Traction review -willa fogarty
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This document provides an overview and review of the book "Traction" which discusses different channels that startups can use to gain customers and achieve traction. It outlines various digital marketing channels like search engine marketing, social media ads, content marketing and email marketing as well as offline channels like events, speaking engagements and partnerships. The key message is that startups should test different channels to see what works best for acquiring customers rather than solely focusing on product development. It also emphasizes the importance of measuring results from tests to optimize efforts and ensure the chosen channels are effective for the goals.
Traction review -willa fogarty
- 1. TRACTION: A STARTUP GUIDE TO GETTING CUSTOMERS…A REVIEW Willa Fogarty
- 2. Traction is… Growth Quantitative evidence of consumer demand… A sign that something is working… The best way to improve your chances of startup success
- 3. In other words…. Traction Trumps Everything
- 4. Traction Channels Viral Marketing PR Unconventional PR Search Engine Marketing Social and Display Ads Offline Ads SEO Existing Platforms Community Building Content Marketing Email Marketing Engineering as Marketing Targeting Blogs Business Development Sales Affiliate Programs Offline Events Speaking Engagements -------------------------------------------- -- -------------------------------------------- --
- 5. Don’t worry, there’s a framework for that! To find the channel that will get you traction… 1. Brainstorm 2. Rank 3. Prioritize 4. Test 5. Focusing If no channel is promising, rinse and repeat.
- 6. Most startups focus on this ***Product Development
- 7. But not you!! “Almost every failed startup has a product. What failed startups don’t have are enough customers.” ***Focus on product development AS WELL AS traction. 50%--Each should get half of your attention.
- 8. Test, Test, Test Inner circle tests A/B Tests Quantify your results Do this ^^^ to combat this
- 9. Which way do you go? Startups get pulled in a lot of different directions… Instill goals and milestones; use the critical path method (the path with the fewest number of steps) to get there. **Insight: Suppose you have a traction goal of increasing your advertising presence. Once you meet your goal, the authors would suggest shifting focus to something else. While this makes sense, does shifting focus too much compromise your now established advertising presence?
- 10. Time to pick a channel!
- 11. Viral Marketing Existing users refer others to your product; every acquired customer brings in at least 1 other. Use inherent virality, Incentives, social networks, etc., to increase viral loop. Viral Coefficient K= i*conversion percentage
- 12. Public Relations Leveraging traditional news outlets, newspapers, and magazines to increase your startup’s awareness. Notice: stories and content now filter up the media chain, rather than down. Package your pitch to media organizations as a compelling story.
- 13. Unconventional PR 2 Types: publicity stunt & customer appreciation Publicity stunts can foster instant national recognition. ____________________________________________________________________________________________________________________ Customer appreciation, “be awesome to your customers,” more sustainable ***Insight: I see a creative PR stunt as one of the most effective ways to get traction these days, especially with a generation like the millennials who appreciate a more creative approach
- 14. Search Engine Marketing Placing advertisements on search engines like Google-- works well for companies selling directly to their target market. Testing areas include keywords, ad copy, demographic targeting, landing pages, and CPC bids ***Insight: The book touched on using negative keywords to prevent your ads from showing up for certain keywords. If you’re selling eyeglasses, you prevent your ad from coming up for “wine glasses…” However, what is the harm in having your ad there just in case? Maybe it could remind someone they need to change their eyeglass prescription?
- 15. Social and Display Ads Banner ads, Facebook and Twitter ads, etc. Social and display ads generate demand by building awareness of products, hoping to eventually convert the audience to customers. Create compelling content that people will like/share.
- 16. Offline Ads Ads that appear in mediums such as TV, radio, magazines, newspapers, yellow pages, billboards, direct mail etc. Consider demographics Look for remnant advertising Use URLS and unique web addresses for tracking ***Insight: Although remnant advertising is cheap, how large are the benefits? If there are spaces that aren’t selling, couldn’t the publication be unpopular or seen by less people? E.g. The New York Times probably doesn’t have trouble selling ad space…?
- 17. Search Engine Optimization The process of improving your ranking in search engines in order to get more people to your site. 2 Approaches Fat Head and Long Tail Your ability to rank on the 1st page should be a deciding factor in whether to pursue this channel.
- 18. Content Marketing Blogging--quality content is essential, write about problems your customers have. Drives search and word of mouth, users funnel through the blog and onto the website.
- 19. Email Marketing Email promotions for sales, discounts, newsletters, etc. Should be personalized Lifecycle emails work well for moving customers through your funnel.
- 20. Engineering as Marketing Creating useful tools such as calculators, widgets, and micro-sites to get your company in front of more people. Use single purpose tools, and make them easy to find.
- 21. Targeting Blogs Finding influential bloggers in your area of business-- having them promote your product.
- 22. Business Development BD primarily focuses on exchanging value through partnerships. Good deals align with co. and are focused on critical product and distribution milestones. Joint ventures, licensing, Distribution Deals, Supply Partners, etc.
- 23. Sales Generating leads, qualifying them, and converting them into paying customers. Use Situation questions Problem questions Implication questions Need-Payoff questions Build a repeatable sales model.^ ^
- 24. Affiliate Programs Paying people or companies for performing actions such as making a sale or getting a qualified lead. *Ability to use affiliate programs effectively depends on how much you are willing to pay to acquire a customer. Found in spaces such as retail, information product, or lead generation.
- 25. Existing Platforms Using websites, apps, or networks with a huge number of users to gain traction. App stores, social platforms, browser extension stores, etc. ----main goal is to rank highly on these platforms *Focus on new and untapped platforms—your competition isn’t there yet.
- 26. Trade Shows Events that are exclusive to industry insiders, and designed to foster interactions between vendors and their prospects. Amount of preparation will determine level of success. *Schedule meetings with people you want to meet. *Have an inbound and outbound strategy for booth.
- 27. Offline Events Sponsoring or running offline events, from small meet-ups to large conferences. Co. with customers who have shared interests or a kind of community will benefit most.
- 28. Speaking Engagements Speaking at trade shows or offline events. Tell a story through your speech. *Increases your business visibility and connections *Presents you as an expert
- 29. Community Building Investing in the connections among your users, fostering those relationships and helping them bring more people into your circle. Establish your mission, foster cross- connections, communicate with your audience, be transparent and ensure quality. Results in evangelists for your company
- 30. Go forth and get traction! “You can still build a business without being creative. If you don’t have creativity, you need money. You need one or the other.”