All Lectures
All Lectures
- HBR cases / articles - Minimally viable marketing project - Creating a tactical solution
- Industry trade publications - Growth opportunity analysis - Building your digital toolbox
- Podcasts - Marketing framework - Industry speakers
CEO of the problem
● We live in a connected economy
Today’s leaders need to be
● Platforms and technology connect consumers able to accelerate a vision,
● Buying software and spending more on marketing does not solve create a speed to solution
and understand the
business problems
micro/macro customer
● Niche brands scale (but they also shrink the available pie)
acquisition drivers
● ROI positive or not is a terrible marketing investment strategy
Quiz
• Quiz is closed book/closed notes
• Opportunity for you to check-in // finding the gaps as the course progresses
Final Exam
• Understanding of class lecture and assigned reading concepts
• Ability to perform conversion calculations covered in readings
• Demonstrate digital marketing vocabulary // apply directly to the business
• Demonstrating an ability to build a GTM / MVM approach for a product introduction
What to do next
Step 1 Take a break
Step 3 Put on your startup hat (we will talk about these after the break)
● Where are consumer deploying attention
● Where would you launch a new technology product
● What industry trends are you seeing post-covid in the new-new normal?
James Loomstein, MBA
CISB 6220 | Spring 2021
Connected Economy
CEO | Timeline
Data is the new oil
2019 IPO List
- Uber
- Lyft
- Slack
- Pinterest
- WeWork
2020/2021 IPO List
- AirBNB
- Postmates
- Casper
- Doordash
- Bumble
- Nextdoor
How did you find information in 1955?
How did you find information in 1990?
How did you find information in 2005?
How did you find information in 2020?
Yahoo.com home page in 1996
And Then….
Product discoverability
Product accessibility
Proliferation of choice
Social commerce
ng on the Business Side
How Digital Marketing Will Change
IS
gi
a n
Ch
Two fundamental reasons
FB X X
Instagram X
Google
Adwords
YouTube X
email X
60%
Business Insights
Key takeaway
• Recognizing a true business problem is more important than picking a
company name
Self-Awareness
Audience Idea
What you’re looking for
• Small niche that you can own and rapidly expand
Audience
• Understanding consumer behavior 2-10 years out Product
Questions to consider Execution
• What is the size and growth rate of the market
• How is the market going to evolve
• Does my idea target a small/rapidly growing market or an old/dying market
• What are the challenges that this audience faces THAT WOULD LEAD TO A CHANGE
Self-Awareness
Product Idea
Overview
• Great idea ---> Great product ---> Great company Audience
• Until you build a great product - nothing else matters
Product
Where to start ideating Execution
• What are consumers doing right now to solve this problem?
• What metrics would you recommend to validate trajectory?
• What blindspots would watch out for?
• What are the friction points that would prohibit growth
Takeaways
• Build something that users love vs. making something that people like
• It's better to build something that a small amount of users love - than a something that a
lot of people like
Self-Awareness
Execution
What you need to start Idea
• Creating a system
• Prioritization Audience
• Budget allocation
• Customer adoption (diffusion of innovation) Product
The outcome you want to achieve Execution
• Data driven market intelligence
• Speed to solution
• Identifiable / micro-market
• Execution > TIming/Funding
Think for yourself
• Simple: Google is a search box with two buttons
• Functional: iPhone was the first mobile phone that people loved
• Functional: Uber and Opentable save you time
Bring it all together
Social Media | Connected Economy | Digital Opportunity
Why Launch
Why Social Media / Digital Marketing
• Big companies are slow / bureaucratic
• Traditional advertising isn’t feasible
• The cost to entry is incredibly low
• Data driven marketing intelligence
• Internet is hitting maturity
• Faster optimization for conversion
• Connected devices / mobile economy
• Every company is a media company
• Access to capital
• Ability to find/exploit micro-yes moments
Next Step
Next Steps
Assignments
Next week
• Complete student profiles
- Establishing a foundation
• bit.ly/studentprofile6220 (all lowercase) - Finding an audience
- Speaker: Facebook Targeting
• Course pack material
• Marketing Reading: Digital Marketing (page 1-55)
• Article: Why Most Product Launches Fail
• Article: Why Great Innovation Needs Great Marketing
• This week: Be on the lookout for next week's lecture + an in-class pre-read real world startup
concept
“The two most important roles at a company are those of
innovation and marketing” - Peter Drucker
Identify a set of fears, dreams and attitudes and then figure out what
sort of story fits that lock in a way that delights the consumer.
