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As part of my ongoing Online Strategy Roundtables , I met yesterday with four new entrepreneurs, all at the early stage of validating who their customers are and building their businesses. Entrepreneurs who are just starting out need to ask themselves some hard questions in order to develop a crisp go to market strategy. I pulled together a list of such questions that you can find here and in my Positioning book to help you "Clarify Your Story". Up first was Martin Calle and his company OraQuel . Martin worked for years on product development for companies like Procter & Gamble and FritoLay, but eventually wanted to create a product that would be his own. Sponsor i> Guest author Sramana Mitra is a technology entrepreneur and strategy consultant in Silicon Valley. She has founded three companies and writes a business blog, Sramana Mitra on Strategy . She has a masters degree in electrical engineering and computer science from the Massachusetts Institute of Technology. Her three books, Entrepreneur Journeys , Bootstrapping, Weapon Of Mass Reconstruction , and Positioning: How To Test, Validate, and Bring Your Idea To Market are all available from Amazon. Her new book Vision India 2020 was recently released. Mitra is also a columnist for Forbes and runs the 1M/1M initiative. /p> After researching what type a product would be best to get behind, Martin came across research showing a strong correlation between gum disease and heart disease, and came up with a heart-smart oral care product. Since large retailer stores won't work with a "little guy" in this category, he has started to approach social media groups like mommy bloggers and TwitterMoms to try to build up a grassroots following. I believe Martin's product does answer a real need, but he has positioned this as a product just for kids. I think he will get better pickup if he positions this as a product for the entire family - a much larger segment of the market. Martin will need to do some controlled experiments to validate whether or not my hunch is correct, and then move forward with his social media PR campaign. Nick Quay presented for BluNami , a mobile marketing company that has developed a technology to help clients connect to Bluetooth users in a certain proximity. Nick and his team have been working with a wide variety of clients looking to use their technology a many different ways, from a city using it to make emergency announcements to restaurants offering deals to lure in customers. (As soon as I hear anyone is trying to work with a government entity, especially a startup venture, I immediately want them to stop wasting their time there. Unless they are paying you upfront as some type of consulting situation, most startups need their cash flow and can not sustain the government's slow 12-24 month sales cycles.) Like many entrepreneurs with a versatile technology, Nick is trying to do too many things right now - the old "spray and pray." While there may be many different segments interested in the product, each requires a unique go-to-market strategy. The best way to scale this business is to figure out what is the best value proposition and the easiest segment to sell to, and then focus time and energy on that while continuing to bootstrap your way to profitability. Later there may be time and money for exploring other avenues. Frederic Guitton gave a nice presentation for ActivSalesAgent , a business that combines its software with call centers as a way to help convert visitors on client websites into better qualified sales leads. This business is further down the road of validation than the others, and is profitable. As I questioned him about price point, Frederic was ready with metrics to show that what they are doing is indeed working. We discussed how using solid statistical information along with references from early customers is the best was to convert potential customers into clients - and those reference accounts do not need to be the biggest clients. Small business references work just as well. That's how Salesforce.com did it. I think this business has legs, but urged Frederic to be open to doing some type of offshore chat centers down the road because I think reducing costs will become a bigger issue as this business continues to scale. Then Linda Muncy, who is just starting out, presented her business idea. She is hired to provide photo-related entertainment at events. Guests are creatively photographed and given the image in some form as a giveaway. She has started reproducing the images onsite on a material similar to Skinit so guests can attach the image to their handhelds, laptops, etc. She would like to develop a product kit so other event planners can do this as well. Linda has yet to truly validate her product and service. I always tell entrepreneurs to validate your idea before building any product. I think Linda will be amazed by what she learns after calling 100 event planners to get their feedback. This may only be a small business, but that is perfectly okay - as long as it is profitable. These roundtables are the cornerstone programming of a global initiative that I have started called One Million by One Million ( 1M/1M ). Its mission is to help a million entrepreneurs globally to reach $1 million in revenue and beyond, build $1 trillion in sustainable global GDP, and create 10 million jobs. In 1M/1M, I teach the EJ Methodology which is based on my Entrepreneur Journeys research, and emphasize bootstrapping, idea validation, and crisp positioning as some of the core principles of building strong fundamentals in early stage ventures. If you are an entrepreneur working on an idea or an early stage business, I am also very interested in hearing what you are looking for from 1M/1M. Please weigh in here . We are crowdsourcing the design of 1M/1M, and requests that have come up include Receivables Financing as a way to bridge to a validated business without giving up precious equity, I would love to hear your thoughts. i> You can find the recording of this roundtable session here . Recordings of previous roundtables are all available here . You can register for the next roundtable here . /p> em> Photo by Svilen Milev . /p> Discuss
