1. Don’t be too late to realise what you are going after
Don’t let the outsiders or your investor correct the mistake you have been doing so far in reporting. Sit, listen and understand from your team mates on how every number is tracked, what is not tracked, and what is the 3 important metrics everyone need to be aware of. By keeping yourself aware of this will help you and your teammates on the data information. So you don’t make wrong judgements or forecast on a important company decision.
Lot of the time I see miscommunication between team members on Cost per acquisition, Order vs New order calculation, currency issues & client relationship agreements etc.
2. Your marketing funnel is a funnel and it’s not a bowl.
So don’t overdo one channel or one activity(example: acquisition) and ignore the overall picture. Everything should work together like a machine. That’s where you get maximum impact and reduced cost per conversions.
3. Even if you are spending $1000 to get one user now, predict with data when you going to breakeven and remember that
Whether you are a soonicorn or minicorn startups spending thousands of money to grow the platform… Have a report or dashboard where it can show when this spending will breakeven. After how many number of days/weeks/month or number of orders/trip/experience the profitability will start.
4. Build channel for your marketing, not depend on channel for marketing
Build useful additional mini-tools outside the system or features inside your website/app which is not tied directly to your sales but as a acquisition channel. That’s called BUILDING a channel for marketing. And don’t depend on outside channel like Facebook, Google and others.
5. Even you are the CEO of the company, ask your team what is organic or repeat user contribution in sales
Imagine your home which has been receiving water from specific shop is going to face demand, you would need to have some saved water or Water coming from your underground. So you can save your life. Similarly when your money going to get depleted, you need to have your backup channels(which are organic) which can keep bringing users even if you stop spending money. Thats what will save you from death. That backup will give you peace of mind when thinking about growth.
5. A sustainable marketing should bring users while you sleep and not spending money
The smartest wants to make money even while he is sleeping because he has found a way to get work done even if he doesn’t come to office. There are few marketing initiatives which you can do will bring users even you don’t do anything Everyday. Example: Valuable content, Useful mini tools, Knowledge base. All of them are accessed by anyone without any dependency on you. That’s sustainable
6. Experience the product often as a user. Thats a good habit to have.
Don’t fly on the air thinking that everything is going good. A brand which has millions of users has suddenly face issue of finishing transaction and another issue is there is broken Link for one of the important CTA button on the home page.
By not checking that often, they missed lot of users. As a founder you are the first product owner then the developer who develop the product. By checking every day or frequently you can give ideas and find issues before it becomes big.
7. Whether you micro manage or oversee things, keep encouraging experimentation and set target for experimentation
Depending on the size of the experiment, you should set a target of number of experiments to be carried our per month or quarter. + Provide freedom to the people on what they wanted to do. You can give freedom until to the level it doesn’t bring the company down.
Freedom is one of the great pleasure everybody wants. So if you give that, they will respect that. That respect will bring accountability and full fledged output from your team mates.
Makes sense? Share it across.
Related read : How to build a data driven digital marketing strategy
an old post for a marketing lead : Few mistakes as a Marketing Lead You can avoid before things become worse