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Target Platform Campaign Performance
Problem Recognition
Audience Prioritization Execution Optimization
What is the business Does my idea target a What are the primary and What is the minimum Impression share
problem to be solved? small/rapidly growing secondary tactics required marketing spend threshold
market or an old/dying for product discoverability? required for success? Organic / Referral / Paid
market Media traffic
How are potential
customers currently What is the total and What is the 80-15-5 mix for Sales efficiency
solving this problem? available market size for conversion? (CPL, CPA)
this product?
Average order size
Is the problem painful What are the demographic
enough to warrant an / psychographic traits for Social media engagement
alternative solution? the primary audience?
ROAS
How easy is this solution to What is customer journey
replicate? for an idea customer? Repeat purchase
conversion rate (LTV)
Assignment
YouTube
Google Adwords
TikTok
Nextdoor
Yelp
Direct Mail
TV/Radio
Billboard
Inbound | Outbound
Engagement | Media Exposure Opportunities
awareness --- > consideration ---> purchase ----> Loyalty ----> advocacy
Example Workflow
Target Audience Discovery
Problem Recognition
Objective: Who’s bleeding? Do they want to change behavior?
Existing
New
solution? ● Website review
/ Service
Product
● Path to purchase opportunity
How easy is this solution to analysis
replicate? ● Identified revenue drivers
Industry Trends
● Trade publications
● Mintel
● IBIS
● Statistia
● ABI/Inform
● Statistical Abstract
● BLS
Target Audience Example
----------------------------------------------------------
SparkToro.com
Target Audience Example
----------------------------------------------------------
Keyword: Woodworking
Identifying Search Volume
----------------------------------------------------------
Keyword: Woodworking
Planning a web presence
Goals + Content + Targeting
Marketing Measurement | Customer Journey
LOYALTY ADVOCACY
AWARENESS CONSIDERATION PURCHASE
Impression
KPI CPC CPA LTV CPA
share
CPM TOS
Marketing Math
Conversion Calculations
Click-Through Rate (CTR) Return on Ad Ad Spend (ROAS)
Cost Per Click (CPC) Cost Per Thousand (CPM)
Cost Per Lead (CPL)
Cost Per Acquisition (CPA)
Customer Lifetime Value (LTV)
----------------------------------------------------------
Market: Whom are you addressing? Are you speaking to the right target and are you crafting messages that are specific to them?
Mission: What is your objective?
Message: What are the specific points you want to communicate?
Media: What communication vehicles are you using to get your message across?
Money: How much is budgeted? And how can you perfect your combination of mediums to maximize your budget?
Measurement: How will you assess the performance of your campaign?
Total vs. Available Universe
Top Target Markets to Consider _______________________________
Size of
Total
Universe
Entrepreneurial Future
Student Profiles
What skill, insight, or direction are you looking to take from this class?
● Develop more confidence in the marketing arena
● How to find a target audience and engage them
● How to tell a better story
● How to market a product to specific target audiences using social media
platforms
● Learning how to build a brand, create a go to market plan, and how to break into
new demographics
● Mastering the power of entrepreneurship and social media ads
● The ability to develop a digital marketing strategy to apply to a start-up
● To figure out what is the right type of online presence
James Loomstein, MBA
CISB 6220 | Spring 2020
1,000 True Believers | Finding An Audience
Ideation Framework (IAPE)
QUALITY
MORE CUSTOMERS BUYING MORE
FREQUENCY
MORE CUSTOMERS COMING BACK MORE OFTEN
Framework
- Peter Drucker
Test + Validate
Audience Discovery - Does your product serve a pain point? Or a personal passion?
