107: High-Velocity Digital Marketing with Steve Kahan

In this episode, Dan connects with Wall Street Journal bestselling author Steven Mark Kahan to discuss his latest book, High-Velocity Digital Marketing. An all-around digital marketing legend, during his career as CMO of several Silicon Valley startups, Steve helped engineer seven successful exits that generated an astounding $5 billion in shareholder value. He and Dan talk about how he managed to make it all happen - and it turns out, it’s all about having the right plan.

Of course, the right plan is very, very thorough. Luckily, Steve (and his book) deliver exactly that. Over the course of their discussion, Dan and Steve take a deep dive into the elements of marketing, the importance of content, and just how critical it is to identify your audience correctly and speak to them in a way that resonates.

Listen in and...

Discover powerful digital marketing techniques to skyrocket your online presence.
Uncover the significance of grasping buyer personas for targeted campaigns.
Explore the crucial role of consistent content creation in engaging customers.
Learn the importance of data-driven marketing and evaluating success.
Gain insights on choosing the best partners and agencies to boost your marketing efforts.

Notable Quotes:

“I found that the traditional path from school to climbing the corporate ladder at least for me, could not only be high-risk for my career, it could almost feel like a death trap.” – (2:59) - Steve
“I asked myself a really important question and that question was, how can I earn a great living doing what I love?” – (4:14) – Steve
“I’ve learned how to spot a startup that has a good chance for success versus one that doesn’t.” – (6:47) – Steve
”I’m never concerned when I see that there’s big competition in the market. I’m always concerned when I see that there’s next to no competition in the market.” – (9:26) – Steve
“You want to go to work everyday with a passion for the products the company creates as well as your role in creating it.” – (9:56) – Steve
“I wouldn’t want to take a job if I didn’t align with the values of the company.” – (11:33) – Dan
“You don’t often lose business to a competitor as much as you lose it to the status quo.” – (25:33) - Steve
“Never assume that the benefits a customer expresses, equates to impact.” – (31:28) – Steve
“So many organizations don’t train their sales or their partners on every single piece of content that they have.” - (42:54) – Steve
“You need to turn your website into a lead magnet.” – (54:40) – Steve
“If you get that content right and that is a big chunk of the battle.” – (1:11:00) – Steve

Key Moments:

00:00:00 - Introduction,

00:05:05 - Choosing a Startup,

00:12:33 - Importance of Stock Options,

00:17:23 - Digital Marketing Strategies,

00:28:50 - Importance of Agility,

00:15:57 - Lessons from a Failed Startup,

00:18:05 - Evaluating Startup Concepts,

00:22:30 - Understanding the Customer,

00:25:43 - Building Strong Value Propositions,

00:29:24 - Understanding Benefits vs. Impacts,

00:33:22 - Cybersecurity and Content Creation,

00:35:55 - Sincerity and Content Value,

00:45:03 - Content Stories and Sales Velocity,

00:48:12 - Managing Multifunctional Disarray,

00:51:37 - Importance of Metrics,

00:52:09 - The Martech Stack and Metrics,

00:54:08 - Practical Tips for Improving Lead Conversion Rates,

00:57:53 - The Importance of SEO and Google,

01:04:24 - Agency Selection and Scoring,

01:08:38 - Building Great Content,

01:10:56 - The Importance of Getting Content Right,

01:11:29 - The Future of Marketing,

01:14:16 - Recommendation for High-Velocity Digital Marketing,

About Steve Kahan

Bestselling author Steven Mark Kahan has a formidable track record, successfully navigating seven startups to acquisition or IPO, amassing a total value exceeding $5 billion. A powerhouse in the world of startups, Steve is revered for his innovative digital marketing strategies that resulted in rapid revenue growth, market expansion, and robust returns for shareholders. In his most recent stint as CMO and Chief of Staff at Thycotic (now Delinea), he propelled the company to a remarkable $1.4B exit. His impact extends to other ventures like KnowledgeWare, PentaSafe, Postini, Quest Software, and The Planet. A past board member of Target Hunger, Steve channels his passion into philanthropic pursuits.

Dan Nestle Links

Timestamped summary of this episode (Generated by Capsho - and presented here unedited)

00:00:00 - Introduction,

Dan Nestle welcomes Steve Kahan, former CMO of cybersecurity firm, Thycotic and author of "High Velocity Digital Marketing" to discuss his journey in the startup world and important factors to consider before choosing a startup.

00:05:05 - Choosing a Startup,

Kahan shares four important attributes to look for when choosing a startup: quality people who share your values, a concept that fills a big market need, a great product you can get behind, and the startup being well-funded.

00:12:33 - Importance of Stock Options,

Kahan explains how stock options can be a game-changer for those looking to separate themselves financially. Working for a successful startup and seeing the value of those stock options grow can lead to significant financial gain.

00:17:23 - Digital Marketing Strategies,

Kahan discusses the importance of digital marketing strategies in building a successful startup, noting that they can be a cost-effective way to reach a large target audience. He breaks down some key strategies outlined in his book, "High Velocity Digital Marketing."

