how to build a founding team - Learn Online

Current team with tips on how to build a founding team

Lesson Details:
March 03, 2020

Video Transcription: Now that we've established our valuable positions and we've understood the customer segments that will best respond to the value that we provide we are able to start constructing the sales and marketing channels to reach those customers you see how it's beginning to all come together so let's talk about the marketing channels and marketing is really one of my personal favorite topics because it's how your business grows it really happens after you identify your customer segments and get to know your customers very deeply and talk to them and all that it becomes easy to understand exactly how to reach them what part of their day when exactly they face some problem when they need your solution and how they seek out the solutions to the pain points and once you understand their day and their process you will know exactly when to inject your marketing message which makes your marketing message extremely targeted much cheaper and easy because you don't have to do a lot of everything you just have to do a little bit of what's very very smart and inject yourself perfectly right there with the right message of course so it's it really makes a world of difference in the effectiveness of how you promote once you understand the value proposition and the segment it all starts to come together so when you pick your channels also some things to really keep in mind are make sure that your marketing channels are not too competitive for example if you pick SEO today it's generally one of the most competitive marketing environments online and it just for a lot of business owners it's just difficult it would be a deal but it's just difficult so there is some reality here you have competition so you have to make sure that the marketing channels you do choose are implementable and within reason.

So you kind of have to look at if you do choose SEO how competitive is your niche and is it too expensive or resource intensive for example is it take six months or two weeks well you know that's a big difference is it gonna be cost a lot of money or is it gonna be relatively easy to do that's also a consideration because obviously you'd like to do a lot of the marketing but some are just not that feasible so some you just can't do and that's not bad news actually because usually you don't need to have many marketing channel a lot of first-time entrepreneurs they come to me and they want more ideas more and more and more marketing channels but actually that's not really the solution the solution is not many but few but what's really important are the few that are chosen are indeed the most effective ones for whatever you're doing once you identify the most effective ones you want to execute them incredibly well not above-average but like 98th percentile that's the aim because usually the results in most industries are super disproportionate and most revenue and earnings and growth goes to the top top top people not people in the 75th percentile not the 80th percentile sure those guys do okay but the people who do great are the best and that's where you really want to aim so when you execute your marketing the right marketing strategies are the 98th percentile or approximately there that's where you start to really grow your business that's when things start clicking now what can your marketing channels be obviously this is a tremendous topic there are so many choices but I'm gonna attempt to narrow them down SEO getting discovered what people are looking for you there great leads SEO can be different local search in your local town you can try to do general google search or search through platforms for example if you're selling a freelance service what maybe 5 or search if you're selling a product maybe Amazon search or Etsy search or youtube search if you have videos so search on platforms is also very powerful so SEO can be very different as you see offline of course.

There's a lot of options events door-to-door marketing Flyers business cards if you have a brick-and-mortar location obviously a location that has a passerby traffic or signs that are attractive things like that obviously social media and you again don't want to be all over social media you want to pick a few channels or one channel and just be tremendous there and that will actually give the growth to own your secondary channels but the theme is execute really well and narrow but be tremendous in the narrow execution because if you spread yourself too thin you'll do it in a way that's mediocre if you spread your efforts you'll only be able to achieve a fraction of the quality that you could if you had concentrated your efforts it's very basic and of course one under appreciated but really effective marketing strategy is not so much to sell to new customers to find those are great of course but they're not that easy to get what's actually often easier is to sell more to existing customers and keep them longer so fantastic customer support effort instead of directly to seeking out new customers putting that effort man-hours and money into improving the quality of the product and services of course that's gonna keep your customers there longer happier getting recommended so indirectly that is a marketing strategy actually quality of your product and service is in fact a tremendous marketing strategy and LTV lifetime customer value extension is also a potential focus that has to do with getting people to buy more products to come back more regularly to buy at a higher price basically to get people to spend more money with you that's a very intelligent and savvy kind of a theme to focus on with your business and of course additional things are having partnerships with companies who promote you running ads and doing outreach through email through LinkedIn etc etcetera so there's a lot to choose from if you choose all of them it's not going to work because they're just too many things so you have to choose what's going to reach your target customer not something generic but exactly the perfect thing to reach them you know with the perfect message in the perfect way and that's how you identify the perfect sales and marketing channels for your business.

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