TRACTION Lessons

LESSON #1 – USE THE 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 doesn’t work.

LESSON #2- ADHERE TO THE 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.

LESSON #3 – ESTABLISH TRACTION GOALS

Set measurable milestones to measure your traction success.

Create a critical path as your benchmark.

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.

LESSON #5 – SHORTEN VIRAL CYCLE TIME

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.

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.

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.

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.

LESSON #9 – EXISTING PLATFORMS

Find an effective way to “fill in the gaps” ex. YouTube had MySpace users redirected to the YouTube webpage when they clicked on a embedded video.

Employ the build-early strategy by trying to be on every new and existing platform

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.

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.

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.

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.

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

LESSON #16 – DON’T WASTE TIME ON TERMS THAT DON’T YIELD TRACTION! 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 don’t convert to paying customers

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.

LESSON #18 – TRADE SHOWS CAN WORK

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.

LESSON #19 – HAVE COMPELLING SPEAKING ENGAGEMENTS

1. Gain attention of event organizers

2. Build your speaking reputation

3. Leverage your talks

4. Gain experience

LESSON #20- BUILD A COMMUNITY

Build an initial audience

Establish your mission

Foster cross-connections

Communicate with your audience