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This document provides information on different business models and sales methods, including e-commerce, retail, consulting, and subscription-based models. It outlines the key advantages and disadvantages of each method. Various case studies are also presented, such as how meetups and events can be used to generate paid membership or online courses to establish authority and sell full content. The overall goal is to help the reader understand different revenue models and sales funnels to put together an effective strategy.
Bootcamp
- 2. What’s your goal? • Spend the least amount of resources possible • To verify and validate your business model Zack Miller [email protected] 757-295-8635 Hatch 111 Granby St. www.startwithhatch.com
- 3. Who is your customer? Business vs. Consumer Mindsets
- 4. Consumer vs. Business • Psychology on money people spend as consumer vs. as a business. • Who is buying • Why are they buying • Total purse to spend (Spending budget) • Sales team
- 5. B vs. C • Consumer business typically lower rate. need more to hit a goal number • Business typically higher rate, less needed to hit goal number • Example: Goal $1000 • Consumers $5per transaction 1000/5=200 customers • Business $250 transaction 1000/250=40 customers
- 6. 10 Ways To Find An Idea
- 7. 1. Email and ask 5 friends what their pain is
- 8. 2. Add-‐‑on Widget For Business Tool
- 10. 4. Quora
- 11. 5. TwiLer Search
- 12. 6. Facebook Business Groups
- 13. 7. Chamber Events What are people talking about?
- 14. 8. Search “How to…”
- 15. 9. Target Industry Focus group on tools needed
- 16. 10. Create a tool to solve your biz pain
- 17. Recap: • Psychology of buying • How to find your idea • Customer discovery is next!
- 18. Customer Discovery The business part of a business
- 19. Customer Discovery • Definition: the process of learning as much about how businesses/consumers use a particular product, and analyzing the advantages/disadvantages. o (Ex: CRM system that does not connect to an email provider)
- 20. Recurring Questions to Ask 1. What do I say? 2. Who do I say it to? 3. How do I learn as much as possible? 4. How can I learn about their pain points?
- 21. How not to ask: • Do you think “Y” sucks, wouldn’t you like “X” better?
- 22. The Purpose • Customer Discovery is meant to gain as much detailed information about how a business/ consumer is using a specific product/service/tool: o When? Why? & What they struggle with by using “X”?
- 23. Checklist: q Create an assumption list of those you believe to be using these tools q Reach out and communicate with 15 of these people/ businesses q Write down all data (Use this spreadsheet as a base) q Ask if you can update on the feedback and direction you decide to go with (get email and all contact information from person) q Ask if there is anyone else we should be talking with q Create a Facebook post asking a specific question (buy a $5-$25 ad if needed and be specific with who you target)
- 24. Cold Emailing Tips & Tricks
- 25. Tips to consider before the template 1. If you can get an introduction, that will convert higher 2. Be quick, say what you want to, then act on it 3. Be specific and clear in your ask 4. Relate, if you can 5. Show interest 6. Do no waste time
- 26. Supplemental Material • Cold call scripts • Cold call video • Email templates • Overview video
- 27. Recap • Asking the right questions • Focusing on the checklist • Cold calling and emailing • Targeting Customers is next!
