In today’s episode of The Startup Chat, Steli and Hiten talk about how to run marketing experiments when you’re just starting out.
As a founder, you need to run experiments in order to find out what will work for your startup. However, most marketing experiments are done wrong, and this can lead to failures, demotivation or can cost you a lot of money.
In this episode, Steli and Hiten talk about how to run marketing experiments the right way, why having a goal super important when you run experiments, why comparing a startup to a big company is not helpful and much more.
Time Stamped Show Notes:
00:00 About today’s topic.
00:35 Why this topic was chosen.
02:20 What marketing means to Hiten.
02:46 Why having a goal super important.
03:01 Why comparing a startup to a big company is not helpful.
03:42 Why trying complicated strategies too early is a bad idea.
06:20 Why you should try doing things that are easier to pick up.
06:50 How Hiten approaches marketing.
08:10 Why you should listen to episode 30 of the podcast.
09:11 Why learning from your competition is a good idea.
3 Key Points:
I think the killer here in terms of comparison is the mentality.To me, marketing is just about driving traffic with a goal in mind.Figure out how you’re gonna get the right visitors that will sign up for your product
Steli Efti: Hey everybody, this is Steli Efti.
Hiten Shah: And this is Hiten Shah.
Steli Efti: And today on The Startup Chat, we're going to talk about how to run marketing experiments, especially when you are at the very beginning or super small. So here's the reason why I want to talk about this with you, Hiten Shah. I was emailing back and forth with a single founder that is just building NBP, and he's trying to start his start-up, and one challenge that he described to me was the challenge that he was trying to be super data-driven, and super kind of experimentation-driven, and was saying that he was trying all these different experiments, but it would take like a week or two to collect enough data. And then a lot of these experiments that he's tried haven't yet worked, and he was asking me if... He was basically getting to a point where he was doubting that this will work well, and saying to me, “Is it the case that maybe just really well-funded start-ups with lots of people can afford to run all kinds of crazy AB tests and all kinds of different growth experiments, because most experiments won't work, and when you are a one-person team, with very little money, you don't have infinite time to just keep experimenting with great, crazy ideas that most of them don't work. You might just have to do bread and butter things that are easier to succeed with, even if they are not necessarily as data-driven or as experimental in nature." So, basically asking, are experiments only for big companies, or for start-ups with more resources, or can a single person be super experiment-driven and try to grow their start-up from day one, based on running different tests, and driving different experiments? And I could not think of anybody better than to state this problem to and get probably a funny reaction that's like, “This is the totally wrong way of thinking about life”. That's the problem that he brought up to me, and I was super curious to hear your kind of first reaction on that.
Hiten Shah: Yeah, I think the killer here, in terms of mentality, is comparison. I think that's part of the problem. To me, marketing is just about driving traffic with a goal in mind.
Steli Efti: Right.
Hiten Shah: Well, what's your goal? Well, your goal is to get traffic. Figure out how you're going to find the right visitors that are going to sign up for your product, right? I don't think it's more complicated than that.