As part of Minnebar last Saturday I had the pleasure of sitting in on the “7 Deadly Mistakes of Start-up Marketing” presented by Curt Prins, marketing consultant focusing on emerging technology companies. In a full board room at Coffman Union on the U of M Campus, Curt took us through what he considers to the most common mistakes entrepreneurs make as they begin to develop and market their company or products. (I had a chance to Twitter those “mistakes” live but they deserve just a bit more focus.)
Mistake #1 Target Market Greed. A common problem that afflicts most new companies. In the quest to market to the most bodies, they target way beyond their sweet spot. The tighter the niche that you focus on the better results you will get. Curt demonstrated his point with a very simple “pie” chart. Cut out a slice, and then cut it again. Reaching that small piece of the pie will yield tastier results. Not to mention it’s a much better use of your marketing budget.
Mistake #2 Prospect Gluttony. Similar in nature to the above Target Market Greed, the more you wander outside of the group that really needs your product the more disappointing the results.
Mistake #3 Product Pride. It’s your baby! Clearly, it’s the answer to everyone’s needs…or do they even give a #*@? (Curt’s word, or rather, punctuation.) Your product is an extension of you and of course benefits you. Does it benefit your prospects?… [Read More…]