MEMSI January 2018: Making Money Part 1
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Making Money Part 1 - includes key concepts from Disciplined Entrepreneurship framework, Themes 3 (how does your customer acquire your product) and 4 (how do you make money off your product)
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MEMSI January 2018: Making Money Part 1
- 1. MIT Entrepreneurship and Maker Skills Integrator Making Money, Part 1 January 2018 Marina Chan
- 3. DE3: How does your customer acquire your product?
- 4. Who is in your “Decision Making Unit” (DMU), and how do they make decisions to buy your product? • Economic Buyer • Champion • Influencers • Veto powers • Users
- 5. Who is in your “Decision Making Unit” (DMU)? How do they make decisions to buy your product? Economic Buyer Who’s paying Champion Who loves it Influencers Who’s opinion counts the most Veto Powers Who has the authority to say NO Users Who will be the ultimate user for the product
- 6. Mobile phone example • Economic Buyer • Champion • Influencers • Veto powers • Users
- 7. What about robots in the factory? • Economic Buyer • Champion • Influencers • Veto powers • Users
- 8. In class exercise: DMU. Who are they? What is the process with which they decide to buy? • Economic Buyer • Champion • Influencers • Veto powers • Users 8
- 9. Sharing! 9
- 10. Let’s talk about awareness generation
- 11. In class exercise: How will you raise awareness of your product to the people who matter? • Economic Buyer • Champion • Influencers • Veto powers • End user(s) 11
- 12. Sharing! 12
- 13. 13
- 17. 1 7
- 19. 19 SUSPECTS • Age • Location • Gender • Occupation • Mobile vs. PC • Education • Behaviours • Income • Language • Interests IDENTIFYING AUDIENCE Variables KPI: Cost per click (“I want to learn more”)
- 20. 20 SUSPECTS PROSPECTS• Tone/voice • Color • Image • Price • Format • Features • Benefits • Tagline TESTING MESSAGE KPI: Cost Per Email Acquisition (“I’m interested in purchasing”) Variables
- 22. 22 $0.87 per acquisition $2.44 per acquisition $3.83 per acquisition TESTING MESSAGE
- 23. 23 SUSPECTS PROSPECTS LEADS • Stay top-of-mind • Build credibility & relationship • Demonstrate value of product • Create urgency & excitement CULTIVATING LEADS Variables KPI: CTR to Purchase Page (“I intend to buy”)
- 24. 24 20,000+ MINUTES OF LIVE STREAMING 1,500+ LIVE Q&A INTERACTIONS 300+ MEDIA MENTIONS
- 25. 25 SUSPECTS PROSPECTS LEADS CUSTOMERS $$$ • Price properly • Bonus / add-ons • Remove friction from purchase • Address remaining questions DRIVING PURCHASE Variables KPI: On-Page Conversion (“I will buy”)
- 26. 26 SUSPECTS PROSPECTS LEADS CUSTOMERS US$330K Saw ad and clicked on it Came to page and purchased 3% 2% Came to page and gave email40%
- 27. Go-To-Market Strategy 2 7 STRATEGY CONSIDERATIONS SELF-SERVICE SALES Low cost, self serve model High volume product sales Marketing driven INSIDE SALES Lowest cost human touch model Inbound / Outbound Marketing Increasingly good for enterprise CHANNEL SALES Fast track geographic coverage Low initial investment Limited customer contact FIELD SALES Direct customer feedback Expensive Sell high ASP products
- 28. What we talked about • Decision making unit aka buyer personas • Buying process • Awareness generation • Sales funnel • Sales processes 28
- 29. Questions? 29
- 30. Appendix 30
- 31. 3 1
- 32. 3 2
Hinweis der Redaktion
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- End user: the person whose use of the
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- Voiceover: Identifying the suspects: start with common sense, some secondary research Experiment: do small $ investments to see which audiences have the lowest cost per click In this case it was whether they would like our FB page. That created our suspect pool.
- This was through 3 channels: Emails: personal and newsletter mailing list Livestreams: Skype sessions
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- Final CTA was around $ wise? Do you mean CTA cost per acquisition? Referencing Jellop towards the end of the campaign it was 2-3X so roughly us$40-60 per backer% of people who viewed our ads and clicked on it = 3%% of people who clicked who gave their email = 43%% of people received our emails and came to our landing page = Not tracked% of people who came to landing page and backed ORII = Not tracked (but recall that it was roughly 2% based on matching of emails of actual backers)
- Self-service- never see customer til transaction Inside sales – hot leads, launched, obtain emails, contacted by phone service (eg. FB chats), not on commission (on salary), more process-driven. ORII ex: when CEO sends personal email to Kickstarter backer to start building relationship Channel sales – usually retail channels. ORII ex: Kickstarter campaign, aggregate pre-qualified audience, selling through telco (CSL), close and deliver, other examples, Fortress sell-in/sell-through Field sales-commissioned-based
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- Groupon may not be a hot, new concept anymore, but, they’re still a major company reaching millions of consumers every month.
- They have a very clear email opt-in pop-up on their site. It’s similar to what they used to have on their homepage but now it’s showing to all visitors across the site on their first visit. Steps in Sales Funnel Traffic (from ads, direct, referrals, affiliates, email list, and more) Homepage The pop-up on the homepage incentivizes you to give your email address. You get a coupon code for $10 off $25 on your first order just for signing up.
- From there, you can browse and shop for services. Internal homepage view offer details - For example, Groupon in Chicago.
- Purchase form
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