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Dude, You Need a Marketing Plan!

 

Dude, You Need a Marketing Plan Photo

Recently, we talked about MVP, and that it is important for MVP to be actually viable.

Viability, as we explained, means ability to live. To be viable the product needs to have enough hooks and feedback loops. But even if you design the most amazing product, it still may not take off.

“To have a successful launch you need a great MVP and a solid marketing plan.”

The fly and die launch

Lets start by considering your typical launch. You picked a date. You secured an exclusive with TechCrunch or another publication. You planned your Product Hunt strategy. You told all your friends.

The launch went really well. You got the coverage you wanted, you got in top 5 on Product Hunt, you got a TON of tweets. All that lead to thousands of signups. The users seemed to be happy and engaged. They love the product, they keep coming back.

But one week later your signups are down by 10x. Some users stopped using the product, but some still use it, and are even tweeting about it.

You are scratching your head about what went wrong. The answer is – nothing. You had a perfect launch. Well almost perfect…

The NO network effect

Your launch went exactly how you designed it.

You might have been counting on the instant network effect. You thought that since the product is so awesome given a big push it will just take off.

After all, the users that are using it, seem to love and talk about it. So why is your product is not going viral!?

“The answer is that the push wasnt strong enough. The influence network around your product is not strong enough.”

There is just so much noise out there that even a great product may not go viral right away.

“Initial launch wasnt enough to reach critical mass. Initial launch didnt reach enough key influencers.”

As a result, the product is being used by the users it reached, but they don’t have enough network reach to push product to go viral.

Thats why much like it is important to compute your MVP, it is important to plan and compute marketing for your launch.

Building your marketing plan

A great marketing plan is simple and thoughtful.

It starts by recognizing that one launch, one day, one event may not be enough to lead to a critical mass of adoption.

Your marketing plan is a week-by-week plan of post-launch activities for the next 3 months.

“The idea is to amplify your initial success, hit key influencers and push the product over virality threshold.”

Here are the things to consider doing:

  1. Reach influencers. Influencers are the key people who can really help your product go viral. If you have built the next great consumer product and Fred Wilson, Brad Feld, Marc Andreessen, Josh Elman, Ryan Hoover are excited about it, you can go viral really fast.

“Regardless of what vertical you are in, it pays off to really understand, and activate your influencer network.”

For example, Techstars ’14 company Pathgather sells enterprise learning management software. It turns out that Chief Learning Officer (CLO) community is fairly small, and very connected. When CLO of Qualcomm talked about Pathgather at a conference, CLOs from other large companies immediately engaged with the company and several became customers.

  1. Leverage users. Assuming that you’ve got thousands of excited users from your initial launch, you can work to leverage them to get more users. Great networks grow from inside out, and having a passionate user spread the word is very powerful. Track your K-factor – a measure of virality reflecting how existing users bring on board the new users.

This may seem like a trivial point, but really organizing your early community and giving them tools to promote you is important. Give the users specific asks, like tweet about us or post to Facebook. Tell your friends or invite them using a promo code. Creating a referral program and giving your users incentives to bring more users can be particularly effective.

  1. Get more PR. Think through your PR strategy. Besides initial launch what else can you do to general press? Can you become part of the trend story? Do you have interesting data to share with reporters?

Even better yet, get several key reporters to use your product. Dennis Crowley from Foursquare was particularly great at engaging Nick Bilton, and other reporters as early users. Because reporters loved Foursquare, and checked in all the time, they were compelled to write about it.

  1. Create engaging content. It is difficult to get reporters to write about you all the time, but it is not difficult to write 1 awesome post a week. Even if Content Marketing sounds daunting, the time to start is now.

Don’t expect this to be a magic bullet, but do write interesting, value add insightful content that is ever green. This strategy will pay off in the mid to long term. Digital Ocean (Techstars ’12) is now second largest hosting provider in the world. Mitch Wainer, CMO of Digital Ocean, has envisioned and created amazing library of content that drives great conversion, helps lower CAC and builds great awareness and brand for Digital Ocean.

  1. Plan more product launches. One product launch is great, but if you can, plan additional launches every 4-6 weeks. Have an iPhone app? Next launch on Android. Add an awesome integration. Roll out a feature that users are asking for.

Launches are almost always news worthy. You can cover them on your blog, and there is a chance that they would lead to more PR and more attention from influencers and excitement from your existing users.

  1. Use Re-targeting Ads (sparingly). It doesn’t make sense to spend a ton of money in the early days to acquire customers. One type of ad called re-targeting ad could actually be helpful to generate more awareness.

Re-targeting ads are served on Google, Facebook and other sites to people who visited your site but didn’t sign up. These ads are relatively inexpensive and effective – they target people who already know a little bit about you. When you run re-targeting ads people think you are a little bigger than you really maybe and eventually may decide to sign up.

  1. Leverage Physical Events. Depending on the industry you are in you maybe able to leverage physical events – meetups, conferences, etc. Physical events aren’t just a thing of the past, and can be effective IF you use them properly.

For example, when you present at NYTM (New York Tech Meetup) you can get in front of thousand people in NYC tech in one shot. Trade shows can still be effective for specific types of industries. Understand your ROI and have clear goals.

The type of marketing plan you put together really depends on your business. The point is – have a plan. Create 1 page Google Doc with the plan, write it down, discuss with your team, and advisors.

“Commit to doing something every single week.”

Don’t leave your launch to a chance. In today’s tech world, it is hard to win without a solid plan.

Please share with us how you think about marketing your product. What is your marketing plan?

 


 

 

Reprinted by permission

Image credit: CC by Darlington Omeh

About the author: Alex Iskold

Alex Iskold is the Managing Director of Techstars in New York City.

Previously Alex was Founder/CEO of GetGlue (acquired by i.tv),  founder/CEO of Information Laboratory (acquired by IBM), and Chief Architect DataSynapse (acquired by TIBCO).

Alex routinely writes about entrepreneurship and startups at Alex Iskold.

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