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Marketing Strategy

Which giveaway contest will increase brand exposure and ROI for a travel platform?

4

Answers

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

Hi, There is a big difference between the two goals you mentioned and the method to achieve them. If you're looking for brand awareness, you should consider utilizing a method similar to the first option (see more on this below). If you're looking for a return on investment, you should go with the second option (with a few small changes). The 1st option: the problems with this option are that (1) there are so many fake accounts (meaning you'll be wasting money) + (2) there is a set group of people who go around completing competitions, but they don't really buy anything, just compete + (3) many of the people who participate will not be your target market and (4) you won't get ROI. The 2nd option: you will have a lower involvement rate, but a better ROI. I would change the prize so that the participant can win another dream vacation for themselves. This is a much better incentive than winning a prize for a friend (at the end of the day, we are all looking out for me...). I would go with the second option, but make the prize worthwhile, add an option to buy relatively cheap vacations (in order to participate), and have them send in a short 'article' (even half a page) about an attraction/place/restaurant that they loved during one of their previous trips - this would be great to use on your website as it is free content which will improve your SEO in Google (just be sure to get the participants acceptance when they enter the competition). I've successfully helped over 300 entrepreneurs and would be happy to help you if you need. Just send me some background info by email before, so that the call itself can be 100% dedicated to giving you my advice (maximum value for your money).

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Seema D

Content Specialist, Media Strategist

It's a balancing act. You're absolutely right in the observation that the hero is the client, but when a coach tells their own story the reader builds trust. They think, "this person had the same struggle as me and understands what the process is like, therefore I will trust the to relate to my problem and the find a solution." A client also likes knowing that others have trusted you prior to them. But the website should always be focused on what the client needs because and if they need to hear your story and credentials, that's great. But do have content that asks them about their pain points and the results they're looking for.

Sales/Job Hunting

Clarity Expert

Hello, I've worked with many CMOs, Marketing Managers, Sales Directors, etc. selling enterprise software with or to these personas. The main topics that these folks will be interested in will be lead generation, revenue generation, team enablement, thought leadership, among others. For whichever topic you end up choosing, be sure to communicate ROI (return on investment) tailored to your audience. The types of people listed above that you want to dedicate your videos to are EXTREMELY numbers-focused and ROI-driven. If you can educate them through short form videos on how your videos can help them with their goals, you will be able successfully "sell" your videos and grab their collective attention in a thoughtful manner. Happy to jump on a call to give you some first-hand insight as to what specific topics you should focus on.

Frank Michlick

Domain Registrar Consultant

Having worked in the domain name industry since 2001, I would always suggest a trademark search before acquiring names. Please keep in mind that when registering a name, you agree to the Uniform Domain-Name Dispute-Resolution Policy (UDRP) as part of your registration contract. This means that you agree not to infringe on rights of others with the registration of your domain. When selling a domain name, it really comes down to your contract/agreement with the buyer. Depending on the details you might be held liable for any potential trademark infringements at a later time. DIsclaimer: I am not a lawyer, it would be best to consult with a lawyer.

Trish Leto

Live video profiting consultant.

The easiest way to advertise on Facebook and IG is via Live video. Follow the 3 Es: Educate, entertain, or enlighten. Teach your audience, make them laugh or wow them, or enlighten them with a story about you. If you do the Live video on Faebook and you stay under 10 minutes, you can download and upload it immediately to IGTV, instagram TV. You an then cut up the video with a free app (Inshot, iMovie, etc) to upload 20-second teaser clips into FB and IG stories with a call to action to watch the whole video. You can use a shortlink from LinkHero or Bit.ly to make the link to your full video easy to remember. Once you do the Live video, you can boost the post or run targeted ads. Hope this helps!

Richard Tiland

I help you crush competition w/ video production

Video is a great start to aligning all marketing efforts. Utilizing channel based marketing with proper video placement does two things for your brand: #1 it's evergreen content and lives on channels that matter (social, website, newsletters) #2 it's entertaining and provides value instantly. If you need help understanding the best ways to use video in these channels - happy to schedule a quick call to get started and see how I can help. Best of luck!

