“It’s not just sales and marketing—it’s understanding your customer’s problem.” Jon Dogterom, Practice Lead, Cleantech, MaRS
At last week’s Entrepreneurship 101 lecture, Jon Dogterom, gave an exceptional presentation on Go-to-Market Strategy. His lecture focused on practical tips for taking your product to market and how to break barriers along the way.
A good starting point for your go-to-market strategy is defining how you will win new customers. The best way to do this is to take a customer-oriented approach and ask yourself some questions.
Fundamental questions for winning new customers
- How are you delivering value?
- How are you creating value?
- How are you capturing value?
The most important part of going to market is focusing on your customer’s perspective. Keep in mind that customers already recognize that they have a problem—your job is to educate them on the solution.
Your go-to-market strategy should address the following questions:
- Where do you fit in the value chain?
- How will your sales team be structured?
- What is your customer’s buying process?
- How will you educate customers about your solution?
- What makes you different from the competition?
See Jon’s slides for a detailed chart on the customer buying process and how this fits into your company’s focus.
During his lecture, Jon mentioned two very important factors in the go-to-market process:
- Negotiation plays an important role in purchase decisions and being prepared is your key to success. For more tips on successful negotiation, watch this video: Negotiating and Resolving Disputes: Five Hot Tips for Startups.
- Partnerships are important in helping spread the word about your product. Learn more about how to leverage these relationships successfully here: Forging Effective Alliances: Four Hot Tips for Startups.
For more tips on successful market entry, watch the Quick Hits video:
To watch the entire lecture, click here.
- Lecture slides: Go-to-Market Strategy
- Article: Why entrepreneurs struggle to scale their companies
- Workbook: Market Strategy Workbook 3: Strategic Marketing Approach
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Next week’s lecture: Sales with Krista Jones and Nathan Monk.