- What level of competition currently exists for your product and niche?
● Primary / secondary research
- Is your product and niche a trend, fad, stable or growing market?
● Identified customer segment
- Is your product accessible locally, nationally, or internationally?
Product Identification - What is the potential price for your product? Margin?
- What is the size/weight and durability of your product?
● trendhunter.ai/ - What is the lifespan of your product?
● trends.google.com
● producthunt.com - Can you scale your product and business if demand increased significantly
● amazon.com/Best-Sellers/zgbs
Product Validation
● Hypothesis: __________________________
● Industry growth drivers
● Competitive landscape / challengers
Test + Validate
Creative Assets Optimization
● Landing page with clear CTA - MailChimp.com ● Browser Push Notifications
● Survey response - https://typeform.com/ ● Upselling & Cross-Selling Tactics
● Survey panel - https://surveys.google.com/
● Optimize Image Size
● Creative - https://www.canva.com/
● Improve On-Page SEO
● Improve Off-Page SEO
Generate Traffic ● Implement Social Proof
● Influencer Marketing ● Improve Customer Support
● Create a Giveaway ● Send Customer Feedback Surveys
● Create Google Ads ● Update Website with FAQs
● Reddit Strategies ● Write & Publish Blog Posts
● Interact on Niche Forums ● Create an Email Welcome Sequence
● Join Relevant Facebook Groups ● Automate Abandoned Cart Emails
● Create Facebook Ads ● Create a Post-Purchase Sequence
● Facebook Retargeting ● Upselling & Cross-Selling Through Email
● Blog Post Mentions ● Email List Re-Engagement Campaigns
● Niche Media Outreach ● Create an Email Newsletter
● Create Helpful Content ● Contact Cart Abandoners
Campaign
Framework
Solo Stove
About John Merris, Solo Stove CEO
John Merris, CEO of Solo Stove, has been an entrepreneur all his life.
Having been raised by entrepreneur parents, John has always had a
natural draw to taking on the seemingly impossible. After graduating
from college, John started a residential alarm company and recruited
door to door salespeople to grow the business. At its peak, it employed
over 100 employees. John then returned to school at the University of
Texas at Austin and obtained his MBA. While there, John revolutionized
the company’s trade association partnership business and later helped
launch a new advertising product that generated over $40M in revenue
in its first year. After 3 years at the View, John joined Clarus
Glassboards as Chief Revenue Officer. There he helped lead the
company to nearly 3X growth over a 2.5 year period.
His current time at Solo Stove has been his most impressive, leading
the company through exponential growth while building a team 15X
what it was two years ago. Solo Stove has become a direct to consumer
phenom, leveraging technology to directly serve consumers and create
the perfect model for today’s business environment. While the past
decade has been pretty remarkable, the best is yet to come.
CHANNELS
How are you positioned to sell your product?
INFRASTRUCTURE
Deliver?
CUSTOMERS
CUSTOMER RELATIONS
How do you interact throughout the customer
journey?
REVENUE STREAM
How do generate revenue from your value
proposition?
KEY RESOURCES
What assets are required to deliver?
KEY ACTIVITIES
What things do you need to deliver?
KEY PARTNERSHIPS
What can you not do (who do you need) so you
can focus on delivery?
● How can you estimate when you’re going to run out of cash / reach positive cash flow?
“A business model is a framework for making money. It is the set of activities which a firm performs, how it performs
them, and when it performs them so as to offer its customers benefits they want and to earn a profit.”
Business Model
Four Questions
Business models
aren’t a strategy
Business Model Variations
Example
● Architectural
A business models
○ Built around platforms is the story of how
○
○
Create a new value chain to bring multiple parties together
Ex: Ebay (marketplace), Uber (technology intermediary)
your business
works….
