Go-to-Market Strategy - Entrepreneurship 101 (2013/2014)
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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-centered approach to market entry and illustrate the barriers to scaling and selling your product.
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Go-to-Market Strategy - Entrepreneurship 101 (2013/2014)
- 1. Entrepreneurship 101! Presented by: ! ! ! ! ! !Murray McCaig! !Managing Partner! !MaRS Cleantech Fund! !mmccaig@marsvf.com! !Twitter: @murraymccaig!
- 3. It's hard to tell with these Internet startups if they're really interested in building companies or if they're just interested in the money. I can tell you, though: If they don't really want to build a company, they won't luck into it. That's because it's so hard that if you don't have a passion, you'll give up.
- 4. Go-to-Market: Old School Make the product and then figure out how to sell it! Go-to-Market Strategy! What How Who Focus on the product, the ‘what’! Where Next determine who you can sell it to and how to reach them! Where to promote it an after thought! Pg 4!
- 5. Go-To-Market: New School Developing a go-to-market strategy is an iterative process! What are you selling?! What Who Who are you selling to? ! Go-‐To-‐ Market How will you reach your target market?! How Where Where will you promote your product?! 4 quadrants of a strong go-‐to-‐market strategy Pg 5!
- 6. Case Studies! Example MaRS clients for go-to-market case studies! Grey water recycling system for commercial and residential customers! Innovative eBike with a unique ergonomic sitting position (e.g. its cool)! Pg 6!
- 7. What Who Go-‐To-‐ Market How Where What are you selling?! Pg 7!
- 8. Value Proposition! What are your unique product BENEFITS? ! Value = Benefits - Costs! What UNIQUE benefits does your product provide in comparison to competitors?! Typically compete on either (1) cost or (2) differentiation! – Same value, <= price! – Greater value, >= price! Costs include:! – Risks (high when dealing with a startup); switching barriers; others?! What you are selling impacts who you are selling to and how you sell it AND vice versa! Pg 8!
- 9. Value proposition! Example MaRS clients for go-to-market case studies! Full solution! Compact! Simple reporting! Comfortable riding position! Near zero maintenance! Pg 9!
- 10. Example Value Proposition! Focus on benefits, NOT features! Defining Unique Benefits! Example: Greyter! Features Benefits Microfiltra<on with auto flushing Near zero maintenance WiFi connected/remote monitoring Report on your savings Qualified installers One stop purchase Pg 10!
- 11. Whole Solution! What part of the whole solution are you selling? Can you sell?! Example! Greyter! What is the whole solution to the end user?! Smart City Integra<on Financing What portion of the whole solution can you deliver?! Services Online Monitoring Annual Servicing Core Product Are partners readily available for delivering the whole solution?! Water Tes<ng Consumables Installa<on Equipment
- 12. What Who Go-‐To-‐ Market How Where Who are you selling to?! Pg 12!
- 13. Market Segmentation Think about segments, NOT market size and share of market! Market! Market Segments! 1%! Pg 13!
- 14. Market Segmentation Use easily identifiable criteria to segment market! Sex?! Urban Core?! Age Demographic?! Market Segments (Size)! Yes! Male! No! Yes! Female! No! Pg 14!
- 15. Determine Segment Fit with Benefits Compare NEEDS of each segment with your primary BENEFITS! Segment Needs vs. Solution Benefits! LifeBike Example! High! Portable / Easy Storage! Female University Students! Female Bay Street Professionals! Compe<<on Low! Low! “No Sweat”/ Safe Riding Position! High! Pg 15!
- 16. Refining the Target Market Other factors beyond fit with benefits must be considered! Segmenting Beyond Fit with Value Proposition ! Greyter Example! Fit with Value Proposition Market Segment Market Size Needs/ Solution Fit Ease of Selling Propensity to Market Spend Concentration Market Access Overall Segment Attractiveness M.U.S.H. Corporate, Single Tenant Hotels Multi-tenant Buildings Low High Pg 16!
