Your B2B Startup Needs a Buyer’s Guide

Your B2B Startup Needs a Buyer’s Guide

One of the big differences between selling to businesses vs selling to consumers is the buying process. Most Consumer products are lower priced and purchased quickly because if you make a poor choice, you aren’t out much more than beer money. In B2B not only is there more money on the line, buyers often have to justify a purchase to their boss. A poor choice can cost the company big dollars and (often more importantly) damage the buyer’s reputation. This is precisely why a Buyer’s Guide is such a powerful piece of marketing content. It is designed specifically to meed the needs of a prospect that has been tasked with making a purchase decision. It’s a piece of marketing content aimed directly at the hottest prospects in your pipeline. The Buyer’s Guide is Targeted at a Critical Stage in the B2B Buying Process For B2B purchases, the buying process usually includes a stage where prospects try to figure out what their options are and which ones are best suited to them. For startups selling to businesses, this stage is particularly important. Often the solution is in a new or shifting market space and figuring out the competitive alternatives is a task in itself, nevermind trying to figure out which option offers the best combination of functionality, features, support, community, etc. For enterprise products, the evaluation phase might be a months-long process that includes a formal RFP process and/or a Proof of Concept. However for many lower-priced B2B solutions, the evaluation process is much more informal and looks more like a manager saying “Go figure out what we should buy and come back...

Marketing Strategy Hacks Presentation

I gave a talk at the Unbounce Conversion Road Trip this week. It was an awesome event with amazing speakers. I decided to go a bit deeper into my thinking around how you would test the underlying assumptions in your marketing strategy, in particular which buyers you are targeting and what market you are positioned in. There is a bunch of new content here that I’ll blog about in the future but in the meantime, here’s the deck. Marketing Strategy Hacks from April...
Components of a Startup Marketing Plan

Components of a Startup Marketing Plan

When I ask startup folk if they have a “Marketing Plan” I get a range of reactions from a slightly embarrassed “Yeah we probably should have one but we aren’t doing much marketing so…” through to the more assertive, “Dude we don’t do plans, because we’re like, you know, a startup!” At my first startup we didn’t have a marketing plan. We were a small team working on short-term tactical projects. Those tactics changed every couple of weeks and we didn’t see a need to document anything. My first encounter with a marketing plan came after we were acquired by a global company. The experience was awful. The plan was done yearly and had 50 sections, starting with a (completely arbitrary) revenue goal and drilling all the way down to every specific tactic (including PR, email, advertising, events, everything) to be executed across the entire year. The most frightful thing about the Marketing plan was that it wasn’t approved until March, and by June we’d started building the plan for the following year. The exercise seemed pointless to me. At my next startup however, I found that there were moments when I missed pieces of that marketing plan. I missed having a work plan that tied the schedules for content creation, campaign execution and sales enablement together. I missed having the clarity of approved campaign components like target markets, messaging and goals (at least for the next month or so), and I found I needed a revenue model that mapped my lead generation plan to expected revenue. I wanted a plan that kept the good bits of the big company plan and...
Marketing Strategy Hacks for Startups

Marketing Strategy Hacks for Startups

I do a lot of coffee meetings with founders looking for marketing advice. Most of the time people have a specific marketing problem but occasionally I meet with frustrated founders complaining that everything they’re doing on the marketing and sales side just simply isn’t working. Let’s put aside the very real possibility that there is a fundamental product or product/market fit problem (a big assumption but work with me on this one) – is it possible your marketing/sales strategy is getting in the way of the success of your company? In my opinion, yes that’s very possible. Can you hack your way out of this mess? Yes, again. OK, not always, but it’s worth poking around at a few things to see if it’s fixable.  If I was in charge of marketing for a company in that situation, here are a few things I would try: Hack the Definition of Your Buyer If you are selling to businesses there is often a separation between users, economic buyers and executives/approvers. Sometimes selling to the folks that hold the budget is the easiest way to get a deal done, but often it can be easier to either sell to the end users (who feel the pain most acutely and can champion your solution to the economic buyer), or the executive team (who might better understand the overall ROI of the solution across the organization). For example – at one company I worked at we started out targeting buyers in IT because they would ultimately be responsible for maintaining the integration of the solution with other systems. However IT saw the solution as risky and...
Startup Market Segmentation: 5 Steps to Selecting a Target Market

Startup Market Segmentation: 5 Steps to Selecting a Target Market

For startups, breaking your market up into addressable market segments is important. First of all you have limited money and people to execute programs, therefore you have to focus your efforts on the audience that has the highest probability of purchasing. Secondly, focusing on a segment allows you to build early momentum more easily – awareness and word of mouth builds faster across like-minded groups, and success stories resonate well across a segment of similar prospects. A key element of your company’s positioning is “Who are you selling to?”. It sounds like a simple question to answer but often for startups, a sloppy market segmentation is the root of a lot of marketing (and ultimately sales) problems. When I ask the question “What’s your target market?” I often get an overly simplistic answer like, “SMB’s”. That’s just too big to be a practical target market for a startup. You aren’t going to close business with every single SMB this year are you? Of course not. You are going to close business with a certain kind of SMB. A special snowflake sort of SMB that gets what you do, loves what you do, and will pay money for what you do. You’re going to sell those weirdo, magical, unusual SMB’s that are willing to ignore the fact that you’re small and broke and you’ve never really done this before. What makes those people so strange and awesome? The answer to that question is the key to your segmentation. “What are the characteristics of prospects that love my unique stuff the most?” Here are some steps to choosing a good market to target: Really get a...
Startup Marketing in New Vs. Established Markets

Startup Marketing in New Vs. Established Markets

Established markets and new markets are not the same so the way that you market and sell to them is different. For startups, it’s really important to know the difference. For each type of market are using different marketing tactics, executed in different ways with different expected results. New versus Established Markets – The Problem Gap In an established market, there are prospects out there that understand that they have a problem that needs to be solved. There will also be prospects actively in the process of learning about, shopping for and purchasing solutions. In new markets, prospects are blissfully unaware that they even have a problem. They aren’t researching solutions or shopping for solutions to a problem that they don’t know they have. If we think about a typical buyer journey we can see that in new markets, the bulk of buyers are starting at a different starting point than the buyers in a more established markets.   Creating Demand VS. Capturing Demand So how are the marketing tactics different for these different markets? For new markets the first job of marketing is to educate your target segment that there is a problem to be solved in the first place. This is counterintuitive for many startup who would rather jump in and talk about why their solution is better than other solutions. Until prospects believe they have a problem to solve, efforts to market solutions will be really ineffective. Why should I care about your solution? I don’t even have that problem! When there is no demand for your solution, tactics that we typically use to capture existing demand are ineffective. People...
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