đ Brex's Unbeatable Growth Strategy; The CMO Cheatsheet; Answering Existential Startup Questions
Happy Friday! Weâre a bit late to the party, but we FINALLY had some time to read Mary Meekerâs 2019 Internet Trends Report. Whatâs in it you ask?
Well, most of it is only tangentially related to SaaS, so take our word that the following is all you need to pass your SaaS class exam: 2019 had increased internet ad spend, data growth, and most importantly, wider adoption of the freemium model. Freemium has become a companyâs foot in customersâ doors, at which point tracking (and understanding) user behavior becomes the key to conversion.
đł In just 2 years, personal guarantee and deposit-less credit card company Brex's valuation has exceeded $2b. Valuation certainly doesnât mean revenue, but there are more than a few marketing takeaways from their rise to Silicon Valley stardom (aside from the billboards, which they insist worked). Identifying their perfect user then scraping LinkedIn for matching profiles was big to start, as well as PPC ads focused on large markets (as opposed to niche) which scale better.Â
đ As weâve hinted before, hiring a CMO is becoming more difficult. And on the other side of the equation, marketers are having a troubling time landing gigs. After connecting dozens of founders with CMO candidates, Yoav Vilner realized marketers were getting the short end of the stick because theyâre expected to know everything. His cheat sheet below shows the most common skill sets actually required for the role (5 being the most critical).
đïž Pitch decks are great for shaping strategy in granular areas such as your revenue model, sales strategy, and competition. What they donât do is focus on existential questions, like what you believe in, or how you will describe yourselfâthese are better suited for a strategy deck. If a pitch deck if your guide, then your strategy deck is your shrink. Answering its tough questions will give clarity to employees and keep them engaged (a big issue in many organizations today).
đïž Whether youâre building a pitch deck or strategy deck, there are some things which you should always avoid. Donât use too much textâgraphics are better for illustrating information quickly, and readersâ attention spans are limited. Also, stay away from templates and animation. Going the flashy route can look desperate or overdone; your information should be able to speak for itself. Lastly, donât chart financials, keep it simple and copy and paste your planâs highlights directly in.
đŻ We love the term âplaybookâ because it points to strategies for growth, but by no means do we mean every business can use the same playbook to win! Traction describes the full arsenal of tactics startups can use to get the ball rolling, the idea being that if one doesnât work for you, move onto the next. Keep going until you identify a âbullseyeâ tactic, then once youâve maximized that tactic, rinse and repeat the process. Startup Hustle has a helpful summary and review if you arenât sold yet.