- 17. Beachhead Strategy A beachhead strategy is a leveraged approach to market rollout! Beachhead Market Rollout Strategy! Example: Greyter! Tomorrow! 208,000! Hotels, US SE ! Multi-tenant, US SW ! Corporate, US Midwest ! Corporate, US SE ! MUSH, US Midwest ! 4,500! Market Penetration (Needs-based ! Segmentation) ! 109,000! 91,000! 3,000! Hotels, US SW ! 117,000! 5,500! Corporate, US SW ! MUSH, US SE ! 700! Bldings! ! MUSH, US SW ! ! Market Expansion ! (water scarcity) ! Today! Point of Attack! Pg 17!
- 18. What Who Go-‐To-‐ Market How Where How will you reach your target market?! Pg 18!
- 19. How will you reach the target market? Which channel? Partners?! Market Segments! Pg 19!
- 20. Channel(s) Strategy Many options for reaching your target market! Channel Options! e-Commerce! You Customer In House! Direct! Personal Selling! You Retail! (on/offine)! You Indirect! You Component or Private Label! You Salesperson/ Reps Retailer Distributor/ Reps OEM Customer Customer Salesperson Customer Outsourced! Customer Pg 20!
- 21. Channel(s) Selection! Factors to consider in channel selection! Deal size / Product margin ! Percent of whole product! Solution complexity! Competition (have they locked certain channels)! Differentiation (can different channel provide unique strategy)! Credibility/brand! Importance of local knowledge! Time to market! Number of target customers! ! Pg 21!
- 22. Direct Sales! Key points to consider in building a high performance sales team! Recruit the best … pay for performance! Top guns follow great managers! Industry experience! Be a leader … get involved! Align with business targets! Manage to targets/activity … yearly, monthly, weekly, daily (track it!)! Be aware of salespeople chasing the “big fish”! Fire fast … spend time with top performers! Training and knowledge sharing! Tweak the compensation plan! Inside sales team! Pg 22!
- 23. Indirect Sales! Factors to consider in developing an indirect channel strategy! Reps or Distributors! Selection! – Alignment with target market! – Reputation/brand! Management! – Legal agreement (targets, pricing/commissions, information sharing, …)! – Market/account split (house accounts) … customer ownership?! – Training! – ‘Drive-a-rounds’! Pg 23!
- 24. What Who Go-‐To-‐ Market How Where Where will you promote your product?! Pg 24!
- 25. Promotion Plan! Where will you communicate to reach decision makers! Align your promotion plan with your target market! Focus on reaching decision makers! Where do the decision makers get their information?! Types of promotion! – PR (mass, specialty)! – Word-of-mouth! – Social media! – Trade shows! – White papers! – Product demos! – Gorilla/shock/…! – …. and finally, advertising (print, tv, internet)! Pg 25!
- 26. Messaging Spend time getting the message right for the market segment and DM! Greyter Positioning Statement! Greyter is… [what] … a grey water recycling system … ! ! …primarily for… [target market] ! … commercial building owners who want to be water smart and save money.! The compelling reason to buy [benefits] …! • Short payback with water savings;! • Full solution;! • Remote monitoring;! • Near zero maintenance.! … unlike [competitors] …! • Low flush toilets that don’t work well; and! • Reduced flow shower heads that disappoint.! Pg 26!
- 27. Summary What Who Go-‐To-‐ Market How Where Pg 27!
- 28. Crossing the Chasm Jump the chasm with a focused go-to-market! Crossing the Chasm ! Focus on needs of the Early Majority! Do not require full solution and are less price sensitive! Area under curve represents number of customers! Pg 28!
- 29. Go-to-Market Summary! 7 steps in developing a powerful go-to-market strategy! 1. Value proposition! 2. Whole solution! What 3. Market segmentation! Go-‐To-‐ Market 4. Target segment! 5. Beachhead strategy! Who How Where 6. Channel(s)! 7. Promotion plan! Pg 29!
- 30. thank you @murraymccaig