- 29. Educate • If people aren’t learning from you, they won’t come back • Educate, while not giving away your special sauces for free • Think of the broadest amount of information you can give away • Once a critical mass is established, funnel them down leads and encourage them to purchase
- 30. Be different. • The average human is exposed to thousands of advertisements a day. Not the best way to reach your target • Instead, be different, think outside the box. Educate rather than push sales • Deposit more than you withdraw • Dive down the funnel and figure out who really is interested
- 31. How can you educate potential and current customers? • Dummies Guide to <insert topic> • Tour a recently finished project • Guest speakers
- 32. Dummies Guide • Take a broad topic and break it down into several smaller parts and each part is split by giving even more examples • Collect all the data and either create written whitepapers or host an event on the topic
- 33. Project Tour Developer Meetups • Every Friday, we would invite the developer community to showcase a new tool, feature or problem we solved on a current project. • Because we were teaching our industry new tools, this organically made us an authority in web development
- 34. Guest Speakers • Allow offers to do the educating for you. • The great thing about a panel discussion is you will be able to leverage 3-4 times more marketing alone from those who are speaking
- 35. Ask, Ask, Ask
- 36. Blog Posts Tips & Tricks
- 37. Checklist • Topic Sentences: Make My Point • Facts • Stats • Stories • Quotes • How To Apply/Questions
- 38. Hosting Meetups
- 39. How to pull off an epic meet-‐‑up • Start with small niche meet-up o Give away something free o Collect emails o Follow up • Poll market for event/topic ideas
- 40. Continued • Be an awesome host o Meet everyone o Don’t talk sales o Meet at your office o Invite those who you think could be your clients or customers • With follow-up emails o Educate o Promote next events o Re-enforce topics o Provide links
- 41. Content Creation
- 42. Content • Should be focused around educating your customers • Creating value through content • Keep people coming to your site • Establish yourself as an authority
- 43. What is content? • Blogs • Social Media • Webinars • Meetups • Networking • Calendars • Media Publications • Business Cards
- 44. Figuring out what to write about • Search “How to:” • Search on forums like Reddit to see what pain points or issues people are talking about • Follow trends o Optimize your search engine marketing o Relevant hashtags
- 45. Social Media
- 46. Emphasize Education • Free content = value • Establish yourself as an authority in the industry
- 47. DON’T Be Too ‘Salesy’ • Don’t become a part of the clutter • Stand out from it • Posts like “Come see us today” or “Visit our website now” come off as the standard business just waving their arms in front of your face for attention • Provide something in exchange for their attention
- 48. Contagious & Engaging Content • Do your research • Find out what people want to know • Mix of your own, original content, and what others have already created • Always provide the context, not just a link • Encourage your readers to participate and respond and give their 2 cents
- 49. Creating Conversations • Get your followers to engage with each other • Co-Creation o Getting your followers to make their own creative responses to your content that makes for an open response landscape stemming from your post.
- 50. ALWAYS Respond! • Don’t leave your followers hangin’ • Ignoring them leaves them with a sour taste in their mouth regarding your brand • This also establishes a connection and makes your brand more “real” to your followers
- 51. Making Money From Content
- 52. Exchange info for free content • The best piece of data would be an email • For collected emails we see 500-1000x difference that social media parts Ex: SSCA email with direct sales within minutes of being sent. Similar to Facebook and Twitter posts with 0 conversions
- 53. Communicate With a Purpose • Ask current customers what they’d like to see from you • Hard Sell + Crafted Emails and Content o Reach out individually o Find the right time • Find Your Champions o Talk to them A LOT
- 54. Recap • Educate your customers to create value • Create awesome content o Social media o Email o Meetups • Marketing is next!
- 55. Content > Educating > Converting
- 56. Turning your content into sales • Gathering emails in exchange for content • Reaching out and converting followers into customers • Following up
- 57. Call-‐‑To-‐‑Actions 1. Awesome content 2. Trigger incentivized CTA 3. Collect Email 4. Not immediate Hard Sell
- 58. CTA • An instruction to the audience to provoke an immediate response, usually using an imperative verb such as "call now", "find out more" or "visit a store today".
- 59. CTA • Define the value in an easily recognizable number. • Push Immediacy Ex. signup vs. Download Now vs Get This • Make it Super easy to understand and to implement • Relate to the visitor. • This is not about you, but how you can help or educate • Must: Collect data. email, phone number, etc. • Giveaway solid material but not your arsenal • Pick your end goal and move backwards. Ex. Sell Coaching, Target the audience from previous module, acquire them through signups and education material and strong CTA’s.
- 60. Example 1: • 13 Ways to alleviate your body pain o Box 1: Yes, help me! o Box 2: No, I’m okay with being in pain.
- 61. Example 2: • Don’t waste a doctors visit on pain you can relieve today! o Box 1: Download the report now!
- 62. Content Webinar
- 63. How to write a Facebook post
- 64. Coffee Downtown: A Way to Get Rid of Coffee • Once-a-week, no-agenda meetup with free coffee • Original idea to simply get rid of coffee and meet new people. • Morning meetings hadn’t faired well in the past for us, so we were willing to try it out. • Trial period of 6 weeks created. • Investigated similar meetups around the country o Free parking + Free coffee = Highest Conversions
- 65. Results • Meetups went well, average 10-15 attendees per week. • Every Tuesday, 8-9am • Zero money invested to start. • After the 6 weeks, we decided to keep going until coffee ran out. • Happened around 3 months. • Invested in a new 12-cup coffee maker and additional coffee.
