Go-to-Market Strategy - Entrepreneurship 101
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This lecture provides practical tips on how to prepare to enter the marketplace with your product. It is relevant for all start-ups that are still in a development phase and contemplating the various pieces that need to be in place for product launch. Case studies are used to emphasize the importance of taking a customer-centred approach to market entry and illustrate the barriers to scaling and selling your product.
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Go-to-Market Strategy - Entrepreneurship 101
- 2. Entrepreneurship 101! Presented by: Jonathan Dogterom – Practice Lead, Cleantech March 2012!
- 3. Explore the key activities in attracting and winning new customers employing a customer orientated perspective. How will we create value? How will How will we deliver we capture value? value? Pg 3
- 4. Feed the Sales Pipeline!! ¨ Marketing strategy has defined who the customers are and what they are being offered! ¨ GTM plan defines how the company will win new customers and feed the sales pipeline! – Including the process to guide customer interactions! – Process to guide channels and connect with customers! – Interface between sales, customers and product development! ¨ Plans differ from product to product and industry to industry! ¨ Factors in development of the GTM Plan include:! – Complexity of the solution! – Price level! – Relative disruptiveness! ! Pg 4!
- 5. The specifics of the value proposition determine the direction! Relative market size of different segments/applications! ! Colour represents the strength of the $ / Unit! value proposition (green being strongest), when taking into account other factors! Volume and Timeline! Pg 5!
- 6. Segmentation! Adaptors differ by economic status, affinity for risk, knowledge and interest ! ! Transition points require different organizational competencies and product characteristics (example: service and support) ! Units! Early Majority! Late Majority! Early ! Crossing the Chasm! Adaptors! Innovators! Laggards! Time! Pg 6!
- 7. The customer oriented approach! Post-‐ Problem Informa7on Evaluate Purchase Purchase Recogni7on Search Alterna7ves Decision Evalua7on Rela7onship Proving your Company and Product Nego7a7ng Building, Solu7on the Right Product and Recogni7on Tech, Biz, Partnership Deal Service Improvement, Pg 7!
- 8. Customer is in the Problem Recognition Stage! ¨ Identify your specific audience / champion / coach within the customerʼs organization! ¨ Educate the target audience about the existence of your solution – they already know the problem! ¨ Possible tools to develop include white papers, magazine articles, keynote presentations and a company website! ¨ Need to get channels and partners involved at the beginning! ¨ Review which activities yielded the best results in terms of leads generated and attempt to replicate or scale up similar activities! Pg 8!
- 9. Customer is in the Information Search Stage of the Buying Process! ¨ The customer needs both the technical and business information in order to access the relevance and feasibility of your solution! ¨ Understanding the various roles of the stakeholders in the purchasing decision is critical at this stage! ¨ Time to prove your productʼs ability to solve their problem, methods include:! – Demonstration of the product or a prototype! – Performance data from other deployments! – Field Trial! ¨ Manage the risks and expectation! ¨ Ensure your resources are used wisely! Pg 9!
- 10. Case Study – Backup Power! • Field trials to test value proposition assumptions and prove capabilities to the customer – product performance, cost and logistics 10 9 8 Failure Duration [hr] 7 6 5 4 3 2 1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Pg 10!
- 11. Case Study – Backup Power! • Availability: A > 99.99909% • Reliability: R = 99.920% per start-stop cycle • MTBF = 1255 cycles in cycling tests • MTBF = 562 hours in timed tests
- 12. Customer is Evaluating Alternatives! ¨ Often your biggest competition is Do Nothing!! ¨ If the customer is prepared to go forward at this stage you will need to write a proposal to enable the customer to make a formal review! ¨ Know: deadline, scope, who it is going to (type of buyer), how it will be evaluated and who else is bidding! ¨ Include:! – Context! – Solution! – Pricing! – Sample Contract! – Supporting Documentation! Pg 12!
- 13. ¨ Show them you understand their problem! ¨ Materials need to clearly articulate the value you are offering! ¨ References:! – Analyst briefing—seeking third-party validation for your strengths is key (i.e., appearing in Gartner, IDC or Forrester reports if you are in the IT industry)! – Testimonials from similar customers! – Well-documented reference projects which illustrate your strengths (can be displayed on website or even published in industry magazines) ! ¨ White paper done with the customer – shows their thought leadership in the industry! ¨ Partnerships!! Pg 13!
- 14. Moment of truth! ¨ People buy from people – cliché, but true – emotion plays a role in purchase decisions! ¨ Negotiation:! – You should be reasonable in your expectations, as should your customer in their demands! – Customer believes you can do the job and wants your product, just not at any terms and conditions – example: price! – There is a give-and-take process in play whereby the seller can ask for an increased level of commitment every time the offer is improved! – Preparation is the biggest success factor in negotiation. You should have: ! !1) analyzed your own position on all key items (price, quantity, quality, timelines, etc.) to understand what your limits are! !2) analyzed the customerʼs position along the same lines so that you can anticipate their demands and defend your position ! Pg 14!
- 15. Sales and marketing feeds into service and product development! ¨ Now you have established trust and a track record! ¨ Word of mouth and repeat buying are two of your best marketing tools! ¨ Use your new understanding of the customer and market – reference site, data and customer feedback! ¨ Exceed expectations and build a strong “say do ratio”! Pg 15!
- 16. Sales activities must focus on building a scalable, repeat sales process! ¨ Focus on the customerʼs perspective ! ¨ Involve all of your functional groups ! ¨ Fully understand the customers problem! ¨ Know where your technology is going! ¨ Use data to prove your capabilities! ¨ Differentiate your solution and approach! ¨ Build a strong relationship with an internal champion/coach! Pg 16!