Filling the Funnel In this module you will learn Where to find users customers and clients How to track success with Pirate metrics How to manage a funnel Web resources to get your started Fundamental startup sales ID: 782180
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Slide1
Dr.
Sean
Wise, BA LLB MBA PhD
Filling the Funnel
Slide2In this module you will learn:Where to find users, customers and clients
How to track success with Pirate metricsHow to manage a funnelWeb resources to get your startedFundamental startup sales perspectives
Slide3Where are we?Picked a target market Undertook customer discovery interviews
Built a customer personaDrafted our first Lean CanvasIdentified the largest most inelastic unmet market needNoodled on a variety of solutions to turn that unmet market
need (i.e. opportunity) into a valuable ventureCreated a straw MVP to begin testing for Problem / Solution Fit
Slide4Startup Lifecycle
Product Market Fit Scale now
(LTV > COCA)
Problem Solution Fit
You are Here!
Slide5Slide6You are searching for EVIDENCE of Problem / Solution Fit, how will you know you have found it?
Slide7Slide8Problem / Solution Fit
A problem is worth solving if more than 40% of the
TestPop identify it as a top 3 issueYou will know you have found it when:Customers are already hacking their own solution
Pilot Users refuse to give back prototypes
Current solution is 10x more costly, slow, bulky, unsatisfactory
Slide9You have an MVP What’s Next?
Slide10What’s an MVP?
A
MVP is “that product which has just those features and no more that allows you to ship to early adopters, at least some of whom resonate with (e.g. pay you money for) and provide feedback on”Doesn’t have to be just money, but must be more than words, must be a measurable action:
Signups
Downloads
Use
Slide11What is an MVP?
Minimum: MVP contains the core features and everything that isn’t a MUST HAVE is stripped outViable
: MVP can be built and have opportunity to gain tractionProduct: MVP creates value for people
Slide12Purpose of MVP
MVP is an experiment to turn lean canvas assumptions into validated learningsMaximum learning with minimum effort
Time and money are scarceOffers focus and executionBuilds early traction
Crystalizes customer input, helps refine solution and minimize scope creep
The goal of the MVP is to test your understanding of the customer’s problem & see if your solution will prompt him to
adopt your solution
based on important features alone – Bernard Leong
Slide13You have created an MVP
Explainer Video MVPLanding Page MVP
Wizard of Oz MVPConcierge MVPPiecemeal MVPCrowdfund MVPSingle Feature MVP
From
VLADIMIR BLAGOJEVIC
’s blog
http
://scalemybusiness.com/the-ultimate-guide-to-minimum-viable-products
/
Slide14How to Test your MVP
Customer Interviews
A/B tests
Ad campaigns
Crowdfunding
Blogs, Product Hunt & Reddit
Paper prototyping
Buy now buttons
Slide15Next: move from MVP testing to Customer Acquisition
Slide16Customer Acquisition
Slide17Remember the long term goal is Product/Market fit (COCA < LTV)
Slide18Track your interactions against Pirate Metrics
Slide19Track your interactions against Pirate Metrics
Slide20Track your interactions against Pirate Metrics
Slide21This is really sales funnel
Slide22Track your interactions against Pirate MetricsRecord results in Sales Funnel & Dashboard
Start small:
Where will we find our first users?Focus on 1 action: We want people to sign up (download, buy,
etc
) on our landing page.
Run experiments:
How much will a google ad word cost me? What percentage of clicks through become users (e.g. download, buy, sign up)
Repeat experiments to get comparable data:
It takes $10 to get a sign up through google ad words, but only $5 through
facebook
.
Let results drive you:
Use more facebook ads to determine, which ad content drives more signups.
Only move on to Activation once you have found a low cost friction free method for acquisition
Slide23Track your interactions against Pirate MetricsRecord results in Sales Funnel
www.zoho.com CRM
https
://podio.com
/
www.smartsheet.com/
Sales
_
Funnel
www.kaizenmarketinginc.com
www.pipedrive.com
Slide24Funnel Principles to Remember
It all starts with your audience.People move down the funnel when they get something.At each step, when people move down the funnel, there is a call to action.
The goals at each step of the funnel have to be in-line with that final goal
Slide25Types of Acquisition Experiments
Blog
Viral LoopsSocial Selling Social Media
Content marketing (e.g. Articles on Huff Po)
Host a AMA
Case studies and White Papers
Reviews & PR (e.g.
Techcrunch
)
Early adopter communities (e.g. Product Hunt, Reddit)
In person conferences, competitors
Leverage network
Scrape FB and
LinkedIN
for cold leads)
Free
ebooks
Online Ads (FB, Google,
LinkedIN
,
iAds
)
Add a
hello bar
https://www.hellobar.com
/
Email marketing
For
more read this:
https://blog.kissmetrics.com/guide-to-customer-acquisition
/
Slide26Types of Acquisition Experiments
Slide27Building a Customer Acquisition Process
1.Define your ideal customer2. Define your goals, milestones and
priorities3. Map your acquisition funnel4. Know your metrics5. Track everything from day one use a KPI DashboardMore:
http
://ryangum.com/customer-acquisition-plan
/
Slide28Building a Customer Acquisition Process
Slide29Further Reading on Customer AcquisitionBuilding out the funnel:
http://blog.twoodo.com/912/analyzing-data-guide-conversion-funnels/
http://www.mariposaagency.com/blog/how-to-grow-your-startup-using-the-funnel-conceptwww.startupnation.com/articles/build-sales-lead-
funnel
/
How to fix a leaky bucket:
http://blog.crazyegg.com/2015/10/12/cash-strapped-cro
/
Slide30Startup Sales Perspectives
Nothing happens until someone makes a sale. Absolutely
%$#&! nothing.
Slide31Startup Sales Perspectives
No one cares what you are selling. They only care about what they are buying.
Slide32Startup Sales Perspectives
No one ever got fired for buying from IBM.
Managers don’t hire the best, they hire those who won’t get fired.
Slide33Startup Sales Perspectives
the goal is moving a deal forward or getting a firm “no” as early in the process as possible
great opportunity to learn why someone who you think should buy your product doesn’t want tothe key to making it work is being persistent - really persistent, even to the point where it’s awkward and
uncomfortable
Slide34Startup Sales P
erspectives
HUSTLE. Show up. Follow up. Close. High tolerance for rejectionEach rejection is a learning opportunity
great
opportunity to learn why someone who you think should buy your product doesn’t want to
http://
blog.close.io/y-combinator-sales-school
http://
www.slideshare.net/GrenetFabien/y-combinator-startup-class-19-sales-and-marketing-12
Slide35Startup Sales Script
Slide36Slide37Startup Sales Perspectives
If you need to learn how to sell or refresh old rusty selling skills, these books are highly recommended:Spin Selling
High Probability SellingSelling to VITO
Slide38Startup Selling
Still lean, still seeking to address uncertainty via learning experiments View all sales as a process of elimination, learning what
Doesn’t WorkLooking to crystalize the lowest friction path to growthA startup
is……looking for a repeatable scalable business model
Slide39The path to certainty
Slide40In this module you learned:Where to find users, customers and clients
How to track success with Pirate metricsHow to manage a funnelAbout Web resources to get your startedFundamental startup sales perspectives
Slide41End of module 6