Shark Tank Jump Start Your Business: How to Launch and Grow a Business from Concept to Cash (16 page)
Authors: Michael Parrish DuDell
A hard launch is designed to generate as much buzz and as many sales as possible. During a hard launch, all of the marketing efforts are channeled into one coordinated push. Months, if not years, of work go into a hard launch, as everything must be calibrated just right. If you choose to go with a hard launch, it’s critical that absolutely everything is in place. The worst thing that can happen during a hard launch is for a small crack in the foundation to sink the entire operation.
Ultimately, it’s up to you as the founder to decide which launch strategy is best for your business. If you’re ready to make a big splash, a hard launch is your answer. If you want more control, you should probably aim for a soft launch.
Before launching, take a moment to reflect on everything you’ve achieved thus far. Most people who dream of starting a company never even get to the launch phase. The fact that you’ve made it this far should be celebrated.
Running a small business is not just about working hard; it’s about working smart. As your days begin to fill up with tasks, mastering productivity will become more important than it’s ever been. While every entrepreneur has his own methods for staying productive, here are three useful hacks that can help you work more efficiently:
Boost willpower by creating better patterns:
At one point in time, willpower was thought of as some mysterious, unquantifiable power that one either possessed or didn’t. But that theory has since been disproven.
As it turns out, willpower is more like a muscle: everyone has it and everyone has the ability to overwork it. So how exactly do you live a productive life without burning out by 3 p.m.? The answer is simple: create better patterns.
When you create patterns, you bypass the decision-making process and avoid tapping into that coveted willpower. Want to get better at working out? Go to the gym every morning for three weeks (the average time it takes to create a habit). Want to get up every morning before your day job to work on your startup? Make it a nonnegotiable commitment for a few weeks. Soon, it will become a daily pattern.
Outsource the time wasters: With so many different services available to help people avoid tasks that waste time and create unhappiness, outsourcing unpleasantries is a great way to become more productive. Whether it’s paying bills, sending thank-you cards, or taking your dog for a walk, you can find myriad resources to outsource just about anything you want, some of which are included in the Tools and Resources section in the back of the book.
Although you may not have a lot of extra money to spend on luxuries, there are plenty of ways to outsource on a budget. Make a list of items that weigh you down and do some research
on how much it would cost to outsource them. You may be surprised at how affordable it can be to get some of the most time-consuming tasks off your plate.
Prioritize your schedule: Not every task carries the same level of importance. If you want to maximize productivity, you must get in the habit of prioritizing your to-do list and accomplishing things in the appropriate order. It’s fine if you want to spend time on that big-picture idea, for instance, but not if there are a hundred little things that need to happen by tomorrow. As each task comes in, assign it a number (one to five)—ones get done first and fives last. As you begin to incorporate this system into your work flow, you’ll quickly start to see how it can immediately improve your overall productivity.
MASTERING MARKETING
What’s the first thing you think of when you hear the word “marketing”? A company brochure? A Twitter page? A radio ad? Maybe you recall that advertising campaign you saw on television or that giveaway promotion on Facebook. If any of these examples popped into your head, you would be correct: they are all forms of marketing. But marketing isn’t just a department or campaign; it’s a fundamental limb of every business, no matter the size or industry.
According to the American Marketing Association, marketing is defined as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
.” In other words, marketing is the bridge that connects the business to the consumer—the great tightrope of opportunity. And while philosophies may differ on which type of marketing is most effective, every entrepreneur can agree on one thing: marketing matters… a lot.
After reading the definition above, you may be wondering what the difference is between marketing, advertising, and public relations (PR). That’s a great, and sometimes tricky,
question. Talk to a handful of business professionals and you’re likely to get a number of different answers. A Fortune 500 CMO, for instance, may describe the breakdown very differently than the owner of a neighborhood mom-and-pop establishment. While the subject could be explored quite extensively, the majority of first-time business owners need only understand one very basic difference.
Marketing generally refers to the overall communication process, as opposed to one specific action. From market research to media strategy, think of marketing as the larger conversation between you and your customer. It is the overarching category, the sum total, of each consumer interaction.
Advertising and PR on the other hand are most often actionable initiatives that help bring a product or service to market, like direct mail or a digital ad buy. That is to say that if marketing is the manufacturing of the ideas, then advertising and PR are the delivery system, which brings the product or service to your audience. While all three are considered to be primary components capable of standing alone, most often advertising and PR are parts of the greater marketing strategy.
| “The most common mistake that entrepreneurs make when marketing their business is that they try to sell it before going out and getting feedback. If you read the history of any great company, you’ll see that most have reinvented their product and audience over and over again, especially in the early stages of the business. You don’t know the formula until you get out in real life and test it.” |
As your company grows and evolves, you may need to develop a more detailed understanding of each element, but for the sake of clarity, in this book the word “marketing” will be used as a blanket term to describe any process or action that connects a business to the outside world.
Another essential element, which often falls under the general marketing category, is branding. A brand is much bigger than just a product or service. It’s the emotional response to your business—the visual and psychological representation of your organization’s identity.
In more technical terms,
branding is “the practice of creating a name, symbol, or design that identifies and differentiates a product from other products
.” It often combines tangible things like logo, design, and color scheme with more abstract elements like values, goals, and mission. These scattered pieces are woven together to create the overall “vibe” or feel of a business.