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Startup Strategy Roundtable: Early Stage Business Building
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There is a phenomenon among consumers that is evidenced by the rise in popularity of sites that allow users to share information about the products they buy or want to buy with friends and other shoppers like them. These sites exist because consumers inherently trust the opinions of their friends and their peers when it comes to purchasing and business related decisions, and they trust them a whole lot more than they trust most marketing campaigns. Author John Jantsch , who previously penned the book Duct Tape Marketing is a few weeks away from publishing his second book which focuses specifically on the power of referrals. Sponsor The book, titled The Referral Engine: Teaching Your Business to Market Itself , hits bookshelves in mid-May, and could be an excellent resource for early-stage startups and entrepreneurs-to-be. Jantsch's first book did so well that it lead to the creation of the Duct Tape Marketing System and the Duct Tape Marketing Coach Network, while additionally earning accolades for both Jantsch's blog and his podcast on small business marketing which continues to release episodes today . In his new book, Jantsch explores how companies can strategically market their products to take advantage of the referral and peer review phenomenon of consumer buying habits. As Jantsch points out in a video explaining his motives behind the book (embedded below), he discovered that most successful small business which are thriving off referrals didn't do so by including some special sauce into their recipe. Instead, he says that these companies are, by their very nature, "more referable" than others. Some of Jantsch's suggestions for being more referable include making and effort to communicate personally with customers via social media and other means, being sure your customers know who they should be referring to, and getting your sales team on board with referral strategies. Early anticipatory praise of the book is already coming in from the likes of author Chris Brogan, Silicon Valley investor Guy Kawasaki, and Zappos founder Tony Hsieh whose upcoming book we previewed a few weeks ago . A free download of the first chapter is also available on the book's homepage, and the full book, coming in around 250 pages, will be available on May 13 according to Amazon . Check back here next month after the book publishes for a more in-depth review, and in the meantime, keep an eye out for ways to boost your company's referral engine. Discuss
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Weekend Reading: The Referral Engine, by John Jantsch (Preview)
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Taking advantage of the increasing importance of social media management for businesses, Spredfast , a finalist at this year's Microsoft BizSpark Accelerator at SXSW, has received $1.6 million in funding from Austin Ventures. Featured here on ReadWriteWeb in January, Spredfast is the first enterprise-class social media management system. Sponsor Spredfast supports companies at both the enterprise and SMB levels, allowing businesses to manage their social media campaigns through a single dashboard. Spredfast incorporates data from multiple platforms, including Facebook, Twitter, LinkedIn, YouTube, Flickr and most blogging platforms (such as WordPress, Blogger and MoveableType). As the information from these platforms is in one location, and as the service integrates both Omniture and Google Analytics, Spredfast facilitates social media automation and then ties social media analytics with Web analytics to secure "click to conversion" metrics. The pricing for the services range from free to $100 per initiative per month. Since its public launch in January, Spredfast has attracted Oracle, AOL, HP and IBM to its customer base. "We've been working to establish Spredfast as the 'Omniture for social media', a valuable tool for anyone trying to effectively manage and measure a social media initiative," said Kenneth Cho, Spredfast's CEO. "Our relationship with Austin Ventures, specifically with AV partner Mike Dodd previously of Omniture, is great validation of the huge gap Spredfast is filling in the social media market and the reception so many customers are having toward the product." Discuss
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Social Media Management System Spredfast Secures Series A Funding
