go-to-market strategy for tech startups
DESCRIPTION
The building blocks you need to create your sales and marketing plan for your technology startup. Presented at FastTrac program, Quebec City, Canada.TRANSCRIPT
© 2014 Sovita Chander. All rights reserved.
Go-to-Market Strategy for Tech StartupsFastTrac program, Quebec City
Why we’re here today
Traction
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Why should you listen to me?•Entrepreneur. Started when I was 26.•Been in the big company and startup trenches.•I’m not from around here. So I’ve never been able to afford to make market assumptions.
Everybody thinks go-to-market is this…
Marketing is fun and easy, right?•Killer slogans•Slick tradeshow booths and swag•Cool website (get that Bootstrap framework and flat design, baby)
Nope. Go-to-market…
Starts with your buyer
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Go-to-market strategy
Initial target
segment
Who they are
How they buy
Buyer profile
Buyer journey
Why target (and limit) segments?•Crossing the chasm•Limited resources (not IBM resources)•Courir plusieurs lièvres à la fois : spend your time and money most effectively
What’s a good segment?
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It’s not the whole pie.
Good vs. bad segmentationDON’T DO THIS
“We target physician practices.”
DO THIS
“Our initial target market is physician practices with 20 or more physicians, in the United States, located in zip codes with >$75k household income and median population over 55.”
But won’t this limit our market reach? Remember: Target Addressable Market (TAM) =/ Initial Target Segment•Drill down to be effective. •Get your revenue (or other proxy metric).•Get your ROI/benefits.•Once you’re successful in that segment, then start moving on.
Skrillex is the product…What is the market?
Go-to-market strategy
Initial target
segment
Who they are
How they buy
Buyer profile
Buyer journey
In this segment, who are the buyers?
Homework: more customer validation•Over the next few weeks, validate your Buyer Profile information•Call folks you know in this segment. •Don’t sell. •Keep it conversational.
What they tell you is golden.
Mine it. Pay attention and you will craft your messaging, your copy, your pitch, everything.
Go-to-market strategy
Initial target
segment
Who they are
How they buy
Buyer profile
Buyer journey
Buyer’s Journey: marketing and sales
Awareness
• Do I have a problem?
• How painful?
• Impact?• What are
others doing?
Consideration
• Can I ignore it?
• Do I need help?
• What should I look for?
Engagement
• How long?• How much?• How
disruptive?• Impact on
business / performance?
Go-to-market strategies and tactics
Go-to-market ingredients
Tactics Based on Above
Buying Process
Offering & Value
Target Buyer Profile
Hat-tip: April Dunford
How to pick the right tactics?
Test!
Go-to-market success
How to pick the tactics to test?
Segmentation: focus.
Narrow down.
Match to buying
process.
Match to your
resources.
BEFORE: Go-to-Market Excerpt from Client Business Plan 4 step strategy to capture early
adopters:
a. Next 6 months: gain traction and visibility with paid / discounted software.
b. Direct sales for physicians.
c. Starting April 2015: Demo our solution at HIMSS, other industry events, Free HTML5 and App available
d. Starting June 2015: Self-provisioning app online
AFTER: Aim for go-to-market that looks like this…Goal Activity Budget Outcome
(drivers, metrics)
What do you need to do, business-wise?
What specifically are you going to?
How much can you spend? How much will it really take?
What does success look like?
Get early adopters to pay attention
Build a demo video
Ballpark it - $1000
1000 views in first month(So how will you
drive traffic? That becomes a series of tactics.)
….for each phase of the Buyer Journey
Awareness
• Do I have a problem?
• How painful?
• Impact?• What are
others doing?
Consideration
• Can I ignore it?
• Do I need help?
• What should I look for?
Engagement
• How long?• How much?• How
disruptive?• Impact on
business / performance?
