Topic 8: Sales and Customer Acquisition

Marketing

Required to convert prospective customer into actual customer

Sales Process

Prospecting

Qualifying

Contacting

Presenting

Overcoming Objection

Closing Sales

Relationship Management

Identifying Potential Customer

Ensuring that the customer knows about the product

Address any questions

Challenges for Startup in Marketing and Sales

Ability to address customers' concern

No or less use case to convince customer

Need first brandname customer

Deep Understanding of Customer

Consumer Behavior

Cultural

Social

Personal

Psychological

People tend to be influence by other people in their network (e.g. to purchase recommended by their friends

Vitality and Network

Persona

Represent a segment of the customers

Scenerios

Under certain condtions which the users will use the product

Use together to help startup remove bias and focus on customer's needs

Increasing Customer Base using AARRR

Acquisition

Activation

Retention

Referral

Revenue

Convert to sign-ups and use the service

Perks to refer to friends to use the service

Through transactions

Developing Channels
(For Distribution)

How does your service/product reach the consumer

External

Internal

Ensure that there are no clash when selecting the partner

Customer Loyalty and Retention

Purpose

Reduce Churns

Increase purchase

Aid in referral

Measures

Net Promoter Score

Customer Loyalty Profile

20% of top users spend 80% of profit