If you need to sell more, consider marketing like a pirate. What I’m suggesting isn’t heading out on the high seas in search of targets of opportunity, but a metaphor and mindset that helps business owners organize their efforts and resources towards marketing like an investor.
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Business owners don’t have the luxury of making multiple mistakes and staying in business. Therefore, intense focus must be applied to making all aspects of business answerable to two key areas; innovation and marketing. Innovation so that the business continues to operate better, faster and cheaper and deliver valuable outcomes to its customers and marketing so that it has customers.
This mindset, including testing, measuring and improving is commonly referred to growth hacking. Growth hacking is commonly applied to startups and tech companies, but with a bit of translation and adapting, it is perfect for small businesses.
When I referred to marketing like an investor, I’m referring to the key elements that investors focus upon, risk and profit. Investors and business owners alike endeavor to reduce risk, typically by making data-driven decisions, testing, moving quickly, etc. Again, investors and business owners alike are fond of profit.
Risk and profit in marketing fit perfectly with growth hacking and marketing like a pirate. By using metrics for stages of bringing in prospects and making sales and being able to both measure and change quickly, business owners can reduce risk. This same sequence provides data that helps monitor profit.
Here are the pirate metrics (as developed by Dave McClure of 500 Startups):
Acquisition: where do visitors find you and through what channels do strangers bump into your business (induced or random)?
Acquisition: the strangers have a positive experience in their first encounter with your company
Retention: strangers become prospects as they come back and visit multiple times
Referral: your prospects like your business well enough that they tell others
Revenue: the prospects purchase from you
This sequence of events can be built into a funnel, be part of a campaign, measure across multiple marketing efforts in a similar fashion and are brilliant at measuring risk and profit in a way that comparisons can be made across products, services and marketing campaigns.
Pirate metrics are built into our growth hacking course and help business owners sell more, sell profitably, sell quickly and understand the results in live time.
Click here to download a free cheat sheet on the elements of growth hacking and marketing like a pirate.