Jesse Carr

Social Media Marketing Expert

If your product caused skin issues with a consumer so bad that a court case has been opened it will hurt your brand and store like crazy. Mainly because this consumer now will leave a bad review, tell all his/her friends about the experience. And believe me future customers will find out what happened. If your product caused a skin issue with a consumer then you NEED to rethink the product and make it better. Because if it happened to one consumer it is bound to happen to more. Enhance the product, find out what cause the skin issue and make it better. And honestly I wouldnt work with a client that has this issue because it shows they need to spend a lot more time on the product itself to make it safe for consumers.

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

The best methods would be to: 1. Improve your target customers (the people who are receiving your emails) - and not just mass mailing. 2. Personalize the email by using new technologies that adapt each email to the user - and not just by adding "Dear [name of user]. Here's a link to one of the leading service providers in the field: campaign-genius.com (I happened to actually help them through Clarity, and know that they are really professional). I've successfully helped over 300 entrepreneurs and would be happy to help you if you need. Just send me some background info by email before, so that the call can be 100% dedicated to giving you my advice. Good luck

David Favor

Fractional CTO

You're question is phrased oddly. Unsure if you're trying to... 1) Auto post Facebook content to a WordPress site... or... 2) Auto post WordPress content to a Facebook page. My guess is #2, so you'll use https://hootsuite.com or something similar. You must be very careful about how exactly you do this, as you'll either destroy your WordPress site SEO or Facebook page SEO. Before you start down this path, best hire someone like a Fractional CMO (Chief Marketing Officer) to go through your entire online ecosystem + money flow, to ensure you're optimizing your marketing aligned with your exact income goals.

Artash Arakelyan

Entrepreneur, Strategist, Start-up Mentor

I reviewed some of your videos and they are impressive. First of all, I would like to know why you think times are changing since SEO and PPC are still million-dollar strategies for lots of B2B companies if everything is done well. CMOs and marketing directors ---- you can reach them on websites that are actually valuable for them and they spend lots of time. So the following channels can be part of your targets: 1. Agency review websites. When it comes to hiring a new agency CMOs and marketing directors do searches and screening on agency review websites like Clutch, UpCity and etc to find their next great vendor. If you don't have a solid profile in such websites you should review your strategy on how you appear there for your target. 2. Google On Google they search all their challenges, starting from how to increase the ROI, up to how to start with video strategy, how to measure it, how to find vendors, how to beat the competition etc. If you can answer to those questions then most probably you can be their preferred vendor too. 3. PPC Of course, they are on Facebook, Linkedin, Instagram, Reddit, Quora (you can answer to Q/A organically and build your brand too) 4. Marketing blogs / Influencers Of course, they follow Neil Patel, Gary Vee. They read articles on Forbes, Search Engine Land, Hubspot Marketing Blog, etc. If your business is mentioned in those blogs then you get lots of high-quality refferal traffic to your website. 5. Networking / Social Groups On Facebook and on Linkedin there are lots of great social networks where CMOs and marketing directors exchange valuable information. You should be cautious not to spam and give value first with all your posts and recommendations. I'm an agency owner myself and have worked with a couple of hundred of CMOS and marketing directors. Give me a call to discuss your strategy and your options in greater detail to ensure your growth is predictable and scalable with whatever approach you want to invet in.

Jeffery Khoury

Founder & CEO of Doctor Pocket & Khoury Consulting

Investment, would love to help you out if you send me over your Pitch Deck on a call!

Dalton Obinna

male

Mutual Insurance of any product as pertaining to automobiles in this terms is owned and governed at it's entirety by the policyholders. In this case, any profit that is realized is meant to be retained within the company or is given as a rebate to the policyholders as dividends (i.e the owners of the insured automobiles.) This is the flowchart of how this insurance model works.

Market Research

How do you do market research?

