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Steve Blank - How do I acquire customers for a physical channel

Whether digital/virtual or physical. Every project or product needs some kind of marketing in order to be noticed. This must be well considered. Very quickly (high) costs arise and you have no return of investment.

There are several issues and hurdles placing al product on the market. Starting with measuring success. While you can simply build some small "tricks" into to the URL and create a so-called tracking code - which then gives an incredible amount of information about the failure and success of a campaign - this is not as simple in real life. Whoever hangs up a poster or prints an advertisement in a newspaper/magazine, can only guess based on the statistics, how many people did perhaps and vaguely and in the best case perceive the advertising and whether it triggered something else. But no matter what kind of product it is, we have to raise awareness. From "nice to have" to "must have". Only those who know that we exist can also think about whether and to which extent it is useful and important to them.

What would life be like for an entrepreneur without hurdles? It is a nice thing to know that people notice my product and it fills me with pride when they talk about it. But all this does not mean that the interest is so great that one is willing to deal with the "newbie" and to even pay for it. The nice thing here is that it is easier to measure than attention. Anyone who is interested must deal with it, go to the website, search for it and maybe even buy it. And - presto - we have the first starting points and values with which we can work with. We can especially see a trend. When did we start a media campaign, how much money did we invest, when did we have the first prospects and customers and how much did we sell in what time frame.

 

 

Once again to repeat: On the Internet this is a lot easier, but if you want to physically distribute goods it is many times harder. The measured values, the demographic figures, the period from the order to the actual "delivery" to the customer...These are values that are hard or not even possible to obtain.

In order for a "measurable" success to occur - and it does indeed happen everyday in millions of stores around the world - the four pillars of physical commerce are essential:

  • Awareness - Increase awareness level steadily
  • Interest - Draw interest
  • Consideration - Considering to buy the product
  • Purchase - The purchase of the product

And this is absolutely strictly adhered to in many parts of each case of an almost perfectly sophisticated advertising campaign. If we take this into account for our virtual products and include the possibilities of targeted marketing, we can achieve true miracles.

This article is written by our CEO, Bernd Korz. With his experience as an entrepreneur, he shares his vision about the lessons provided by Steve Blank. Join us every week for a new article on Steve Blank’s lectures.

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