Dave Goetz is a little obsessed with fly fishing. He is so obsessed that he started a podcast (2 Guys and a River), now on season 5 with over 315,000 downloads. But, his day job is working with clients of his CZ Strategy marketing company on positioning, messaging, content development and digital marketing to create valid sales leads. He’s seen a lot during the past 20 years of working with over 160 clients, 40 of them startups. He’s witnessed successes and failures of entrepreneurial startups, some even that were incredibly well-funded. Goetz shared his experiences with ID members during a recent ID Mentor workshop: insights that are not unlike the casting and mending of a line and the strikes that result with fish rise.
The Woes of Startups
Goetz said because generally it takes 1,000 days (or more) to start up a business, entrepreneurs should plan to survive that long without new revenue coming in. He also advised founders to spend at least 50 percent of their time on sales and business development/relationship-building, recognizing that founders would rather spend their time on “fun” things like product development and marketing. “I always say you need to load in 50 percent of your time on your marketing plan to sales. If you don’t do that, you can’t be successful,” he said.
founders should spend at least 50 percent of their time on sales and business development/relationship-building
He also said marketers must find a channel where their potential customers are hanging out and then capitalize on that, kind of like how fly fishers must locate the bend which is attractive to the most trout on any give day on the river. It may be a tradeshow, a publication or a trade association for business-to-business (B2B) customers, or a network, radio station, magazine or blog for consumers.
But First Find A Category
“Trout are very sensitive to unnatural movement.” So says a website designed to attract travelers to West Yellowstone in Montana. Like trout, markets are also sensitive. The market is sensitive to the position of a product in the marketplace. Goetz said there are only eight market positions within any market category. Defining the category is the hard part. Once you’ve done that, the position within the category will be obvious and it will be one of the following:
Leader «-» Innovator
Generalist «-» Specialist
Premium «-» Discount
Performer «-» Service
Goetz said the market position is determined not by the marketer, but in the minds of the people who would be its customers. It’s their perception of the company/product/service. And that perception is based on their experience and impressions. And they’re sensitive. Like trout, they’re not going to strike at just any fly. However, once the market position is identified, if it’s not to the liking of the business owner, it can be changed.
Carving Out Real Estate in the White Space of Customers’ Minds
Defining a category and a position is the work marketers must do before hiring for creative. Only the marketer can define messaging architecture and create a messaging blueprint. And just as a fly fisher is constantly mending his line, the marketer must constantly evaluate the market position and be prepared for change caused by any number of factors: a change in a competitor’s position perhaps, or the addition of a new product or service, or growth or shrinkage of the company.
“Positioning decays over time,” said Goetz so he advised marketers to set transition points to conduct research as to the perception of the company in the minds of the most recent customers and prepare to shift. Constantly.
Branding Is Not Your Logo
Goetz said, “Branding is not your logo and not your website. It’s the experience people have of you. Branding is a memory of what people have of their experience. As your organization matures, it becomes your story. You want to make sure when people have a memory of you, it’s accurate.”
He said your biggest challenge is to create a prospect pool in a well-defined channel (what people read) and then build a marketing/sales funnel. The market position your company has within that prospect pool is what sets your company apart from all the other ideas and initiatives competing for any particular customer’s share of mind. It’s like finding the perfect river teeming with fat trout. You’re not going to catch them all, but the one you do catch is going to be valuable.
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