11

Answers

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

Hi First of all, the fact that you are talking about market research ('validation') is great. I've seen so many startups invest time and money, only to find out later that no ones wants/needs their product, or that they only want a certain aspect of it (whilst the startup spent money developing a whole bunch of other features), or that they aren't willing to pay the requested price. So you're already one step ahead. Also, the sooner you validate your product, the better! The best ways to validate your idea is to see whether people are willing to actually pay for your product/service. The best way to get investors, is to show (1) that you are solving a need, (2) that you have traction, and (3) that the investors will get a nice return on their investment. As for methods of validation, here are the most efficient methods. 1. Check that people will actually buy/pay for the product. You can do this by setting up a Wix or Wordpress website (this can be done for free / very low costs). If your venture is a mobile app, then you can create what’s called a Clickable Prototype (“CP”) (a visual of the app in which the images change when you click on something - you can do so using the Apple Keynote tool or Microsoft PowerPoint). On the website, include the price of the product/service, and enable people to order it (YES, even if it doesn't really exist yet!). I am happy to explain how this can be done whilst still being fair to your potential customers (the people who click the "buy/download” button). 2. Determine your target market/customers. 3. Spend a small amount (say $100 - depending on your budget) on the most relevant platforms and promote your product/service - linking to the website that you created. This way, after only spending a very small amount, you will be able to know (if you did it right): a. Do people like your product. b. Do people want/need your product (not the same as 'a'). c. Are people willing to pay for your product? (not the same as 'b' - and this being the most important stage) d. How much they are willing to pay. (you can check this by having 2-3 landing pages with different prices on each). 2 last important points: a) In order to rule out external factors like an unattractive landing page or advertising campaign, and assuming you have the time, create multiple landing pages / advertising campaigns, with different designs. b) During the above process, don't forget to check how much it costs you for each user/customer that clicks the "buy" button. If for example each click on your promotion/advertisement costs you $2, and only every 10 people who click go on to the "buy" page - that means each sale is costing you $20. Then check what your average profit per sale is, and then you'll know if your service/product is worth pursuing (obviously there are additional factors like return customers, referrals etc, but you will get a good estimated/validation of the idea/business). Regarding questionnaires and talking with people, these methods are also very good, but it is crucial that you implement them correctly, otherwise your results might be misleading. I’ve successfully helped over 300 entrepreneurs and I’d be happy to help you. Doing validation correctly can save you a lot of time and money. Before the call, and in order to make the best of your time, please send me more information about your product/service and your target market. Best of luck!

Dalton Obinna

male

In a nutshell, 3D rendering as the name implies is the use of 3 Dimension images to provide a realistic of scenes, drawings, elevations, pictures and construction projects. The main purpose is that it gives construction designs a precise blueprinting, bring about the benefit of accuracy and simplify the Realtor developer's task. Furthermore, the ways by which 3D Rendering is applied to real estate development is: 1.DESIGN: 3D Rendering can be used to create high quality blueprints. With 3D in play, blueprints can be easy-to-read, evaluate, correct and adjust. 2.FINANCING: 3D renderings will make your ideas come to life and help lenders and investors to get a clearer vision of your projects. 3.CONSTRUCTION: 3D Rendering makes it more easier for the different sectors of a construction team to understand the algorithms and phases of a construction project. It truly works. 4.INTERIOR DESIGNS & DECORATION: Believe it or not, the use of 3D Rendering in interior designs can well be the bedrock of accurate designing and decoration the way you intended and visualized it. Now,you can use 3D renderings to collect feedback from your target customers and figure out what sell better. (if you are a professional) 5.MARKETING: 3D Renderings are the in real estate has been an effective way of convincing potential clients and customers that your project worth their attention. 3D Renderings also pretty makes it easier to adjust project design to the very test of the customer. And much more to add.

Chris Johnson

The Process Guy

Generally, if you're not adding obvious value with: -better processes. -better accountability -better results... Well, then you DESERVE to have your clients poached by a highly committed, high-value provider. So, it's not "just selling" it's delivering the full package. Value. Results. Care. Do that, and then outsource as you can. And vet EVERY provider.

Deyson Ortiz

Multimedia expert with over 22 years of experience

Hello and good day! The good news is that we are living in great times to produce our own videos. When I first started we needed to spend at least 20k-100k to edit professional-quality video. Now we can produce quality videos with apps that we may already own. The best software tool I would recommend to start editing is Apple’s iMovie. It is a very powerful tool that is actually easy to use and learn. The video linked below was edited with iMovie on an iPad. iMovie is already included in most of our devices. Once we learn iMovie and want more advanced features we can move up to Final Cut Pro which is Apple’s Professional editing tool. There are a lot of similarities between these two apps so the transition should be easy. The good thing about Final Cut Pro is that it is a one time charge, so there is no Monthly fee as with other tools and we get to save a lot of money in the long run. However, depending on the complexity of your videos, you may not even need to use Final Cut Pro and just stay with iMovie. I hope this helps. If you have any questions, please do not hesitate to let me know. Thank you for your valuable time and have an amazing day! :) https://www.youtube.com/watch?v=lyYhM0XIIwU https://www.apple.com/imovie/

