2. LESSON #1 USETHE BULLSEYE FRAMEWORK There are 19 traction
channels You only need to nail down one to create effective
traction. Spend the time to identify the correct traction channel
using the bullseye framework. Testing channels is the only way to
find out what works and what doesnt work.
3. LESSON #2- ADHERETOTHE 50/50 RULE Working on product
development and pursue traction in parallel is imperative to
success. The 50/50 rule allows you to use knowledge from your
traction efforts and use it with knowledge gained from product
development. In Chapter 3 of the book, a perfect example was given
with Marketo. In this instance they beta tested an idea instead of
a product, and integrated feedback from a blog post with their
product development process.
4. LESSON #3 ESTABLISH TRACTION GOALS Set measurable milestones
to measure your traction success. Create a critical path as your
benchmark.
5. LESSON #4 VIRAL COEFFICIENT K = i * conversion percentage
This formula can help quantify growth using viral marketing. I
think it is important to have mathematical methods to convince the
people within the business and outside investors that your
decisions are backed up by solid evidence. This equation also
allows you to focus on the weakest part of the equation.
6. LESSON #5 SHORTENVIRAL CYCLETIME Viral loop is when an
invite is sent out and prospective customer is converted into a
user. Viral cycle is how long this process takes. Shortened viral
cycle = better rate at which you go viral Keep viral loop
components simple for shorter viral cycle.
7. LESSON #6 UNCONVENTIONAL PR Unconventional PR can have
extraordinary return on investment. Publicity stunts can have a
dramatic effect on gaining your company or product national
exposure. Customer appreciation is an easy way to gain traction
through gifts, giveaways etc.
8. LESSON #7 CREATE GOOD BD DEALS Strategic thinking is
required to create traction with business development. Identify key
things your business needs and make sure to align those with
business development partnerships. These deals should help hit key
metrics that you have established prior to the deal.
9. LESSON #8 CREATE A BD PIPELINE Having multiple deals in the
pipeline will give you the flexibility to choose a partner that
will work in your best interest. Focus on the attributes of your
partner rather than their name. Some partners might have a big name
that is widely recognized in the industry, but they may not be the
right partner for you.
10. LESSON #9 EXISTING PLATFORMS Find an effective way to fill
in the gaps ex.YouTube had MySpace users redirected to theYouTube
webpage when they clicked on a embedded video. Employ the
build-early strategy by trying to be on every new and existing
platform
11. LESSON #10 SEM = CTR Start out by testing a few ads at a
time Campaigns can start to become large and cumbersome, so know
which ads are working and focus on trimming the fat. Use URL tools
to track which ads are converting, rather than just ones that are
getting clicked on the most Click through rate is what a successful
SEM campaign is based on.
12. LESSON 12 DESIGN AN EFFICIENT SALES TUNNEL Generate leads
Qualify leads Close leads Make the customers decision to buy your
product an easy one by keeping them in mind when developing your
sales tunnel.
13. LESSON #13 BUILD AN AUDIENCE THROUGH SOCIAL ADS Begin
social advertising by building an audience first, then focusing on
conversion. Businesses can strategically place their ads in the
social media environment after they have created some brand equity.
This allows them to get there product in front of a potential
customer without coming off as intrusive.
14. LESSON #14 USE ENGINEERING AS MARKETING Engineering allows
you to build tools that your customers can use and make their lives
easier.Therefore increasing brand trust. Simple, easy to use tools
often benefit the customer and business more than elaborate
tools.
15. LESSON #15 SEO Fat-head & long-tail are the two
important terms to know and use Fat-head meaning to rank search
terms that directly describe your company Long-tail involving more
specific terms and lower amounts of searches
16. LESSON #16 DONT WASTETIME ON TERMSTHAT DONTYIELDTRACTION!
There is no easy way to get to the top with SEO, but you think of
it as a marketing investment Cheap terms or common terms usually
dont convert to paying customers
17. LESSON #17 USE AFFILIATE PROGRAM STRATEGIES WISELY This
channel for traction requires you to pay out of pocket for a lead
or sale. You can only use this if your cash flow is adequate.
18. LESSON #18 TRADE SHOWS CANWORK There are a large amount of
trade shows in almost every industry. Choose one that you have
attended before and think would give you the best exposure.
19. LESSON #19 HAVE COMPELLING SPEAKING ENGAGEMENTS 1. Gain
attention of event organizers 2. Build your speaking reputation 3.
Leverage your talks 4. Gain experience
20. LESSON #20- BUILD A COMMUNITY Build an initial audience
Establish your mission Foster cross-connections Communicate with
your audience
