2012 Seth Lieberman at RamenCamp
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This document provides guidance on starting a food-related startup business. It discusses validating business ideas, translating ideas into business and sales models, and targeting needs rather than wants. It emphasizes solving problems in large, established markets and finding scalable models, especially those leveraging technology. Customer interviews, team culture, and making timely decisions are also addressed. The overall message is to focus on feasibility and growth potential over competition.
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2012 Seth Lieberman at RamenCamp
- 1. #RamenCamp Validating Ideas Translating That into a Business Model Translating that into a Sales Model Seth Lieberman e: seth@lieberman.net t: @sethWlieberman
- 2. #SteakCamp *Vegetarians
- 3. StartUp Food NO! Pyramid (Paleo) YE$!
- 4. You will not be Facebook or Instagram
- 5. Rule #1: Maslow Says SOLVE AND SELL NEEDS NOT WANTS NO! YE$!
- 6. Rule #2 Go Where the Money Is Big Markets Clearly defined markets Established buying paradigms High growth markets Markets where you can be disruptive Markets you think you can win Markets you care personally about
- 7. Better Mouse Traps Are Easier To Sell
- 8. Define the Addressable Market Define your Sub-Set of the market Identify your Target Customers Identify the Decision Makers Know their Purchasing Authorization Level Determine how to Reach Them
- 9. Rule #3 Solve The Penny Gap Free is not a business model
- 10. Avoiding False Positives / Negatives What your customers want may not be what YOU want
- 11. Rule #4 Find the Scalable Model Revenue Technology Sales Leads Databases Sales People Servers Land & Expand Code Marketing Team Viral Business Process Self Serve Communication Paid Management Earned Capital Costs Fulfillment Costs Hosting Infrastructure Costs Staffing Costs
- 14. Move Up Market
- 15. Scaling Margin
- 16. Scaling: Marketing + Leads Paid Organic Traffic Source 16% 84% Paid Costs $6,000 $3,250 Visits 5,280 27,720 Raw Leads 320 1,183 Qualified Leads 12 105 Visit to Raw Lead Conversion 6.1% 4.3% Qualified Lead Conversion 3.8% 8.9% CPV (Visits) $1.14 $0.12 CPRL (Raw Lead) $18.75 $2.75 CPQL (Qualified Lead) $500.00 $30.95 Required Visitors Needed 440 264 Raw Leads Generated 27 11 To get 1 Qualified Lead 1 1
- 18. Scaling Team & Culture Communication Transparency Accountability Honesty Respect No Assholes Rule
- 19. Heavier than Air Machines
- 20. Rule #6 Making a decision TODAY is superior to making a decision tomorrow. You will never have enough data You will always have enough data You can only make the best decisions you can with the data you have today.
- 21. Rule #5 Customer Interviews How do you personally refer to your category of business? (ie industry) What are your major business goals & challenges? How are you measured? Whats your definition of success? What other tools/software/services do you use (or would like to use) to help address these challenges? How did you first hear about SnapApp? What did you think SnapApp would be able to help you solve for? What were your first impressions about the website, the product? Where these the same? What was your first ah-ha moment or what convinced you that SnapApp might be able to help? What was the key feature/functionality that made you buy? Did you evaluate other solutions that could help with (problems mentioned)? If so, who & what differences did you see between those solutions and SnapApp? Does SnapApp integrate with other tools/systems at your organization? How does it fit in your ecosystem? How would you describe SnapApp to someone else? Who else in your organization will use or be aware of SnapApp? If the person is the decision maker, but NOT the user, ask them who the user is and if we can contact them? How would you rate (on a scale of 1 to 10 10 being best) your buying experience with SnapApp? Where could we improve? Can you explain one campaign or effort youve executed or plan to execute using SnapApp? Where do you go for new ideas, information?
- 22. Competition has trumped value-creation. In this and other ways, the competitive arena undermines innovation. You know somebody has been sucked into the competitive myopia when they start using sports or war metaphors. Sports and war are competitive enterprises. If somebody hits three home runs against you in the top of the inning, your job is to go hit four home runs in the bottom of the inning. But business, politics, intellectual life and most other realms are not like that. In most realms, if somebody hits three home runs against you in one inning, you have the option of picking up your equipment and inventing a different game. You dont have to compete; you can invent. - David Brooks NY Times 4/23/12
- 23. You Gotta Have 酷温庄岳鞄
- 24. Rule #6 Make time to think for yourself by yourself.
Editor's Notes
- #10: http://redeye.firstround.com/2007/03/the_first_penny.html