00:28:50 - Importance of Agility,

Kahan emphasizes the importance of agility in the startup world, noting that companies need to be able to pivot quickly and adapt to changing circumstances. He cites examples from his own experience helping startups navigate unexpected challenges.

00:15:57 - Lessons from a Failed Startup,

Steve shares his experience working for a startup in Japan that lacked differentiation in the market and eventually failed. He discusses the importance of identifying a unique product and positioning it effectively to stand out from competitors.

00:18:05 - Evaluating Startup Concepts,

Steve and Dan discuss evaluating startup concepts and identifying a must-solve problem for a specific audience. Steve shares his experience at Psychotic, where understanding the customer and crafting value propositions based on their needs led to significant growth and success.

00:22:30 - Understanding the Customer,

Steve emphasizes the importance of understanding the full context of the ideal target buyer's world and paying attention to their specific language. He shares his process of asking questions to customers and crafting value propositions that address the benefits and impacts that buyers want to make on their company.

00:25:43 - Building Strong Value Propositions,

Steve discusses the mistake many organizations make in building value propositions that align well with what they do, rather than what the seller cares about. He emphasizes the importance of crafting value propositions based on a full understanding of customers that address their specific needs and challenges.

00:29:24 - Understanding Benefits vs. Impacts,

Steve differentiates between benefits and impacts, with impacts being closer to the meaning that customers want to achieve in their lives. He emphasizes the importance of addressing both benefits and impacts in crafting value propositions that resonate with customers.

00:33:22 - Cybersecurity and Content Creation,

Steve Kahan discusses how weak or stolen privileged passwords are responsible for 80% of cyberattacks, and how his company created content stories to educate and provide value to their customers. He emphasizes the importance of tailoring content to the buyer's journey and creating incredible content that engages the buyer at every stage of the funnel.

00:35:55 - Sincerity and Content Value,

Kahan explains how being sincere and providing real value in content creation is crucial for engaging potential buyers. He shares examples of his company's free tools and risk assessments, which offered real value to the target market and helped to accelerate revenue growth at reasonable costs.

00:45:03 - Content Stories and Sales Velocity,

Kahan emphasizes the importance of content stories that tie together and support all stages of the funnel to maintain sales velocity. He highlights the need for ongoing partnerships and collaboration between functions to prevent breakdowns in the buyer's journey. Kahan stresses the importance of metrics and numbers to manage and optimize the sales and marketing process.

00:48:12 - Managing Multifunctional Disarray,

Kahan emphasizes the importance of managing metrics and numbers to identify and resolve breakdowns in the buyer's journey. He encourages organizations to instrument their sales and marketing processes in detail and manage them rigorously to maintain sales velocity. Kahan stresses the need for ongoing collaboration between functions to prevent breakdowns and optimize the buyer's journey.

00:51:37 - Importance of Metrics,

The importance of metrics and data analytics is discussed, with Steve Kahan emphasizing the need for ongoing refinement of data to improve marketing strategies.

00:52:09 - The Martech Stack and Metrics,

The Martech section of the book is discussed, with Steve Kahan providing a blueprint for building a successful marketing stack. He emphasizes the importance of measuring KPIs and setting revenue goals.

00:54:08 - Practical Tips for Improving Lead Conversion Rates,

Steve Kahan provides practical tips for improving lead conversion rates, including adding a "get a quote" button, minimizing friction in forms, using calls to action in every blog post, and catering to mobile users.

00:57:53 - The Importance of SEO and Google,

Steve Kahan emphasizes the importance of SEO and Google for businesses today, noting that companies should focus on both great content and SEO optimization to increase their visibility in search results.

01:04:24 - Agency Selection and Scoring,

Steve Kahan provides a scoring system for selecting digital agencies, emphasizing the need to choose partners who are all about the numbers and can provide expert analysis. He notes that selecting the right agency is crucial to a company's success.

01:08:38 - Building Great Content,

Steve shares his approach to building great content by having meetings twice a year with cross-functional teams to generate ideas. He prioritizes the best ideas and relies on his team's expertise to create high-quality content that resonates with the target audience.

01:10:56 - The Importance of Getting Content Right,

Steve emphasizes the importance of getting content right and making sure it resonates with the right buyer. He suggests that many companies struggle with the fundamentals of marketing, and focusing on these basics can make a significant difference.

01:11:29 - The Future of Marketing,

Dan asks Steve about the trends that marketers should be aware of. Steve responds that the focus should be on mastering the fundamentals of marketing rather than looking for a silver bullet. He also mentions that he is currently writing a murder mystery with James Patterson's co-authors.

01:14:16 - Recommendation for High Velocity Digital Marketing,

Dan highly recommends Steve's book, "High Velocity Digital Marketing," which offers practical advice on understanding the target audience, creating compelling content, measuring results, and improving marketing efforts. He also notes that David Meerman Scott wrote the book's foreword.

01:16:55 - Wrapping Up,

Dan thanks Steve for sharing his insights and experiences on the show. Steve expresses his pleasure in being a guest and shares his website and LinkedIn profile as the best places to find him.

107: High-Velocity Digital Marketing with Steve Kahan

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