Recap of last week’s topic: funding lifecycle

Designing the Product/Service to see Product-Market Fit: metrics is Desirability (how the customers feel about your solution? Would they recommend the product to other people, if not, why not? On a scale of 1 to 10. To see if there is a strong Product-Market Fit to the point that they would recommend.)

Designing the Business (channels, acquisitions, delivery) to see Feasibility and Financial Viability; this is where revenue will come in.

Validation stage: Learning not Earning

Marketing Risk Overview

• market wasn’t as big as we thought (market risk)
• we didn’t get the share we hoped for (strategy risk)
• we didn’t get the profit we hoped for (implementation risk)

Design prototypes according to your means.

Principle of Effectuation

Effectual Thinking: when future is unpredictable

Product-Market Fit

Revenue Drivers

Go-to-Market strategy is used to increase revenue drivers

Revenue Drivers:

• quantity of customers
• frequency of purchase
• quantity of product usage
• price per purchase

Brand, marketing, acquisition strategies objectives are to increase revenue drivers.

Product + Service model

From Product to adding Service

Price action (discount) is the last thing to do; it will increase one driver and lower another.

Product to platform: must be a trusted brand to turn into platform

Building Brand Relevance is a more enduring growth strategy than building preference.

Relevance – create new categories or subcategories for which competitors are irrelevant

Preference – choosing other brands that offer the same as yours

Brand positioning is difficult when you have many competitors. But if you invent a new category, competition will be irrelevant, then it’s easy to position your brand.

Brand Culture shapes reputation, relationship, experiential and symbolic values.

• reputation – perceived quality – why should people trust this brand?
  • create a personable story
• relationship – role in consumer’s lives (friend, coach…)
• symbols – expresses values/identity
• experience – perceived benefits in all touch points

Core Messaging and the Message Box

• Engagement Message
  • what issue of theirs will get their attention?
  • what problem of theirs can you solve?
• Solution Message
  • regardless of vendor, what is the criteria that must be met to best address the persona’s problem? Don’t mention any brand name.
• Reinforcement Message
  • Mention your brand. Describe your solution and how and why it is the best option for addressing the solution criteria
  • highlight key points of differentiation
• Value Message
  • as a result of implementing your offering, how will their life be better than before?
  • what metrics can the customer use to prove the value of your offering

Map Message to Buying Process

• AIDA
  • Awareness = engagement
  • Interest = solution
  • Preference = reinforcement
  • Decision = value

Marketing Blueprint Framework