NYU Startup School: Acquiring Customers
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Every successful startup needs a concrete strategy for attracting customers efficiently and effectively - if you don't have customers you don't have a business! Come learn about what makes a good customer acquisition strategy and discover which tactics are right for your business.
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NYU Startup School: Acquiring Customers
- 1. Startup School: Acquiring Customers (aka Get/Keep/Grow) Andy Moss Entrepreneur-in-Residence, NYU Entrepreneurial Institute Director, Blackstone LaunchPad at NYU Adjunct Faculty, Tandon School of Engineering October 11th, 2016
- 2. Customer Relationships How do you acquire customers…and keep them and grow your relationship?
- 4. Paid Demand Creation Activities u Public Relations u Advertising u Trade Shows u Webinars u Email marketing u On-line SEM u Biz Dev
- 5. Free Demand Creation Activities “Earned” Media u Publications in journals u Conference speeches/papers u Educational seminars u Public relations u Blogging / Sharable content u Social Media u Communities
- 6. Customer Relationships Get Customers © 2012 Steve Blank CAC = Customer Acquisition Cost
- 9. Customer Relationships Get/Keep/Grow © 2012 Steve Blank LTV = Customer Lifetime Value
- 10. What you should be looking for (and investors will too)… Monetization (LTV) Cost to Acquire a Customer (CAC) A well balanced business model Source: David Skok Matrix Partners
- 11. Customer Acquisition GET: How does your customer find out about products like yours? Activity Cost ($) Yield (# ppl) CAC ($) KEEP: How do you keep your customers using your product? Activity GROW: How do you increase the $ your customer spends with you? Activity Total CAC: Total LTV:
- 12. Channels How does your product get to customers?
- 13. 13
- 14. Question 1: What kind of product do I have? Physicalü Virtualü
- 15. Question 2: How will I distribute my product? Physical Channel ü Virtual Channel ü
- 16. Question 3: Who will distribute my product? Direct (yourself)ü Indirect (through others)ü
- 17. Direct Sales VARs Retail Web, Telesales Systems Integrators Mainframes Minis LANs PC Servers Desktop PCs Printers Keyboards Toner WANs Global Systems Solution Complexity MarketingComplexity Distribution Channels
- 18. Different channels have different economic impact!
- 19. Channel Economics: “Direct” Sales Profit + SG&A + R&D EndConsumer EU Discounts Your Revenue List Price Source: Mark Leslie, Stanford GSB Cost of Goods (Supply Chain)
- 20. Cost of Goods (Supply Chain) Profit + SG&A + R&D EndConsumer EU Discounts Reseller Your Revenue List Price Source: Mark Leslie, Stanford GSB Channel Economics: Resellers
- 21. Profit + SG&A + R&D EndConsumer EU Discounts Reseller Distributor Your Revenue List Price Source: Mark Leslie, Stanford GSB Cost of Goods (Supply Chain) Channel Economics: Distributors / Resellers
- 22. Your product becomes your customer’s Cost of Goods Source: Mark Leslie, Stanford GSB EndConsumer Reseller Profit + SG&A + R&D Cost of Goods (Supply Chain) EU Discounts Reseller Distributor Master Distributor Profit + SG&A + R&D Cost of Goods (Supply Chain) Your Revenue List Price Channel Economics: OEM
- 23. Channel Economics What kind of product? Physical Virtual How do your customers buy products like yours today? Who will distribute? Who are the players that touch your product before it gets to the customer? YOU CUSTOMER Estimated cost (%) How will I distribute? Physical Channel Virtual Channel YOU CUSTOMER
- 24. Questions??? 24
- 25. Appendix 25