lee hecht harrison startup
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Presentation prepared for Lee Hecht HarrisonTRANSCRIPT
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STARTING A STARTUP IN THE DIGITAL ERA
| @JLoomstein
James Loomstein Managing Partner Rogue Marketing
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Let Me Tell You a Story
@jloomstein
Brandon and Sarah developed this amazing [app, company, service, brick and mortar business, etc.]
Launched a website, created a Facebook page, sent out some tweets, and posted a video to YouTube
Created a press release and posted to the Internetwebs….
The next week – Brandon got a call from the local news, TechCrunch did a story on him, and his article was featured on
BuzzFeed and Mashable (or D Magazine) labeled them the next big thing…
Sounds amazing doesn’t it……………
Like a dream come true?
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Let Me Tell You a Story
Credit: Karl Sakas @jloomstein
That’s because it is amazing – it’s not real.
This. Doesn’t. Happen.
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@jloomstein #Pubcon 4
Execu'on is everything.
Let’s Talk About You + Reality
• Number one problem is obscurity • Race against time and capital • Can’t outspend mass market • Can’t do it all yourself • Your directionless How you need to start thinking…..
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@jloomstein #Pubcon 5
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@jloomstein #Pubcon 7
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@jloomstein #Pubcon 8 Why it works Everyone has a role to play Everyone knows what to do
Everything builds on the previous thing
Its not direc'onless
It’s not….we (race cars, race boats, race horses)
Its not we do that……
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How we got here – connected economy
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Timeline
Industrial Economy
Knowledge Worker
Connected /Shared Economy
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How it happens Self-‐Awareness
Ideas Audience Product
ExecuSon
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So here is how it happens
What you need to start a start-‐up • Self-‐awareness
• Idea • Audience
• Product
Then you need
• Team • ExecuSon
Credit: Karl Sakas @jloomstein
+ What do you need to think about when you think about the idea? + What do you need to think about when you think about the audience before the product? + Why do products (companies or brands or startups) fail?
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Self-‐Awareness
Overview § Bet on your strengths
§ Drop the things you suck at
Where to start
§ Strengths Finder 2.0 (Tom Rath) § Find where you over-‐index and go all-‐in
Common mistake among entrepreneurs
• Spending 10-‐20 years of their professional life checking boxes • The others try and do everything themselves @jloomstein
Self-‐Awareness Idea
Audience Product
ExecuSon
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Ideas
Overview • Ideas come first and the start-‐up second
• The market drives ideas (not what you learned in a textbook)
Where to start idea'ng
• Does this idea solve a problem I currently face
• How easy is this to replicate • How much do you love this idea (passion)
• Why now (why is this the perfect Sme? Why not two years ago? Why not two years from now?)
@jloomstein
Self-‐Awareness Idea
Audience Product
ExecuSon
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Ideas
@jloomstein
Common mistake among first 'me start-‐ups • First idea needs to sound really big • It’s not the growth rate of the start-‐up, it’s the growth rate of
the market • Lack of differenSaSon
Self-‐Awareness Idea
Audience Product
ExecuSon
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Audience
Overview
• You can’t create demand or a market that doesn’t want to exist
• You’re compeSng for aaenSon
• If you’re being X instead of Y • (for people who like red instead of white) – you’ve already failed
• Customer will put up with an imperfect, but rapidly improving product
Where to start ideaSng
• What is the size and growth of the market
• How is the market going to evolve
• Does my idea target a small/rapidly growing market or an old/dying market
What you want
• Small niche that you can own and rapidly expand
• Understand what is going to be big to your audience in 8-‐10 years
@jloomstein
Self-‐Awareness Idea
Audience Product
ExecuSon
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Product
@jloomstein
Overview • Great idea -‐-‐-‐> Great product -‐-‐-‐> Great company • UnSl you build a great product -‐ nothing else maaers Where to start ideaSng • Build something that users love -‐ Making something that people like -‐ is a great way to fail • Its beaer to build something that a small amount of users love -‐ than a something that a lot
of people like
Think for yourself • What are the products you love? Now -‐ are they simple to use/learn?