- 66. Investment • 5 Large Folgers Coffee containers + filters + $15 Machine = Grand total of $53 • With an average of 10 people per meetup and 32 meetups hosted since we started buying coffee products, each person cost us $0.165 each week. • (32)(10)=320 • $53/320=$0.165 per person • For less than 17 cents a cup of joe, we were able to convert these coffee drinkers into our customers.
- 67. Homework: Write out 10 CTAs for your business (text only) Create 10 Facebook posts Come up with 10 webinar topics
- 68. Revenue Model
- 69. Rev Model • Figure out what you’re going to sell and the method in which you’re going to sell it. • Price it • Then work backwards to figure out how you’ll get people in a purchasing position
- 70. Example: App Development • Typically hourly or project based • Find the people with the pain point you can solve • Present how your solution with create value for them
- 71. Sales Funnel
- 72. How It Works • 5-7 interaction rule o Each interaction should bring them one step further down the funnel • Start with giving out free content in exchange for some piece of data, typically an email o Follow up with more content and CTA
- 73. Case Studies
- 74. Meetup Case Study: Hatch Meetup>Paid Events>Paid Membership • Coffee Downtown o Startup Night • Start Norfolk o 1000 Four
- 75. Retail Case Study: Carry Norfolk CTA at each step • Carry Norfolk Branding o Handouts • Social o Videos • Email + Hard Sell to Website
- 76. Course Case Study • Provides pieces of free content • Establishes authority in your particular industry • Sell them on getting the full content through the course
- 77. Recap • Revenue model • Pricing • Sales funnels • Next is Module 5: Putting It All Together!
- 78. Sales Methods
- 79. E-‐‑Commerce Any transaction that takes place over the internet. • Key Advantages o Lower costs o More lean o Global market • Key Disadvantages o Lack of personal touch o Paranoia of scammers (anyone can set up e-com site) o Cannot experience product before purchase
- 80. Retail Brick & Mortar store front model. • Key Advantages o People can interact with products o You can personally educate customers in real time o Create more personal connections with customers • Key Disadvantages o Higher costs o Time constrictions o Limited to local market
- 81. Consulting Hourly or project based pricing for your time + expertise. • Key Advantages o Name your own price o Establish authority status o Always take on new challenges and projects • Key Disadvantages o If you cannot “sell yourself” it will be a huge challenge o You’re going to work, A LOT o Job security
- 82. Subscription Based Brick & Mortar store front model. • Key Advantages o Convenience for consumer (regular fulfillment of supply) o Recurring revenue o Customer retention • Key Disadvantages o Pricing complexity o Customer service will need to be top notch
- 83. How To Sell
- 84. Selling • If you’re not in a shopping mall, don’t expect people to be in the sales mindset. • Actively educate them on your business and guide them to a sale. o Find trigger points • Usually takes 5-7 POSITIVE interactions with a person before they’re ready to make a purchase from you o If they aren’t ready immediately, just plant the seed for future harvesting
- 85. Customer Profile Case Studies
- 86. The Desperate Buyer • Want to buy now, at virtually any price point • The easiest sale you’ll ever make
- 87. The Referral Buyer • Leverage other people’s networks o Someone comes to you looking for someone to solve a problem for them o You know someone who can do such thing o Make the hand off o Opportunity for a “commission” or “brokers fee” • Can happen on a B2B level o Lead Pages
- 88. The Window Shopper • Not necessarily ready now • Offer value exchange o Free content o Get email address o Start planting the seed
- 89. Early Sales • Number 1 validator of how much people really want your solution to the problem. • Why do early sales? o You can bootstrap your own company o No outside investors = you own 100% o No wasted time
- 90. Sales is a huge step! • Sales scares a lot of aspiring entrepreneurs • But, if you want to have a company, you must have sales
- 91. How to master sales • 1. there are a ton. a ton. a ton. of online payment processors. Do not worry about which one you will use for the rest of your life. o Rather, focus on the actual sale. • 2. Do I need a full-fledge proposal. Maybe, but fist start with what you are offering. You <company> will give <customer> <X> in return for <amount of $$ $> o See how easy that was? Too many businesses worry about having a proposal set more than what they are offering. o Ultimately, that's why they are hiring you, right?
