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Welcome to The Revenue Radio Hour Episode 1: Minimum Viable Marketing Plan

 

Who Is This Show For?

This show is for any entrepreneur or marketing professional who is tasked with generating revenue for your company with limited time, money and resources.

For example,

  • Established business owner with a sales & marketing team of 5 or less (including yourself)
  • An entrepreneur learning how to launch a product
  • A marketing professional on a sales & marketing team of 5 or less

You don’t need to be sophisticated marketer to enjoy this show.

 

Topics Covered in The Revenue Radio Hour

Developing a solid Core Marketing Strategy that will stand the test of time using systems of Content, Employee Workflows, Software.

Some examples of include:

Content

  • Ads
  • Blog
  • Video marketing
  • Content marketing
  • Content funnels, etc.
  • Websites
  • Social Media Platforms
  • Infographics

Software 

  • Marketing Automation
  • CRM Customer Resource Management
  • Email Delivery
  • Social Media Management

Employee Workflows

  • Sales & marketing pipeline
  • content marketing scheduling
  • organizational charts

This show is not about the latest hacks & tricks that will be obsolete in a few years.

 

Questions

We welcome your sales & marketing questions, for a chance to be featured on the show, tweet your questions to @RevenueRadio or email Brian at brian@revenueradio.com.

 

This Week’s Theme: Minimum Viable Marketing Plan

  • A minimum viable product has just those core features that allow the product to be deployed, and no more. Having a minimum viable product is only half the battle.
  • It’s more confusing than ever to figure out where you should be spending your marketing time, money, and resources.

A Minimum Viable Marketing Plan is a lean strategy, appropriate for your type of business, that allows for the maximum production of qualified leads (and ultimately sales) for the least amount of time, money, and resources.

 

Who Needs a Minimum Viable Marketing Plan?

  • Any entrepreneur or marketing professional with limited time, money, and resources.
  • If your sales and marketing team consists of one to five professionals (including yourself), it’s for you.  This might mean you’re a startup, small business, or even a medium business with a small sales & marketing team.
  • The MVMP should be manageable within reasonable business hours by this team, with the goal of creating some small wins and building momentum toward an expanded strategy.
  • Smart marketers focus 80% of their marketing time, money, and resources on a narrow range of activities that are most likely to produce results for the type of business they are in until they grow large enough to widen the focus.
  • Let’s take blogging for example.  Blogging can be a very effective technique for generating inbound leads, as well as warming existing leads; but it doesn’t belong on everyone’s MVMP.

 

How to determine a MVMP with 5 questions.  Learn more at RevenueRadio.com/7

 

1. What is The Average Lifetime Value of Your Average Customer (LTV)?

How much does your typical customer spend in the long run?  Add up all of your revenue over a long period of time including subscription payments, one-time fees, up-sells, cross-sells, affiliate payments, etc; and then divide by the total number of unique customers.

LTV = Total Revenue Over Time / # of Unique Customers

If your LTV figure is less than $10,000, inbound lead generation is typically the most effective strategy for a small sales & marketing team.  

 

2. Do You Sell to Other Businesses (B2B) or End Consumers (B2C)?

B2C companies will typically find it most efficient to focus on inbound marketing. Most B2B companies will find it most efficient to focus on an outbound lead generation strategy.

 

3. How Long is Your Sales Cycle in Terms of Number of Encounters Before Prospects Turn Into Customers?

 

As a general rule of thumb, the more expensive the product or service is, the longer the sales cycle, and the deeper the funnel.

If your customers make buying decisions in two or less encounters, your business will most likely fit into a wide content funnel strategy.  A wide content funnel has broad reach and a short conversion period.

 

If your customers need more than 2 encounters to make buying decisions, you’ll most likely fit into a deep content funnel strategy.  A deep content funnel has narrow reach and a long conversion period.

 

4. Size of Advertising Budget

If the answer is more than $1,000 per month, then you should focus on a paid traffic strategy and put less emphasis on recurring content.

 

If your advertising budget is less than $1,000, use it for software and focus on organic traffic.  Organic traffic strategies include search engine optimization (SEO), blogging, podcasting, organic social media marketing, viral content, etc.

 

5. Does Your Niche Lend Itself to Viral Referrals?

If your product lends itself to social referrals, then you want a marketing plan centered around referrals. This can override some of the other strategies for inbound and outbound marketing campaigns.

(We’ve created a 60 second questionnaire to determine the right Core Marketing Strategy for you business here.)

 

About The Host

Brian Lee is the Founder of Relevant Content Marketing. He is a marketing advisor to Entrepreneurs and Early-Stage Startups. Brian has been a blogger at GeniusTypes.com since 2006. He has been involved in dozens of entrepreneurial ventures & startups as a founder or an advisor.

He started his professional career at The Gallup Poll ATX. He then took a huge Leap of faithand joined entertainment business working on a film staring Gary Busey called Halletsville.

After the filmed wrapped up, he packed up for Hollywood. There he learned all aspects of video production while working for E! Entertainment  doing Red Carpet shows for the Oscars, Grammy’s, and Golden Globes.  He also worked for Nickelodeon doing behind the scenes podcasts for iCarly and Unfabuluous. Another line on his resume includes TruTV – Speeders.

He took his skills to the the corporate world in 2008, being a video marketing consultant for Real Estate Investing and Reality Style Web Series “Flip this house.’

There he worked for a variety of companies in the real estate niche, where he expanded his marketing toolbox to other fields such as traditional advertising and radio advertising / radio show hosting.

He was also in charge of email marketing campaigns, marketing automation, live events, and sales pipeline workflows.

He moved back to Austin, Texas where he joined the tech startup scene, working with a variety of tech startups, by helping them with their strategy.

A company, where he’s currently a shareholder, was part of the startup accelerator in Austin called The Capital Factory.  There, he had the opportunity to learn from some of the brightest mentors in the industry.