• Google is a search box with two buaons • iPhone was the first mobile phone that people loved
Self-‐Awareness Idea
Audience Product
ExecuSon
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Product
@jloomstein
Why do products (start-‐up’s) die • Failure to build a product people love • Lack of word of mouth • Failure to find 1,000 true believers • Lack of user feedback • Asking quesSons • Bonus point – very few fail from funding
First metrics to focus on • Growth • Total registraSons • AcSve users • AcSvity levels • RetenSon • Revenue
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Boaom line – if you don’t get this stuff right. Nothing else will maNer. Success = Self-‐Awareness x Idea x Product x Audience x Team x ExecuSon x Luck* *Luck = random number
Execu'on is everything.
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Before we move on
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Recap
@jloomstein
Strategic impera'ves • Audience first. Product second. • Stop trying to find customers for your products; find products for your customers • 1,000 true believers • The number one asset to everyone is Sme • You can’t create demand • What is my story • Stop worrying that someone is going to steal your idea (execuSon is everything) • You can’t outspend brands • Everyone is compeSng for aaenSon
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How is someone going to pick your company
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Being Picked
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• Win by being more ordinary, more standard, and cheaper • Or win by being faster, more remarkable, and more human
Competing on price is a race to the bottom. You can’t out Wal-Mart….Wal-Mart
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Recap
@jloomstein
• Rule 1: Build your personal + company brand • Rule 2: It’s not about you, it’s about your customer • Rule 3: Try small investments into the plalorms • Rule 4: Don’t scale unSl its profitable • Rule 5: OpSmize for a specific tacSc (I.e. conversion, reach, etc.)
From a marke'ng point of view
• How do we deliver a posi've customer experience throughout the research, discovery, and purchase journey • How do we create client or customer-‐centric content • How do we create the right message to the right audience at the right 'me • How do measure the effec'veness of our markeSng dollar • How do we maximize marke'ng budget with limited talent and training resources • How do we create our brand so people know, like, trust, and buy from us
The Decisions you make….
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@jloomstein #Pubcon
How to think about your digital strategy Crea'ng a framework Social Media | Connected Economy | Digital Media Opportuni'es
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How to think about your company
@jloomstein
Company/Brand
OperaSons
Finance / AccounSng
Human Resources
MarkeSng Sales
Vendors
DistribuSon
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How to think about your digital strategy
@jloomstein
MarkeSng
Website / SEO In-‐store
(Coupon, Display, Co-‐Op)
Social
Digital Media (SEM)
E-‐Commerce
Mobile
Blog
PR/Event/Influencer
CRM
Video
Content MarkeSng
Social
Twiaer
YouTube
Snapchat
Streaming
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How it plays out
@jloomstein
Company/Brand
OperaSons
Finance / AccounSng
MarkeSng
Human Resources Sales
Vendors
DistribuSon
MarkeSng
Website
In-‐Store
Digital Media (SEM)
E-‐Commerce
Blog
Social PR/Event/Influencer
CRM
Content MarkeSng
SEO
Social
Twiaer
YouTube
Snapchat Instagram
Streaming
Content
Outreach
Community
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How to think about your markeSng
@jloomstein
Blogging | Social | SEO | Paid Media (SEM)
Call-‐To-‐AcSon | Landing Page | Email
Sales AnalyScs CRM
Top of the funnel Pulling visitors to website
Middle of the funnel ConverSng aser they visit
Nearly 6B searches on Google everyday – maybe a few of those people would be interested in your product
Boaom of the funnel Conversion – markeSng asset you own
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How to think about your social strategy
@jloomstein
Social
Twiaer
Snapchat
YouTube
Streaming
Content
Outreach
Community
E-‐Books
• Facebook dark posts • Facebook promoted posts • Facebook ads
• Blogs • Guest posts • Infographics • Video • Podcast • Advertorial
• YouTube ads • Explainer videos • Video series
• LinkedIn ads • LinkedIn blog posts • LinkedIn groups • Webinar promoSon
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Example | Investor
• Company: Founder collecSve
• Website: www.foundercollecSve.com
• About: Seed-‐stage venture capital fund built by a collecSon of successful entrepreneurs ($200K+ / 30 investments annually)
• Focus: Accelerate the relaSonship process + build thought leadership
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This is your new reality
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@jloomstein #Pubcon
2005 | Pope John Paul
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@jloomstein #Pubcon
2013 | Pope Francis 2013 | Pope Francis
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@jloomstein #Pubcon
Everyone is compe'ng for aNen'on and experience
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Ward, “I think you were a li4le hard on the Beaver…”
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Do This | Where to focus
• IdenSfy your core offering
• Pick your super power
• Tell a beaer story
• Invest in operaSons / non-‐revenue acSviSes (I.e. accounSng, project management, etc.)