● Disruptive
○ Competing against a larger incumbent
○ Ex: Salesforce, Warby Parker
● Subscription / Freemium
○ Spotify, Adobe, Barkbox,
Marketplace Economy
A16Z Marketplace 100
https://a16z.com/marketplace-100/
Marketplace Economy
KPI Metrics
Match Rate How successfully can the two Driver utilization time for ridesharing — what % of the time are drivers
sides of the marketplace find driving around with a passenger, vs. empty?
each other? How often are employers actually filling their posted role in job
marketplaces? And how often are job seekers finding jobs?
Market Depth Is there enough supply? Does it fit Consumer product - how many listings will they see, and how likely will
users’ needs? they be to find an item they want to buy or home they want to rent
Time to match How long does it take for P2P marketplaces - how long does it take for each side to engage in a
(inventory turnover, supply and demand to match? transaction? How long does it take users to receive the first quote? How
or days to turn) long does it take for a seller to sell their product?
Marketplace Economy
KPI Metrics
Prevalence of How many of your users also use other similar Share of wallet metric
multi-tenanting services? How many users are active on similar
services?
Switch rate How easy is it for users to join a new (or even Friction point metric
nonexistent) network? How much value can users get
as a new user from joining a different network?
User retention cohort Is retention, as defined by users taking a core action Engagement metri
for the product, improving for newer cohorts?
Power user curve Are users becoming more engaged over time? Adoption rate
Take rate How valuable is the marketplace? Gross merchandise volume (GMV)
Marketplace Success Path
The Holy Grails: These are companies that customers use multiple times per month and regularly spend substantial
money on, typically more than $100 per transaction.
The Occasional Splurges: These businesses provide a lot of value and have price tags to match. I.e., big ticket items like
travel lodging, conference room bookings, and furniture purchases, (1-3/year. +$1,000 AOV)
The Everyday Necessities: These are companies that users rely on for everyday tasks like getting their kids to school
(Zum), walking the dog (Wag), or picking up lunch (Snackpass). (5- 7/mo. <$100 AOV)
The Fits and Starts: Low-cost and relatively infrequently used. (1-2/ mo. <$100 AOV)
Zooming Out
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Cohort
Home Automation
Gaming
Mental
Health/Wellness
Gig + Maker
Marketplace
Real Estate
Diet / Exercise
Final Exam Prep
Concepts | Additional Review
● Vocabulary and marketing terminology
● Understanding the different types of media exposure opportunities
● Understanding the different types of ad placements opportunities
● Understanding the different types of business models
● How and when you might use different advertising tactics (Facebook - Awareness, etc.)
● Understanding Inbound vs outbound marketing campaigns
● Re-visit the HBR Core Curriculum
Resources:
https://neilpatel.com/blog/how-to-calculate-lifetime-value/
https://headerbidding.co/calculate-cpm-cpc-cpa-ecpm-ecpc-ecpa-roi/
https://www.entrepreneur.com/article/278758
James Loomstein, MBA
CISB 6220 | Spring 2021
HBR Case Analysis | Glossier
Plan On a Page
Objective*
Draft an executive summary that contains your objective—a brief explanation of what you’re doing and why.
Opportunity
What is the opportunity you see for your product or service? What niche is unserved? Why should customers buy from
you and not others?
Audience
What customer segment(s) have you identified? Describe the different customer groups and how you will target them.
Landscape
What is the competitive landscape? Who offers a similar product, and what market share do they hold
Threats
What are the potential threats? What companies could become competitors?
* Because your objective and executive summary should be the clearest, most compelling part of your plan, return to this step and polish your executive summary after you’ve
established the facts and ideas in other sections.
Plan On a Page
Product
Describe the product or service. What will it help customers achieve? How does it differ from what competitors sell?
Price
What will the product or service cost? Will you offer discounts or other deals?
Channel Strategy
Where and how will you sell the product or service? Will you use a distributor or outlet? What is your online strategy?
Position
How will you market the product or service? How will you convey your brand’s story through packaging, advertising, social
media, and public relations?
Budget Allocation
What do you plan to spend on marketing? Create a breakdown of how you’ll spend this, by task and by month.
Financial Model
What are your projections of revenues and profits?