- 92. Cont’d • 3. Think about how CraigsList or a yard sale work. They list the product and make the transaction. o That's what you need to focus on early on. What do people want and how can you give it to them immediately. • 4. What are you going to sell? • 5. What is the going rate in the market? Are you a premium price? • 6. Go Sell :)
- 93. Key Takeaways
- 94. Recap • Finding, incentivizing, and convincing target customers to make the purchase • Be patient, very little portion of sales happen immediately • Email sales with strong CTAs can be extremely effective • Make your product/service extremely easy to understand to make the sales process more quickly digestible • 5-7 interaction rule • Mastering Sales • The Sales Funnel and Revenue Model is next!
- 95. MVP (Not the Aaron Rodgers kind)
- 96. MVP: How to launch your company with just the tools in your pocket. • Definition: development technique in which a new product or website is developed with sufficient features to satisfy early adopters. The final, complete set of features is only designed and developed after considering feedback from the product's initial users.
- 97. Three Questions • What problem are you solving? • How do you solve it? • Who can you serve immediately?
- 98. Immediate • They key is throwing everything you have at the wall to find what sticks • Establish a foundation to start building the final product • Gather as much feedback as possible and build your company from your customers input
- 100. From this…
- 101. To this…
- 102. Why it worked • They had the solid idea • No cost to implement the trial run • Validation + Feedback
- 103. T-‐‑Shirt Example
- 104. Whale Hunting
- 105. Ebook Example
- 106. 5 Buck Marketing
- 107. What to learn • Just because people say they want it, doesn’t mean they will actually buy it • Add a barrier to entry • $$$ is the best form of knowing if a business/ consumer is actually serious about what you’re offering
- 108. Validation
- 109. Why its so important • Before you waste time developing your detailed business plan step by step, you make sure there is going to be people to buy it. • If you don’t validate first, you could spend months and thousands of dollars working in the wrong direction.
- 110. How to validate: • Offer discounts to entice people to buy • Do a trial run of your MVP like Carry Norfolk and ensure that there are customers for your business • Gather feedback to improve the product based on your customers input • Paid Webinar • Any way to eliminate the barrier to entry through financial means
- 111. Goal • To spend the least amount of time and money to find and sell to your customer. • If you waste 7 days to find out what you were developing isn't wanted, it's better than producing a business plan for WEEKS and spending thousands to find out know one wants it
- 112. Recap • Making your MVP • 3 Q’s of MVP • Validation is key • Next, and finally, is the Playbook!
- 113. The Playbook
- 114. What is the Playbook? • Not a business plan • A breakdown of what you do • Record each step you take o What you did o How you did it o How effective was it
- 115. Playbook • Biz plans are way too much work without knowing if anyone wants business • Everything up front. No sales. Marketing. Execution
- 116. Executing the Playbook • When you go to do one of the Playbook activities, you’ll know what to do in a more lean fashion • When you say “hike”, you’ll know whether to pass left, right, or deep down the middle • Takes out the trial and error and replaces it with production
- 117. Playbook Ex. 1: Tweeting • What time of day • What types of people to tag • What hashtags to use • Type of content
- 118. Playbook Ex. 2: Announcing Events • What channels to use (fb, twitter, email blast, etc) • What method to use (video, text, CTA, etc) • Who to tell
- 119. Playbook Ex. 3: Writing Blogs • What to write about • Type of media to include • When to post • How to direct people to your site • What kind of CTA to use • Define your objective (getting a sale, generating awareness, establishing opinions, etc.)
- 120. Wrapping It Up
- 121. Most people don’t get this far, Why? • 1. They don't really want to start a business • 2. They don't want to work to become successful • 3. They want to put founder on their LinkedIn Profile • 4. 'Don't have time' • 5. Find excuses
- 122. Why are you different? • #HustleCity • No Gimmicks • Positivity
- 123. What to do now: • Launch your business • Put everything together • Follow up with us • Push your company and results on our facebook page • Stay tuned for bonus content and monthly video hangouts • Stand up, bow, and pat yourself on the back