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Founded by a small group of World War II veterans in 1954 to help immigrant families build a life away from the plantations, Central Pacific Bank has grown to serve the financial needs of all families and small businesses in Hawaii. The bank has a proud history of giving back to the communities in which we work, live and raise our families. Our values and sensibilities are local and focused on our customers and our community, allowing us to help create a better life for everyone in Hawaii.  Learn more about Central Pacific Bank Here

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Key Leg in the Startup Equation: Marketing, by Joseph Jaffe

Posted by Amity Sims on 2013-03-29

Founder Feedback gives you insight from the startup trenches.

In this post from his blog, Joseph Jaffe, founder of Evol8tion and New York Founder Institute mentor, explains why branding is an important component of a startups marketing campaign. He says, brands often suffer from somewhat of an ‘identity crisis’ and suffer from a lack of direction or specific goal.

Below, "Key Leg In Start-Up Equation: Marketing" has been republished.

"The start-up world is build on a two-legged platform of technology and finance. If you don’t believe me, just watch Bravo’s "Start-ups: Silicon Valley," which does its best to tell a story about VCs raising capital and bootstrapping a new venture, together with the freaky and geeky world of engineers, programmers and developers.

Only that story is incomplete. There’s actually a third leg, which you don’t get to hear about. Perhaps you’ll catch a fleeting glimpse of a throwaway “marketing” or “sales” reference, but for the most part, it’s conspicuously absent in this show, industry and market in general.

I would argue — and I am a Madison Avenue guy who eats, sleeps and breathes brands — that the marketing leg is the most important part of the entire equation. Yet, it’s the one that is the most undervalued, underinvested, underutilized and misunderstood.

Most start-ups have the same visions (or sometimes delusions) of grandeur: We’ll get big fast because everyone will just go crazy sharing us with their friends, fans and followers on Facebook, Twitter and whatever else is popular at the time. Then we’ll monetize by selling ads — or just sell to Facebook, Twitter or whatever else is popular at the time.

That statement is fraught with holes and gaping voids, and it begins with the disconnect between today’s empowered consumer and their absolute disgust for interruptive advertising, banal messaging and irrelevant spam.

Contrary to popular belief, brands aren’t lining up waiting to advertise on the 1000th photo app to call themselves the “Instagram of….” Or “Instagram meets….” Hell, they’re barely doing anything on Instagr.am itself.

Brands are trapped within their own identity crisis, trying to figure out whether their start-up infatuation is a one-night stand or something more profound; whether it’s a quantity (scale) or quality (engagement) play; whether their metrics of success are ROI-based (return on investment) or ROI-based (return on innovation).

Then there’s the scope and scale of a “test”, “experiment” or pilot program. Brands are typically noncommittal when it comes to investing anything beyond chump change into a start-up desperate to get some proof of concept and validation. On the flipside, there are way too many start-ups that see an abundance of $-signs when a brand and/or their agency pays them a visit.

The Wild West is back, and the biggest problem is a lack of rules (of engagement), process and set of best practices, upon which to build a solid and enduring bridge of collaboration and mutual benefit.

I believe the meeting of the minds happens in the win-win wheelhouse of marketing. Ultimately, this is where both sides see eye-to-eye. Digital or technology based start-ups are founded on the basis and belief of being able to solve a problem (sit or squat), correct a market inefficiency (uber) and/or change the game (square). Brands couldn’t agree more, especially when it comes to delivering against a consumer insight, human truth and customer benefit.

No one wants a three-legged stool with a wobbly, weakened and/or uneven leg. Isn’t it time we shored up the marketing component of this succinct and compelling equation in order to ensure that start-up monetization, acceleration and evolution is balanced and counterbalanced with brand innovation, differentiation and transformation?

That’s rhetorical. The answer is yes."

For more startup insights from Joseph Jaffe, check out his blog Jaffe Juice and follow him on Twitter @jaffejuice.

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