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Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)
Entrepreneurship 101!


Presented by:   !Murray McCaig!
          !     !Managing Partner!
          !     !MaRS Cleantech Fund!
          !     !mmccaig@marsvf.com!
!
          !     !Twitter: @murraymccaig!
Go-To-Market Strategy
4 quadrants of a successful go-to-market strategy!




   What are you              What	
                           Who	
                    Who are you
   selling?!                                                                           selling to?!

                                             Go-­‐To-­‐
                                             Market	
  
   How will you                                                                         Where will you
   reach your                                                                           promote your
   target market?!            How	
                         Where	
                     product?!




               Developing	
  a	
  go-­‐to-­‐market	
  strategy	
  is	
  an	
  itera7ve	
  
                process	
  as	
  each	
  component	
  impacts	
  the	
  other	
  

                                                                                                         Pg 3!
Case Studies!
Example MaRS clients for go-to-market case studies!




¨  Ultra low cost meter for measuring   ¨  Electric bike that is ultra lightweight,
    energy usage in buildings at the         foldable, and provides a unique
    circuit board level!                     ergonomic sitting position (e.g. its cool)!
¨  Cloud based data analytics and       ¨  Premium priced!
    customizable user interface!

¨  Revenue grade!




                                                                                           Pg 4!
What	
                   Who	
  
           Go-­‐To-­‐
           Market	
  

 How	
                  Where	
  


What are you selling?!

                                    Pg 5!
Whole Solution!
What part of the whole solution are you selling? Can you sell?!
                                                                 Example!
                                                                CircuitMeter!
     ¨  What is the whole solution                           Value	
  Added	
  Services	
  
         to the end user?!
     ¨  What portion of the whole                            Tenant	
  Billing	
  System	
  
         solution can you deliver?!
                                                                Service	
  &	
  Support	
  
     ¨  Are partners readily




                                        Services	
  
         available for delivering the                                Installa7on	
  
         whole solution?!
                                                                  Cloud	
  Based	
  UI	
  


                                        Core	
  Product	
  
                                                                   Data	
  Analy7cs	
  
                                                               So>ware/Firmware	
  
                                                                      Hardware	
  
Value Proposition!
What are your unique product BENEFITS?!

                Value = Benefits - Costs!
  ¨  Value proposition MUST be based on the part of the WHOLE SOLUTION
      you intend to sell!
  ¨  What UNIQUE benefits does your product/whole solution provide in
      comparison to other 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?!

  ¨  Building your value proposition is a continuous process!
                                                                                 Pg 7!
Example Value Proposition!
Focus on benefits, NOT features!

                                       Defining Unique Benefits!
                                          Example: LifeBike!

                       Features	
                                        Benefits	
  

 Independent	
  crank	
  system	
  
                                                  Safe	
  and	
  comfortable	
  riding	
  posi7on	
  
 Low,	
  ergonomic	
  riding	
  posi7on	
  

 18.5	
  lbs,	
  carbon	
  fiber	
  frame	
        Portable	
  and	
  compact	
  for	
  easy	
  storage	
  

 Lithium	
  ion	
  baQery	
  powered	
            Be	
  green	
  …	
  Don’t	
  sweat	
  




                                                                                                             Pg 8!
What	
                   Who	
  
            Go-­‐To-­‐
            Market	
  

  How	
                  Where	
  


Who are you selling to?!

                                     Pg 9!
Market Segmentation
Think about segments, NOT market size and share of market!


            Market!                  Market Segments!




                      1%!

                                                             Pg 10!
Market Segmentation
Use easily identifiable criteria to segment market!

       Sex?!        Urban Core?!   Age Demographic?!   Market Segments (Size)!



                           Yes!




         Male!

                            No!


                           Yes!

         Female!




                            No!



                                                                                 Pg 11!
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!




                                             Compe77on	
  
     Low!

                                 Low!                                           High!
                                            “No Sweat”/ Safe Riding Position!           Pg 12!
Refining the Target Market
Other factors beyond fit with benefits must be considered!

                    Segmenting Beyond Fit with Value Proposition !
                               CircuitMeter Example!
                                    Fit with Value Proposition         Ease of Selling

                                                                                               Overall
                                     Needs/        Propensity to   Market         Market
   Market Segment     Market Size
                                    Solution Fit      Spend      Concentration    Access
                                                                                             Segment
                                                                                           Attractiveness


     Retirement
       Homes


     Apartments

    Tenant Owned
       Buildings

     Multi-tenant
      Buildings


                                                                                   Low                 High

                                                                                                              Pg 13!
Beachhead Strategy
A beachhead strategy is a leveraged approach to market rollout!

                                    Beachhead Market Rollout Strategy!
                                          Example: CircuitMeter!
    Tomorrow!
                                                     Tenant
                                                                   208,000!                      117,000!
                     Multi-tenant                    Owned                        Apartments,
                      Bldings,                      Bldings,                       Top 10 US
                      Toronto  !                    Major Cdn!                       Cities
                                                                                          !




                                      Tenant      3,000!                          91,000!         Retirement
                                                                                                               109,000!
                                                                    Apartments,
                                      Owned                                                        Homes –
                                                                     Major Cdn
                                      Bldings,                                                    Top 10 US
                                                                       Cities
                                                                            !
                                      Toronto!                                                      Cities
                                                                                                         !



