Lean Marketing Flashcards
Value stream mapping
Identifying and mapping every step of the product life cycle
Flow
Ensuring value-adding activities move seamlessly throughout the prod life cycle
The central question in lean marketing
Which activity create value, and which are wasteful?
The 3 force multipliers
Tools
Assets
Processes
The path to domination starts with a…
Narrow focus
5 stages of customer awareness
- Unaware
- Problem aware
- Solution aware
- Product aware
- Most aware
7 ways to niche
- Location
- Demography
- Shared values
- Industry
- Desire
- Problem
- Trend
Ways to understand a target market better
(Go undercover)
- Find where they congregate online
- Podcasts/Books/YT
- Industry trade journals
- In-person trade shows
Product-Market fit is defined by
Customers
Five Why’s technique
Ask “why?” to a problem five times until you reach one of the 7 core commodities
7 core commodities
- Money
- Time/Convenience
- Sex
- Status
- Safety / Peace of mind
- Entertainment
- Freedom
____ moves your market to action more effectively than ___
Pain; pleasure
4 major value levers
- Time
- Effort
- Risk
- Side effects
Utility-Signaling spectrum
Concept that explores customer behaviors, in which one end shows customers purchasing for usage and the other end purchases for vanity
CRM system
Customer relationship management system that stores customer info/preferences to understand customers better
5 basic functions of a CRM system
Storing customer data
Tagging/Segmentation
Triggering automations
Sending broadcast data
Reporting
Copywriting Commandment 1
Thou shalt entertain
Copywriting Commandment 2
A confused mind says no
Copywriting Commandment 3
Thou shalt write awesome headlines
Copywriting Commandment 4
Name it and claim it
Copywriting Commandment 5
Ask and you shall receive
Copywriting Commandment 6
Emotion commits the crime, logic does the cover up
Copywriting Commandment 6
Emotion commits the crime, logic does the cover up
Copywriting Commandment 7
Write before you write
Copywriting Commandment 8
Tell stories
Copywriting Commandment 9
Create a dual readership path
Copywriting Commandment 10
Summarize before and after
Flagship asset
High-value piece of content/product that shows credibility and authority
A good landing page has 3 things:
Strong headline
Clear Value proposition
Easy opt-in form
Soap Opera Sequence
- Introduce/set stage
- Deep dive (into problem)
- Present solution
- Cliffhanger
5 things that prevent customers from completing the purchase funnel
- Not clicking the ad
- Not opting in
- Not getting/opening your email
- Opening email but not going to sales page
- Going to sales page but not buying
LTV
How much money a customer brings in over their entire customer lifespan
MRR
Monthly recurring revenue
Conversion rate
Rate of customers taking a desired action
CTR
Click through rate; % of customers who click on ad after seeing it
CPC
Cost per click
Traffic
Number of visitors to your site/page
Bounce rate
% of visitors who leave site after viewing only one page
NPS
Net promoter score;
% of Promoters - % of Detractors
Customers are asked how likely they are to recommend the business on scale 1-10. Promoters are 9s & 10s, detractors are <7.
AOV
Average amount a customer spends in a single transaction
Prod Per Customer
Average number of products each customer has purchased
