Focus on Value, not Volume – SpotHero Founder on B2C Marketplaces (Part III)
Chicago: During Techweek Chicago Growth Summit 2017, Mark Lawrence, Co-Founder and CEO of SpotHero, shared his views about the challenges of customer acquisition in B2C marketplaces. In Part 3 of this 3 part series, Mark shares his insights about finding the right talent iand offers some advice to early-stage entrepreneurs.
“Great talent can react quickly when things materially change in the market.” – Mark Lawrence, Co-founder and CEO of SpotHero
Following his insights on how listening to customers (read Part I) forms an integral part of Spothero’s online and offline marketing strategies (read Part II), Lawrence talked about finding great talent and offered business-building advice to young entrepreneurs.
“Today, one has to be very creative with hiring because the number of changes in the number of skills needed is immense,” started Lawrence.
Talking about how SpotHero built its team, Lawrence said, “We’ve scaled to a 20-person marketing team in past eight months, led by Kristen Cho. And we spend around 7 figures a month for this.”
SpotHero’s hiring focus, Lawrence said, has been in Chicago’s endemic talent pool. “We’ve been able to find good marketing folks here, as Chicago has a great marketing talent pool. That’s one of the top reasons why it’s great to build a business in Chicago.”
Lawrence said they measured the marketing efforts of the team on a weekly basis to keep the talent laser-focused. “With so much amount of money spent, a slight deviation can have huge positive or negative effects.”
This is broadly true for all marketing efforts of an early-stage company, Lawrence said. With Facebook and Google changing their algorithms constantly, he recommended companies always think and plan in advance. “Just because something worked last week doesn’t mean it’s going to work this week. If it doesn’t work, realize that you have to make a shift without keeping any ego.”
As a final piece of advice, he said that analytical and creative skills are not enough to be on the top when so many things are happening around.
“There’s no one place where you can find great marketers. Top talent for me is about getting a Yes for two questions. One, do you get excited when you see them? Two, can they demonstrate that when things materially change in the market, they react quickly to those changes?”
To see the full video for Techweek Chicago Growth Summit 2017: B2C Customer Acquisition, go here.
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