Rajesh Bansal

Agile Transformation Coach | Program Manager

yes you should ask for this money because this will be your liability These customers are entitled for unconsumed part of the year if you close down the gym, however if you plan to continue running the gym (whatever name) then you are liable to provide these customers services till their year completes

Travis Morrison

Experienced product owner - B2B & B2C

Great and very important question. Assaf did a great job with his answer, so most of my points below are agreeing with him, but I have a few extra nuggets ;) 1. The first thing you need to do is clearly define your target audience for the video and how you are going to use the video. Do the people watching this video know anything about your company? Or will this video likely be their first introduction to you? This will help you decide how much of the video is explaining who you are and what you do vs. why your viewer should take the next step with you (I'll go into more detail on this in a later point). You also need to understand how the video will be used. Will you be emailing this to sales leads? Will this be prominantly displayed on your homepage or acquisition funnel on your website? Will you be using this video as a video ad? Once you have this defined you can more easily craft the video. 2. Do competitive research! No need to re-create the wheel here. What do your competitors do in their videos? Just because they do something doesn't mean it's good... but it will give you an idea of what your audience may be accustomed to. If you feel like your competitors all leave out a key pain point that you've identified, you can key in on that and use that as a differentiator. You should also assume that your potential customers might be comparing you to your competion based on your video, so make sure you come out on top by crafting your video with your competitors' videos in mind. I've included some example explainer videos that I helped create at a recent startup as references: This is our first version when we were just starting out with a very small budget (~$500): https://www.youtube.com/watch?v=CWUlmxBMV04 This is our most recent video with a much larger budget (~$3000): https://www.youtube.com/watch?v=M-DfLOco4dk 3. Make sure your video is short and sweet. No longer than 2 minutes. May even need to be shorter depending on how you expect to use the vide0 (see point 1). The more engaged your audience, the longer you can allow the video to be. 4.Always have a call to action. At the end of the video what do you want the person watching to do? Sign up for an account? Start a trial? Call you for a demo? Make sure you are explicit with what you want your audience to do. 5. This may be obvious but if you are launching globably think about the language you should use in the video. Are you going to have it voiced over in multiple languages? Typically if you want to go with English but have clients in Europe a voice actor with an English accent (i.e. from UK) plays better with that audience as it feels more local then someone from the US (and typically people in the US like it too). 6. Personally I wouldn't describe your competitors or go into what they do or don't have for a few reasons: First, if your audience doesn't know about your competitor, they do now! Second, it might shorten the "shelf life" of your video as you don't control your competitor's product or roadmap so if you say you have something they don't, that could only be true right now and might be false quickly (and then you might need to pull the video). I have a lot more thoughts here. Let me know if you'd like to chat further!

Paige Arnof-Fenn

Brand marketing * ex-P&G and Coke * CMO 3 startups

Traditionally agencies and consulting firms grow vertically through a pyramid structure adding junior layers and mid level professionals who can be paid at a lower level and then billed back at higher rates to the clients as they scale once the rainmaker fills the pipeline. Another option is to grow horizontally and compensate people for bringing in work thereby gaining leverage through a network effect of casting a wider net. Both ways can work it is a matter of strengths and preferences.

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

Well explained question. I have a lot of experience with affiliate marketing (which is very similar to the situation you’re describing). The commission range varies widely depending on the industry, and can be anything between 2%-30% of the sale - depending on how high the sale is (usually, the higher the sale value the lower the percentage). In your case, and assuming that you charge your clients a monthly fee, then the best 2 options would be: 1. A one time fee which would be a percentage (10-20%) of the first months payment from the new client. 2. A smaller percentage (5%) of the monthly fee that the new client is paying you, over a 2-3 month period. Each option has as a stages and disadvantages. * the above is assuming you only pay the commission for actual sales (a new client who actually pays you) and not just a lead. There are numerous other payment options, but here is what is important: 1. Offer the salesmen at least 2 options, after you’ve calculated both and are sure that you’re happy with both. This is important because it shows him that you are letting HIM choose (gives a feeling of respect, cooperation etc.). 2. Offer him a fair percentage because at the end of the day, he is bringing you new business. 3. Taking point #2 into account, if you want to offer him 15%, start by offering 12%. At the end of the day this is a business negotiation, so chances are he will ask to raise the percentages a bit, and if you start a bit lower, you will have the flexibility to agree to his higher percentage request (which again shows your flexibility, fairness and willing to compromise- which will make him feel better). I’ve successfully helped over 300 startups and businesses and would be happy to help you. Good luck