When most people think of their favorite product, it’s likely they don’t actually envision the product itself. Rather, they respond to a feeling the product gives them. Take Coca-Cola, for instance, perhaps the most well-known brand in the world. When you think of Coke, the first thing that comes to mind isn’t brown syrup and carbonated water. If that were the case, the beverage company would surely be out of business. No, it’s more likely that you imagine the bright red can or the famous ice-skating polar bears. Maybe you even recall a particularly positive memory of something that occurred while you were drinking a Coke. It’s not the syrup and water that keeps you coming back for more; it’s the brand.
The same can be said for Apple computers.
In 2012,
Forbes
magazine valued the Apple brand at $87.1 billion, up 52 percent from two years prior.
That’s tremendous growth. How did the homegrown technology company become one of the most profitable businesses in the world? Simple. Steve Jobs knew the power of a brand. Like many innovators, Jobs understood that brand needed to be baked into each part of the company and infused in every experience. Moreover, Jobs recognized that a strong brand is the ultimate magnet for loyalty and evangelism because it makes customers feel as though they’re participating in more than just a mere exchange of money. Instead, they are connecting to a greater mission. You don’t just buy Apple products; you’re an “Apple person.”
Many small business owners are under the false impression that branding is reserved for larger companies with millions or billions of dollars. But nothing could be further from the truth. In reality, a strong brand requires more creativity than cash—more boldness than budget.
You’ve already identified your mission; now it’s time to go further and infuse it throughout all aspects of your business. What do you believe in as a company? Where did you come from and where are you headed? What truths have you championed as an organization? How do you want people to feel when they think about your company? How do your products or services represent your greater philosophy? As you start to transform these answers into action, your brand, in all its complexity, will slowly begin to emerge.
Remember branding is a dynamic combination of development, design, and experience. It is both your greatest differentiator and ultimate connector. But more importantly, it is the promise you make to each and every customer. And that should never be underrated.
| “You don’t need a large bud get to create a strong brand. You need a movement. You need to find the people who are ambassadors for your brand and who will go out and share it with the world. When I started slinging shirts, I found a network of ambassadors who took the brand from city to city. That was what going viral was back then. Today, you can find most of your ambassadors on social networks.” |
In Chapter Four you learned the value of identifying and cultivating your target market. While knowing this information is helpful when building your business, it’s absolutely crucial during the marketing process.
Once you have a clear awareness of your target market, you must next identify which type of marketing is best for
your
business. How can you stand out in a powerful way without wasting time or breaking the bank? While there isn’t one surefire strategy, you can increase your chances of accomplishment by pinpointing three key pieces of information.
First you must identify your short- and long-term
marketing goals
. What would your marketing campaign look like if everything went off without a hitch? Details matter, so be sure to get as specific as possible here. Would it bring in a hundred new customers? Would it increase your credibility in the field? Would it open the door to new partnership opportunities? Would it achieve all three? As you’ll soon learn, there are many different ways to market your business, and you can’t achieve success until you’ve begun to define it.
Next you must be aware of your
financial limitations
. If
you’re starting a new business it’s likely your marketing budget will look a lot like your annual salary: nonexistent. Or maybe not. Perhaps you’ve raised significant capital and have a cool six figures to throw at your marketing needs. While having an abundance of resources is nice, it’s not always necessary—and sometimes it can actually get in the way. You don’t need a large budget to be a great marketer, but you do need to be exceedingly aware of your restraints.
Finally you must consider your
time frame
. Is the goal to build buzz around a specific launch date or product? Or are you looking to create more long-term awareness? A campaign that produces short-term results will look quite different from one that’s designed to stand the test of time. Establishing a time frame will help keep you focused on your efforts and accountable to your goals.
TANK
TIP
“Most importantly, you’ve got to really love what you do. You can’t just start a business because you want to work for yourself or somebody else thinks you have a good idea. You’ve got to love the business with everything you have, even when it ends up taking over your whole life, because eventually it will.”
—LANI LAZZARI, FOUNDER OF SIMPLE SUGARS
Many factors play a role in the success of a marketing campaign. As an entrepreneur, you must not only understand your overall marketing goals, but you must also be able to achieve them in a timely and fiscally responsible manner. From guerrilla and network marketing to direct and affiliate marketing, you can find tens if not hundreds of different marketing
strategies. There are, however, a few commonly used channels that every small business owner should comprehend:
Traditional marketing:
Offline, or traditional, marketing is still what many people think of when they begin marketing their business. While not always as easy to track and measure, offline marketing is still a productive way to get the word out about your business. Here are a few of the more popular offline methods:
Print:
This category includes marketing you may find in any sort of print publication, including newspapers and magazines. Before the days of digital content, print marketing was a popular choice for many businesses. However, in the last few years, entrepreneurs have discovered that they can create their own digital content that is often far more targeted and compelling than any traditional print option. What’s more, creating digital content is free or significantly lower in cost. Depending on the size of your budget, print may or may not be a realistic option. But if you do choose to use this technique, be sure to find a publication that resonates with your target market. You never just want to go with the cheapest option.
Television and radio:
While television and radio are great ways to gain quick attention, they are often the most cost-prohibitive and least targeted options. With prices that range from thousands to millions of dollars—and that’s not even including the cost of production—television and radio are ideal for well-funded small businesses that are looking to execute short-term campaigns geared toward building quick buzz. You may consider this type of medium if you’re holding a large event, for instance, or running some sort of substantial promotion.