• Learn that you can either being a meaningful specific or a wandering generality
• Fill your roster with the right people (money, technology, client, Sme, recruiter, sales)
• Build your team based on energy, hustle, integrity, and talent
• Drop the stuff you suck at / double down on your strengths
• Understand that none of this is easy
Credit: Karl Sakas @jloomstein
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@jloomstein #Pubcon
This is your goal….
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Wait….About Me
40
1999 – Graduated Bradley University 2002 -‐ Started in digital markeSng 2005 – Graduated SMU MBA
Work for “Big” Agencies Omnicom 2003-‐ 2010
2011 – Started Digital Space
2016 – Merged Rogue
2011 – D/FW SEM 2012 – Pubcon 2014 – SMU MBA Adjunct Professor
@jloomstein
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@jloomstein #Pubcon
¨ 10+ member digital strategy agency based out of Dallas
¨ We develop brand strategies, go-‐to-‐market posiSon strategies, and create digital markeSng amplificaSon models for mid-‐market companies and brands
¨ Passionate about the tools, plalorms, and technology used to connect and engage consumers
And, we do this
41
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@jloomstein #Pubcon 42
Execu'on is everything.
Where to connect…..we’d love to chat
GoRogue.net
[email protected]@GoRogue.net
@Jloomstein
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Appendix Building a Toolbox
Think Strategy. Not TacSc.
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Personal branding tools
Create a website for $10…. • Create personal website on About.me, Tumblr.com, Magnt.com • Create URL on GoDaddy.com • Redirect personal url to personal website
Social Profiles • Facebook brand page • Linkedin (personalized url) • LinkedIn business page • Twiaer • Instagram • Pinterest • Quora
@jloomstein
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Audience listening tools
Listening for opportunity • Google.com/trends • Alltop.com • Search.twiaer.com • Hootsuite.com • Topsy.com • SocialmenSon.com • Ubersuggest.com • AddictomaSc.com • Tagboard.com • Nuzzel.com • IceRocket.com • Tailwind.com
@jloomstein
• IdenSfy relevant topics to write about • IdenSfy headlines that impact search results • Discover where your audience hangs out online • IdenSfy content that solves a problem • IdenSfy who leads the conversaSon relevant to your industry • What type of content trends among your community • IdenSfy influencers
None of these tools are all-‐inclusive. They catch bits and pieces of what is out there but don't always get it all. If you run a search every day, it will only takes a few minutes to scan through anything new. If you want to conduct a "fresh" search that isn’t skewed by your Google history, use the Google Chrome browser and open an incognito window (ShiJ + CTRL + N) so it doesn't factor your Google profile in results.
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CompeStor / compeSSve tools
@jloomstein
Trending Tools • BuzzSumo.com • ProductHunt.com • Google Alerts • Google.com/Trends • Feedly.com • Trendspoar.com • Contentgems.com • AppAnnie.com
Compe'tor Tools • MenSon.com • FanPageKarma.com • FollowerWonk.com • Hashtracking.com • MenSonMapp.com • Hootsuite.com • WhatRunsWhere.com • SpyFu.com • Alexa.com • SocialMetrix.com
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CreaSve / amplifying tools
@jloomstein
Why this works Build online properSes
Create central access + community Workflows + automaSon
CreaSve content packaging Organize content process Benchmark performance
Create call to acSon (Snip.ly) Audience insights
Social listening Localized markeSng Provides scalability
• Canva • PicMonkey • Pitch Engine • OutBrain • RebelMouse.com • Kapost • Snip.ly • Spreadfast.com • Sprinklr.com • WeLink.com
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Stay smart tools
@jloomstein
Podcast • Gary Vaynerchuck (Ask Gary Vee Show – YouTube / iTunes) • Lewis Howes • This Week in Startups (TWIS)
Websites • ProductHunt.com • Top 100 apps (iTunes)
Content cura'on / management • Feedly • Get Pocket