Once upon a time, there were three little pigs and all three of them decided to become entrepreneurs. Pig-preneurs.
The first little pig
The first little pig said,
“I know that our customers’ needs, industry technology, and our competition all change really fast.
“I think the best approach is tried and true. I am going to research to be sure I have the best technology, that I can beat my competition and that I am completely serving my customers’ needs. I am going to use the known marketing channels, Facebook ads, and Google AdWords, that I have used before and I feel comfortable that I can predict their results.”
So, she decided to do a detailed business plan, market research with customer surveys and market analysis, and then select the product(s) and features that she was going to sell that fit the exact customer needs. She also planned to use the research to develop her marketing campaign using her favorite marketing channels and planned it to coincide with her grand opening.
The grand opening was planned to happen in about three months. So, she started to develop her business and marketing plans and was off.
The second little pig
The second little pig decided to take a little bit of a different direction.
He said,
“I know that our customers’ needs, industry technology, and our competition all change really fast.
“I want to move fast too. So, I am going to figure out what my customers want and need, but I am not going to wait to build it all. I am going to build a little and put that into my customer’s hands quickly. That way I can capture market share quickly and start making some money. I am going to do short punchy campaigns using channels I have used and know so well.”
So, he decided to skip the complete detailed plan and do a complete, but high-level, plan instead. He spent the time to decide what features customers would want and teed up the marketing campaigns to promote those features when they were ready. He also used the marketing channels he knew and felt he could predict their results; Facebook ads, and Google AdWords.
He got busy and he released the first release and BAM!! He got sales right away, just as he expected! He was happy.
The third little pig
The third little pig looked at what the first had done and what the second had done and thought to herself, I think I have an idea that can beat both my sister AND my brother!
She said to herself,
“I know that our customers’ needs, industry technology, and our competition all change really fast.
“I want to move fast too. I have a general idea of what my customers want, I will make some and do some quick marketing to get these into some customer’s hands fast. My goal with the first few sales is just to learn what the customers like and don’t like about it, and to see what marketing is reaching my ideal customers, in order to allow me to refine more as I go.”
So, she built one piece, the piece that she believed her customers wanted the most. Then she did a Facebook and Google AdWords campaign. But she also posted her product on a new product showcase site and started asking all her friends and family to share the link in Social Media.
Since she knew the product wasn’t EVERYTHING that the customers would want yet, she told them that they would get free upgrades for being early adopters at the lower introductory price.
She released this piece and BAM!! She got sales, customer feedback, and got paid, right away.
She took that feedback and figured out how to improve and then released another piece. She also looked at what was working in her marketing. The Facebook ads were OK and the new product showcase site post was good but the Google AdWords seemed to be doing the best. So, she put more money into Google AdWords, changed her approach to the Facebook ads and tried posting to a different new product showcase site instead of the first one, in order to test it out.
And BAM! More Customers! The AdWords was a winner and AppSumo was too! The new Facebook ads did better as well.
And the third time she did the same thing and got even more customers, feedback and profits. With each new release, she adopted both her product and her marketing approach. Doubling down on the marketing channels and methods that were working and dropping or adapting those that were not performing.
At the end of the year
At the end of the year, the pigs got together and were sharing notes. The first little pig proudly shared that she had a successful launch in June and had made $30,000. Which considering that 90% of startups fail, it was really quite amazing.
Then the second pig shared, “I decided to do six launches of my product, starting small but high value and building every month. Since I have been earning since the first month of the year I made over 2 times what you made, I made $63,800.”
The last little pig snorted at the earnings of the first two. Saying, “I have been delivering since the first month too, but I also listened to my customer and adapted my product to what they wanted, and I experimented with new and different marketing channels and… well… I made over 4x what you made sister and almost double what you made brother I made $119,800.”
The other pigs were speechless.
If you would like to learn how to be like the first or second little pig, feel free to contact your local marketing agency. If on the other hand, you want to be like the third little pig contact us today!