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