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Email may be old fashioned, but it's still where we spend a lot of our time online. Today Google announced that it's webmail service Gmail is becoming all the richer with the inclusion of support for sending Google Calendar invitations inside the email composition window. In addition to being able to insert invitations, you can also cross reference your calendar availability with the availability of anyone included in your email thread that you have permission to see the Google Calendar for. It's not a perfect system, but it's pretty neat and it demonstrates the potential for building cool new features on top of our email inboxes. Sponsor Mashups and platforms are all about cross referencing multiple sources of data or functionality, as in this case: email plus calendar. We wrote earlier this Spring about a startup called Rapportive that cross references email and social media data about an email's sender (see also competitor Etacts ) and earlier this month we discussed the incredible potential in Google's announcement of a way to give developers secure access to the contents of your emails for analysis and the creation of innovative services. Yahoo has been calling this kind of approach Inbox 2.0 and has been working on it for more than two years. Here's what we wrote in November, 2007 coverage of Yahoo's vision - how do you think it's worked out? ( Yahoo Says the Future Will Be Modeled on Facebook ) The social network of the future will be populated by the RSS feeds of the activities of your friends and your friends will be determined by email. The big players won't put a major push into building a new social network. "It is much easier to extend an existing habit than to create a brand," are the words Google's Joe Krause. Your email account isn't valuable because it's got the email adresses of other people who could be solicited commercially - it's valuable because it articulates who in the world is able to command your attention. It contains analyzable, direct communication between you and the people most important to you. [Yahoo's] Garlinghouse says that in the future email and IM will be prioritized depending on the importance to you of the people who send it to you. We're not talking about the number of times people email you - we're talking about the percentage of times you open those emails, the keywords used in them relative to your personal/work profile, there are metrics so crazy we can hardly imagine that are available for determining the importance of people in your life. In your email. Facebook's people-search uses some similar math already. Various Ways Email Gets Innovated On Clearly there are all kinds of different levels of sophistication that can come with these sorts of developments. In fact, two plus years after Yahoo's call to action, things still seem relatively elementary. Rapportive displays data uniquely well but Etacts displays more data. This new Google Calendar integration with Gmail offers some visibility into your and your contacts' availability, but it doesn't tell you what you've got scheduled at a given time. Etacts offers inferior invitation sending but has a whole set of reminder and follow up features that Gmail doesn't offer natively. And Yahoo Mail more closely ties in Facebook than any other email, something millions of people are sure to enjoy. So while all the kids rant and rave about Twitter, Facebook, Augmented Reality, iPads and location based social networking, don't let them deny: email can still be very exciting. Discuss
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Your Inbox as Platform: Google Calendar More Closely Integrated With Gmail
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"Everybody's on Twitter !" You hear that more and more often as Twitter gains adherents. Why, even the dead and the fictional (and the fictional dead ) are on Twitter. Not to mention celebrities. (Let's not.) Despite having over 100 million registered users, it's still small beer compared to other services. Facebook, for instance, has over 400 million. What's surprising are the ways people, companies and organizations find to use the service. And who those folks are. Here are five Twitter accounts you might find surprising. Sponsor Library of Congress . Although the LoC has upwards of 53,000 followers, they themselves only follow one. The Law Library of Congress . They have books down pat. Not sure about electronic communications.However, as ReadWriteWeb reported earlier today, they've acquired the entire Twitter archive, so maybe they'll pick up a thing or two. Federal Bureau of Investigation . Not too surprising that it's the Press Office that's Twittering. Fox Mulder might be off-putting to some, though possibly not as much as J. Edgar Hoover. At least these folks follow, although only a tenth as much as they are followed. NASA . Lori Garver, deputy director of the National Aeronautics and Space Administration Twitters. And she does it right, mixing NASA news, issues of interest to space buffs and personal information. Well, mostly right. Honestly, Lori, there's no one worth following but for two other NASA Twitter accounts? NASA as an organization Twitters its brains out. The Tower Bridge . Inanimate objects Twittering is non-hilarious. This account, for a busy draw bridge in olde Londone towne seems on the level. However, it makes up for the unexpectedness of the account by the sheer almost operatic boredom of its Tweets. To wit: "I am closing after the Maintenance lift has passed upstream." We can tell from the few accounts it's following that the bridge has a real telescope fetish, though. Unseemly. Ivy Bean . Ivy has one unusual quality that makes her an unexpected Twitterer to most. She's 104. Yes, years old. Participation of the elderly in social media communications is not that unusual. The young and the old are less fearless than the middle aged in experimenting with different ways to communicate. But 104. Holy Toledo. Some have suggested Ivy's account was originally set up by journalists seeking "Digg bait." Who cares? Ivy rocks the keyboard a year after her "story" was first reported. I hope I'm 104 when I'm her age. For more, check out ReadWriteWeb's Twitter coverage . Of course, there's always @rww . Discuss
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5 Unexpected Twitterers
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