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
Go-to-Market strategy is used to increase 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
- Awareness = engagement
- Interest = solution
- Preference = reinforcement
- Decision = value
Marketing Blueprint Framework