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Startup Marketing: Bottom-Up Mindset

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on 12 August 2014

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Transcript of Startup Marketing: Bottom-Up Mindset

(1) focuses on making the most of what you have
(2) goes where the money is and quickly adjusts the competitive angle in a way that makes the competition irrelevant
(3) transitions a winning marketing tactic into a long-term successful business strategy



"Man Was Never Intended to Be an Oyster"
Solve Everyday Pain
Stretch or Entertain to the Extreme
Ride Waves of Interest
Cool Hunting
Fiber Fix

Embracing Restraints
Finding Ideas
FiberFix as an "eagle"
"if it were possible..." mindset
narrow focus for product ideas
scour for pain point
Startup Marketing:
Bottom-Up Mindset and Finding Good Ideas

Group 10
Four Keys to Finding Big Ideas
Ideation Process
Bottom-Up Mindset
1. Select a problem area:
Think broad and opportunistic, like an oyster
Think narrow and focused like an eagle.

Go where the money is.

2. Identify and explore the problem
Ask open-ended questions that don't have simple yes-no answers.
Use this step to identify new product features to address the core problem
.

3. Propose and test alternative product ideas
Compare alternatives using a WOW! focus group. (
Will your idea have merit in the market?
)
Should you move the product up? Should you sharpen your competitive angle? or are you ready to launch the product?

4. Perfect the top product idea
Adapt the product by adding high-value features or removing low-value features.
The goal is to make competitors irrelevant.
Restraints
Water Activated
Only Black
Twists/Solution
Outdoors focus
Sanding
Painting
Stronger
Why
Differentiate
Startup R&D
Wow Factor!
How would you rate FiberFix from scale of 0 to 10?
10
: WOW! Here is my credit card!
7~9
: Congratulations, you may have a winner. Go for it, you've got the WOW! Factor and a potential hit if the market opportunity is large enough.
5~6
: There is still hope. Keep pitching, listening, and adapting.
0~5
: There is no WOW! Factor, little or no hope for the concept, and you need to go back to the drawing board and redouble your R&D effort.
The majority of successful entrepreneurs make
small modifications to current products.
Rip Off and Duplicate/Refine and Design
1. Funding from investors easier to obtain for products in competing markets
2. Don't have financial resources to develop new product categories
3. Don't have financial resources to do traditional research
Engaged observation + right questions
Millions of customers
Not "Me-Too"
Full transcript