Saturday, July 17, 2010 10:15 AM
From the talk of Michael Stebbins, Mktg Guru, CEO of Market Motive at 7/15/10 Entrepreneur Meetup. [address removed]
Focus on just One Idea and make all your efforts to bring it to market. ?Good ideas are easy to come by. Choosing the right one to pursue (while putting all the others on hold), has much greater probability of success.?
Resist the temptation to get a fancy Office to impress clients. Get the smallest Office you can find and run it lean as possible. Get it near good Restaurants and take your Customers there. They?re buying you & your idea, not your office.
Get low cost Interns from Biz Schools of local Universities. One of the rules of ?free? Interns is that they can?t take jobs from paid personnel. If you don?t pay them, they must earn College Credit. Train them extensively, so they do an outstanding job.
Hiring Staff: 1) judge 3-4 of their behavior characteristics (ie, flexibility, adaptability, organization, creativity, handling conflict). Find out if they could be a STAR, by asking them to describe a Situation (example of the behaviors above) in their past. What Tactics did they use? What Action did they take? And what were the Results? (STAR). Reference: Dr Del J Still 2) Test their Skills/ Talents on the spot during the Interview, with an impromptu exercise.
Beating well-funded Competition: Determine: What person/situation is my product/service a ?must buy? Emphasize your advantages over the competition. Get noticed by being endorsed by significant organizations. Give away samples/ free trials, then get their comments.
Attracting attention thru Social Media.
#1 is Blogs: If you blog, you must allocate the time to do one generous post each week as a minimum, #2 is Twitter: Commit to be able to do about 5 per day, put in links to your Blog, other useful sites.
Search Engine Optimization: 1) do heavy Keyword Research to find the ones that apply to your product, 2) Be sure your web site has the top 5-12 search ranking factors built in (keyword in page title, labeled image, etc) that Engines pick up, when they checkout your site.
Pay per Click: Make the smoothest path possible, from what your Ad promises to the invitation on your website. What is the most likely ?micro-conversion? you can get from a visitor, who clicked on a specific Ad? Make that the default conversion on the Ad?s landing page.
Name your Product for what it really does, so that prospects & customers can remember it easier and associate it with your product.
Web Analytics: 1) collects critical info, so you can look for trends and adjust accordingly, 2) gives you the keyword visitor was searching for, so you know which works & what doesn?t, 3) enables you to separate ?serious? visitors, so you can follow-up on them. Use ratios. Always combine stats with qualifiers.
Be generous with Partners, by sharing as much revenue as you can and it will pay you back in surprising ways.
Dollars spent on marketing tend to bring a greater return than those spent elsewhere.
Once you have a good operating system in place and you?re seeing good revenue, that?s when to consider expanding by 2x, 5x, 10x, etc.