April 4, 2016

The Big Idea: concentrate your efforts on the core traction channel that really matters; learn how to quickly identify your core traction channel because it will change as your startup grows

KEY TAKEAWAYS FROM TRACTION

1. One traction channel will always dominate.
2. Predicting which traction channel will work for you is nearly impossible, so always test and let the data tell you.
3. Spend 50% of your time building the product/service and 50% building a traction channel
4. Early on, do things that don’t scale
5. Testing channels your competitors are ignoring is a great way to acquire customers cheaply.
6. Define your traction goals clearly and ignore marketing efforts not on the critical path to achieving those traction goals.
7. The Nineteen Traction Channels
   1. Targeting blogs
      1. try small blogs first
      2. see Noah Kagan and Mint
   2. Publicity
      1. Help a Reporter Out (HARO)
      2. target smaller outlets first
      3. craft a good narrative
   3. Unconventional PR
      1. PR stunts require creativity and willingness to keep trying
      2. Customer appreciation (handwritten notes) is more sustainable and systematic
   4. Search Engine Marketing (SEM)
      1. use ads to test changes to your product or service
   5. Social and Display Ads (Facebook, Youtube, Twitter)
      1. social ads are more focused on brand awareness than conversions
   6. Offline Ads
      1. radio ads, magazine ads, and local tv ads can be cheap
      2. remnant advertising can be an amazing bargain
      3. use coupon codes or landing pages to track effectiveness
   7. Search Engine Optimization (SEO)
      1. fat-head vs long-tail
      2. SEO = getting lots of links
      3. infographics, slideshows, images, and original content drive link-building
   8. Content Marketing
      1. hard to build but can a huge payoff (size and speed of customer growth)
      2. in-depth posts and infographics work the best
   9. Email Marketing
      1. one of the most effective channels of all
      2. make emails as personalized as possible (name, interests, content)
      3. retarget leads through email
      4. use email for friend referrals
      5. A/B test everything in your email campaigns
   10. Viral Marketing
       1. K = i x conversion (i = invites per user)
       2. Any K > 1 will result in exponential growth; Any K > 0.5 will help you grow considerably.
       3. A/B test everything
       4. Sign up for the most viral services and understand their strategies
       5. Think deeply about building virality into the product instead of just adding a FB like button
   11. Engineering as Marketing
       1. build tools, widgets, and microsites that your customers find valuable
   12. Business Development
       1. build partnerships with complementary companies to expand your market, acquire/license IP, jointly develop a product, or secure key inputs
       2. understand your partner’s needs
       3. get a warm introduction
   13. Sales
       1. best for entreprise and expensive products
   14. Affiliate Programs
       1. best for low-price, e-commerce, digital information
       2. existing affiliate platforms are expensive but have large audiences
       3. building your own affiliate network is a possibility if you have a large customer base
   15. Existing Platforms
       1. Includes app stores, Facebook, Pinterest, Twitter, Snapchat
       2. Find out where your customers are and how they use the platform
       3. Get to the platform as early as possible
   16. Trade Shows
       1. great for meetings, landing big sales, building partnerships, or making announcements
       2. clear goals and preparations are key
   17. Offline Events
       1. organize conferences, parties, and meetups to attract and retain customers
   18. Speaking Engagements
       1. start small
       2. remember that event organizers are looking for speakers
   19. Community Building
       1. you need to have a mission that customers want to buy into if you want to build an awesome community
       2. pay attention to keeping quality high as you scale