8 B2B Marketing Strategies That Got My Startup to $10 Million (and 1 that FAILED)

Summary

In this insightful discussion, Greg Deno shares his experience with marketing strategies that propelled Time Doctor to over 10 million in annual recurring revenue. Highlighting the effectiveness of SEO and content marketing, Greg details the initial steps and growth stages of leveraging alternative posts and partnerships. He also touches on the challenges of paid ads and the importance of scalable marketing efforts. The conversation provides valuable insights for early-stage B2B startups seeking cost-effective and scalable marketing strategies, while cautioning against the pitfalls of hosting a conference as a marketing channel.

Takeaways

• 🚀 Starting with SEO can be surprisingly effective for B2B startups, as it quickly yielded users for Time Doctor.
• 🔗 Link building was a strategic follow-up to SEO, accelerating the ranking of their content and thus attracting more users.
• 🔄 The concept of a 'flywheel' was crucial for Time Doctor's growth, where hiring link builders led to more users, which in turn justified hiring more content creators.
• 🤝 Partnerships and integrations were key for user acquisition, especially when partnering with companies of similar size for mutual benefit.
• 📈 The stairstep method of entrepreneurship was applied in marketing spend, scaling up gradually as revenue from previous efforts was reinvested.
• 💡 Integration marketing involves leveraging partnerships not just for product integration but also for joint marketing efforts to reach new audiences.
• 📊 The importance of not just creating integrations but also marketing them effectively to ensure they drive user growth.
• 📧 Email partnerships were a direct method to gain trials, by leveraging the audiences of complementary products.
• 🎙 Podcast appearances helped increase brand visibility, even if the direct correlation to user growth was not always clear.
• 💰 Paid ads were challenging due to the difficulty in achieving a quick return on ad spend, which is critical for bootstrapped startups.
• 📈 Outbound sales and cold outreach were strategies that came later in Time Doctor's growth, once they reached a scale where the ACV justified the effort.
• ⛔ Hosting a conference was identified as a strategy to avoid unless the company has substantial resources, as it is a separate business venture and not a direct marketing channel.

Q & A

What was Greg Deno's role at Time Doctor?

Greg Deno was the third marketing person at Time Doctor, and his primary role was to acquire users without any financial constraints, focusing on strategies that didn't require spending money.

How did Time Doctor initially drive growth using SEO?

Time Doctor started with SEO by writing 'alternative posts' targeting competitors like Toggle. They quickly saw results as these posts ranked higher and brought in users, leading to a scalable SEO strategy with a high return on investment.

What is the 'stairstep method of Entrepreneurship' mentioned by Greg?

The 'stairstep method of Entrepreneurship' refers to building one product and using the revenue from that to fund the next product or marketing strategy, essentially scaling up in a stepwise manner.

How did Time Doctor leverage link building to improve SEO?

Time Doctor hired link builders to increase the ranking of their content. They viewed this as a flywheel strategy, where higher link building led to more users, which in turn justified hiring more link builders.

What is 'Integration Marketing' and how did Time Doctor apply it?

Integration Marketing is the concept of using integrations not only to serve existing customers but also as marketable events. Time Doctor strategically integrated with companies of similar size, like Workflow Max, to create comprehensive integrations and joint marketing launches.

How did Time Doctor approach partnerships and joint ventures?

Time Doctor engaged in partnerships by leveraging each other's audiences through email blasts, webinars, and joint announcements. They emphasized the importance of nurturing these relationships over time rather than just focusing on the initial partnership.

What was the strategy behind Time Doctor's use of webinars?

Time Doctor used webinars as part of their partnership strategy, collaborating with third-party companies that had a complementary audience. This approach helped them reach new users without the need for a direct integration.

How did Time Doctor's approach to email partnerships work?

Time Doctor's email partnerships involved reciprocal email promotions with other companies. They would promote each other's products to their respective audiences, resulting in a significant number of trials.

What challenges did Time Doctor face with paid ads?

Time Doctor found paid ads challenging due to the difficulty in achieving a positive return on ad spend within a short timeframe. They emphasized the importance of ensuring quick payback to maintain cash flow, especially for bootstrapped startups.

What was Greg's advice for early-stage startups looking to grow using marketing strategies?

Greg advised early-stage startups to focus on creating alternative posts and building partnerships through email collaborations. He suggested starting with 10 to 15 alternative posts and then leveraging partnerships to acquire users.

Why did hosting a conference not work as a profitable marketing strategy for Time Doctor?

Hosting a conference did not work for Time Doctor because it turned out to be a separate business requiring significant effort and resources. It was not a scalable marketing channel and did not provide the expected return on investment.

What is the recommended approach for startups considering outbound sales?

Greg suggested that outbound sales should be considered when the average contract value (ACV) is high enough to justify the infrastructure and effort required, typically when it's over $20,000 to $30,000 per year.

How did Time Doctor's podcast strategy impact their brand visibility?

Time Doctor's podcast strategy, where their co-founder was a guest on numerous podcasts, led to increased brand mentions and searches for Time Doctor, although it was hard to attribute direct user acquisition to these efforts.