Summarize main points. End with a strong, forward-thinking statement about the potential of this project. Revise your executive summary, including your objective. Make it
clear, concise, and compelling.
Plan On a Page
Objective
Opportunity
Price
QUALITY
MORE CUSTOMERS BUYING MORE
FREQUENCY
MORE CUSTOMERS COMING BACK MORE OFTEN
SMU Cox School of Business @2021 | CISB 6220, Professor James Loomstein, MBA
Rapid Foundation Checklist | Competitor Assessment
Building a strategy that works requires knowledge about what others are saying… and not saying. It’s
about identifying your whitespace and finding creative and opportunistic ways to highlight the
things that help you stand apart.
Competitor 1
Competitor 2
Competitor 3
Rapid Foundation Checklist | Content Assessment
4. Clear CTA
- Target takes action
Campaign Prioritization Framework
MESSAGE
WHAT WILL I SAY?
WHY WILL THEY PICK
ME?
REACH
WHAT CAN OTHERS
SAY ABOUT ME?
ACQUISITION
HOW WILL I REACH
THEM?
Content Amplification Framework
VISUAL AUDIO
● Instagram story / post ● Podcast PAID
● You Tube video ● Audio ad (Pandora) GOOGLE ADWORDS
● Facebook Live FACEBOOK ADS
● Webinar INSTAGRAM ADS
YOUTUBE ADS
WRITTEN LINKEDIN ADS
● Blog post NATIVE ADS
● Guest post
● E-book
● Case study EARNED
● FAQs YELP REVIEW
GOOGLE REVIEW
PUBLICATION REVIEW
OWNED
WEBSITE
BLOG
SOCIAL CHANNEL
Rapid Foundation Checklist | Marketing ROAS
Budget ($)
FB
Total Clicks (#)
LinkedIn
Action Rate (%)
Search
Unique Actions (#)
Display
Conversion Rate (%)
Remarketing
Visitors (#)
[OTHER]
Annual Budget
Rapid Foundation | Business Model Canvas CUSTOMER SEGMENTS
Who are they?
What do they think?
What do they do?
CHANNELS
How are you positioned to sell your product?
INFRASTRUCTURE
Deliver?
CUSTOMERS
CUSTOMER RELATIONS
How do you interact throughout the customer
journey?
REVENUE STREAM
How do generate revenue from your value
proposition?
KEY RESOURCES
What assets are required to deliver?
KEY ACTIVITIES
What things do you need to deliver?
KEY PARTNERSHIPS
What can you not do (who do you need) so you
can focus on delivery?
Digital Landscape
● In terms of conversion, what are the most common customer journey?
● Which pages currently generate most leads and sales? How can these be enhanced?
● How can social media sharing be enhanced?
● Does the company use landing pages to drive conversion?
● Does the company use owned social media channels (Facebook, Twitter, LinkedIn, etc.) to drive lead generation?
Social Media Best Practices | Content Ideation
● Follow an 80/20 rule - 80% of your content should be engaging and only 20% should be promotional content
● Post industry relevant topics and use hashtags when appropriate
● Share, retweet, regram - promote other relevant content - articles, photos, and videos from your followers or industry publications
to show that you are part of the conversation
● Bite-sized video clips - video content gets more shares than text only posts
● Respond to your followers - your audience’s time is valuable and responding
shows a level of care and appreciation
● Conduct a social media takeover - hand over your social media account to an an employee of another team, an influencer, or a
business partner for 24 hours
● Team up with a partner or another brand on a campaign or piece of content such as a webinar, e-book, or a special promotion
● Tutorials and How-to’s - provide step-by-step instructions on specific features
● Go Live - live videos are compelling
● Take advantage of trending topics
● Poll your audience
Resource List
Content Sources Profiles Creative Sources
YouTube
Tools | Stay Smart
Resources:
https://neilpatel.com/blog/how-to-calculate-lifetime-value/
https://headerbidding.co/calculate-cpm-cpc-cpa-ecpm-ecpc-ecpa-roi/
https://www.entrepreneur.com/article/278758