Flashcards in Chapter 18: Launching Tactics Deck (33):
True or false? More advertising and lower prices are not the answers to your startup problems.
What is ADVERTISING at its strongest?
When reassuring people about purchases they have already made or when passing on some good news about awards, accomplishments, or fun events.
When is ADVERTISING at its weakest?
When attempting to persuade people to purchase new products
True or false? In many ways entrepreneurs have more freedom than large companies to do something unique and creative.
What are the 5 "Secret Sauce" Rules for Marketing Events?
1. Distinctive product feature takes center state in the event.
2. Make it gorgeous
3. Connect the event with a local cause
4. Target the event to fit a specific audience and marketing objective.
5. Send home a personalized souvenir (brand experience)
What is the 2-Step Process for a Successful Love Fest?
1. Create opportunities for your best customers to "share the love."
2. Get out of the way and let your customers sell for you
What 4 things does a love fest accomplish?
1. Creates interest
2. Generates ideas
3. Earns sales
4. Promotes sales to non-customers
What does a love group celebrate?
The love group's personal connections to the product/service.
True or false? Seeing is believing, but doing is understanding.
True or false? Demonstrations almost always must be active in order to be effective.
What are the 5 ways to speed up product adoption through demonstration?
1. Relative advantage (comparison)
2. Compatibility (routine)
What 3 things are MUST HAVES for demonstrations?
Relative advantage, compatibility, and trialability.
Which 2 product adoption tips are the most important (for demonstrations)?
Relative advantage and compatibility
True or false? Demonstrations allow opportunity to add tangibility to otherwise intangible benefits.
What 3 Things are important to letting the channel create the need?
Putting products where people are:
1. Ready to buy
2. Able to pay
3. Know that good alternatives are out of reach
How can you accelerate sales ( in channels)?
1. Accelerate sales with a give-away contest
2. Accelerate sales with an in-store challenge
3. Accelerate sales with addictive samples
What are the Top 3 challenges for selling?
1. Entrepreneurs lack credibility, name recognition, track record
2. Power is with the buyer
3. Entrepreneurs often have big egos
What are the solutions for the credibility problem (selling)?
1. Dress and speak the part
2. Seek to understand
3. Set correct expectations
4. Be responsive
5. Deliver results
What is the solution to the buyer power problem (selling)?
1. Product must have distinctiveness
2. "So what" questions
3. Provide a reason to believe you can deliver
What is the benefits of sales partners?
Can provide instant access to customers
What is the downside to sales partners?
Partners can mean the loss of control and power
True or false? Remember what works, then close.
True or false? Closing a sale is about helping the customer make a decision to solve a problem or capitalize on an opportunity.
What is the best way to close a sale?
Summarize the benefits and then ask for the order.
What can creating a frenzy do?
Bring new investors and new customers
What is the FUG factor?
F - Fear of losing out on an opportunity
U - Uncertainty if the opportunity will come their way again
G - Greed for fame and fortune
True or false? Never allow one key stakeholder to hold the company hostage.
What is the Rule of 3?
It takes a minimum of three people swimming around your product idea to get someone to take immediate action.
Should you get in the way of a feeding frenzy?
True or false? Having a focus on throwing marketing events reminds us that we are selling a consumption experience and not just a product.
What are some guidelines for creating a catch phrase?
1. Go out on a limb (risk). Grab imagination.
2. Ha ha leads to Ah ha!
3. Wrap benefit in bacon
True or false? Some entrepreneurs become so focused on "building the better mousetrap" that they do not spend enough effort on selling it.