Travis Morrison

Experienced product owner - B2B & B2C

If you're looking for a list of the software options out here, this is a fairly exhaustive list: https://www.capterra.com/task-management-software/ Personally I've used Jira, Trello, and Asana: Jira: The established leader for more technical task management and is used by organizations big and small for agile software development. I would use this software if your work is technical in nature and you are mainly going to have developers, product managers, and/or designers touching these tasks. In my experience, Jira isn't as easy to use for "non-engineering" roles such as marketing, sales etc. and you could have low adoption trying to push this software to those groups. Trello: Similar to Jira in its usage mainly for development work and not cross-discipline, but this software is a little lighter weight. This is great for smaller companies who have fairly simple projects they want to track across the engineering/product teams. Asana: This software is a little simpler to understand for non-tech roles. I've used this well to help coordinate projects cross-division (projects that span multiple teams including non-technical teams like marketing, sales, customer support etc.). Great for keeping the team focused across discipline on each task necessary for larger projects. Hope this is helpful.

Harli Segura

I am a makeup artist🥰

Depends on why you are getting refused. What is it that makes them refuse your product? Maybe look into that and try correcting the issues! Good luck!

Travis Morrison

Experienced product owner - B2B & B2C

Typically these types of partnerships have detailed contracts that lay our which party is responsible for paying out any kind of competition winnings. There could be all kinds of goods/services trading places between the companies so it isn't as clear as "Company B always pays". You would need to look at the contract between the two companies.

Assaf Ben-David

Mentor, Entrepreneur, Lawyer, Public Speaker

Hi, First of all, well done for creating the MVP - this is often not an easy task. Regarding the valuation, the real answer (that not many people are willing to say), is this: you go outside, raise your thump towards the sky, imagine a nice number, and that's the valuation. Seriously, there is no "official" accounting method to evaluate a startup that is not already selling, and even then the sales don't necessarily indicate the value of the company. In any event, some of the below are good indicators of value: 1. Do you have a patent? 2. Have you already developed the technology? Is it working? 3. Do you have sales or traction? 4. How much is it costing you per sale/signup/download versus how much are you making (going to make) from each of these users? 5. How long has the team been together? If you're offering a technological solution, is the CTO a member of the team, or an external company? 6. Are there any similar companies providing similar services? If so, check how much money these companies have raised so far, or research there sales/results so far (I am happy to teach you how to do so - almost all the information is available online). 7. If the potential investor has made investments in the past, check how much he/she invested each time? 8. Do your research on the market and potential. You then take all the above, and reach the value of the company, based on which you are asking the investment for. I've successfully helped over 300 entrepreneurs, and I'd be happy to help you if you need. I would need more details about the company, industry and team to give you an estimated evaluation. Good luck

Travis Morrison

Experienced product owner - B2B & B2C

I agree with Shannon, I think the first thing you need to understand if what is the goal for the SWAG you are selling. If the goal is a secondary revenue stream, and you believe it can be consequential towards your bottom line, then you can do the following: 1. Do some quick research on other startups/tech companies that sell SWAG to see where the market is priced at. 2. Do some quick market research with a survey to existing customers or even a random set of potential customers using something like Google Surveys (https://marketingplatform.google.com/about/surveys/) to get a quick barometer of the price point that feels plausible 3. A/B test different price points to understand your demand curve and maximize profit 4. Likely a good idea to price slightly higher than your ideal price and then offer a discount If instead you want to maximize the volume of SWAG sold to help evangelize your customer base and drive awareness/growth, then you don't want to maximize profit you want to maximize sales while staying within your acceptable cost scenario (may be comfortable losing a little money on each sale as a marketing cost, may want to be break even, etc.). You may even want to charge a premium for purchased SWAG to subsidize additional SWAG that you give to free to your highest profile customers or best evangelists. At my previous startup we used SWAG as a "user love" tool, giving out SWAG to our biggest fans or as a parting gift when customers visited our office. If you'd like to chat more let me know!

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