity  according  to  Nielsen.  

2.  SM  allows  you  to  connect,  engage  and  build  rela1onships  across  mediums.  

3.  It’s  LOW  COST  J    4.  A  great  way  to  get  ‘socially  endorsed’.      5.  An  amazing  way  to  test  and  validate!  

Tip:  Visit  HubSpot  for  info  and  this  TechCrunch  ar1cle:  ‘Social  Proof  is  The  New  Marke1ng’            

Last updated: <ACME COMPANY> Prepared by: Launch date:

Audience Industry Investors Description

Objectives

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5

Location Global North America

Flights

MaRS Commons

Key Media Tactics

Video

Social Media

PR

Events

Partners

Media Buy

Print

TV

OOO

Blog

eMail

Key Messages

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2

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Boilerplate

Nathan Monk (‘Digital Cowboy’) Sr. Associate, ICE Advisory Practice Bio: •  Focus on consumer ent. & ecommerce companies •  Have a strong passion for entrepreneurship •  ‘Lean Startup’ practitioner •  Digital marketer, sales and BD professional •  Experience: CBC, CanWest, OgilvyOne and Yahoo! Follow me: @Cowboytweets Linkedin.com/in/nathanmonk marsdd.com/blog/author/nmonk/feed/