                                         4,500!                                                   5,500!
                                                                                    Retirement
                                                   Apartments,                       Homes –
                      Market                         Toronto!                       Major Cdn                   Market
                    Penetration                                                       Cities
                                                                                           !
                                                                       700!                                    Expansion!
                   (Needs-based !                                    Bldings!
                   Segmentation)!
                                                                         !
                                                                    Retirement
                                                                     Homes -
                                                                     Toronto!
                                                                         !
     Today!


                                                                 Point of Attack!                                           Pg 14!
What	
                   Who	
  
                    Go-­‐To-­‐
                    Market	
  

         How	
                   Where	
  


How will you reach your target market?!

                                             Pg 15!
Channel(s) Strategy
  Many options for reaching your target market!

                                  Channel Options!
e-Commerce!   You	
                                                                       Customer	
  



Direct!                                                                 Salesperson/
Personal      You	
                                                         Reps	
        Customer	
  
Selling!


Retail!
              You	
                                      Retailer	
                       Customer	
  
(on/offine)!



                                      Distributor/	
  
Indirect!     You	
                       Reps	
                        Salesperson	
     Customer	
  


Component
or Private    You	
     OEM	
                                                             Customer	
  
Label!

                                                                                                         Pg 16!
Channel(s) Selection!
Factors to consider in channel selection!

  ¨  Deal size / Product margin !
  ¨  Percent of whole product!
  ¨  Solution complexity!
  ¨  Credibility/brand!
  ¨  Importance of local knowledge!
  ¨  Time to market!
  ¨  Number of target customers!
  !




                                            Pg 17!
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 18!
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 19!
What	
                   Who	
  
                   Go-­‐To-­‐
                   Market	
  

        How	
                   Where	
  


Where will you promote your product?!

                                            Pg 20!
Promotion Plan!
Where will you communicate to reach decision makers!

  ¨  Align your promotion plan with your target market!
  ¨  Focus on reaching decision makers!
  ¨  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 21!
Messaging
Spend time getting the message right for the market segment and DM!


                      LifeBike Positioning Statement!


 LifeBike is…        … a revolutionary lightweight electric bike with an easy
 [what]!             riding position … !

 …primarily for…     … safety conscious urban commuters who don’t want to
 [target market] !   “sweat it” on their ride to the office.!

 The compelling      • Portable and compact for easy storage in your condo;!
 reason to buy       • Comfortable and safe riding position;!
 [benefits] …!        • Cool!

                     • Traditional e-bikes that are uncomfortable and difficult to
 … unlike
                       ride in a congested urban environment, and!
 [competitors] …!    • e-Scooters/Mopeds that are heavy, slow and very ‘uncool’!

                                                                                    Pg 22!
Summary



          What	
                   Who	
  
                     Go-­‐To-­‐
                     Market	
  

          How	
                   Where	
  




                                              Pg 23!
Crossing the Chasm
   Jump the chasm with a focused go-to-market!

                        Crossing the Chasm !




                                                 Area under curve
                                                 represents number
                           Focus on needs of     of customers!
                           the Early Majority!




Do not require full
solution and are less
price sensitive!                                                     Pg 24!
Go-to-Market Summary!
7 steps in developing a powerful go-to-market strategy!


  1.  Whole solution!

  2.  Value proposition!             What	
                   Who	
  
  3.  Market segmentation!                      Go-­‐To-­‐
                                                Market	
  
  4.  Target segment!

  5.  Beachhead strategy!             How	
                  Where	
  
  6.  Channel(s)!

  7.  Promotion plan!


                                                                         Pg 25!
Murray McCaig!
mmccaig@marsvf.com!
Twitter: @murraymccaig!

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Go-To-Market Strategy - Entrepreneurship 101 (2012/2013)

  • 2. Entrepreneurship 101! Presented by: !Murray McCaig! ! !Managing Partner! ! !MaRS Cleantech Fund! ! !mmccaig@marsvf.com! ! ! !Twitter: @murraymccaig!
  • 3. Go-To-Market Strategy 4 quadrants of a successful go-to-market strategy! What are you What   Who   Who are you selling?! selling to?! Go-­‐To-­‐ Market   How will you Where will you reach your promote your target market?! How   Where   product?! Developing  a  go-­‐to-­‐market  strategy  is  an  itera7ve   process  as  each  component  impacts  the  other   Pg 3!
  • 4. Case Studies! Example MaRS clients for go-to-market case studies! ¨  Ultra low cost meter for measuring ¨  Electric bike that is ultra lightweight, energy usage in buildings at the foldable, and provides a unique circuit board level! ergonomic sitting position (e.g. its cool)! ¨  Cloud based data analytics and ¨  Premium priced! customizable user interface! ¨  Revenue grade! Pg 4!
  • 5. What   Who   Go-­‐To-­‐ Market   How   Where   What are you selling?! Pg 5!
  • 6. Whole Solution! What part of the whole solution are you selling? Can you sell?! Example! CircuitMeter! ¨  What is the whole solution Value  Added  Services   to the end user?! ¨  What portion of the whole Tenant  Billing  System   solution can you deliver?! Service  &  Support   ¨  Are partners readily Services   available for delivering the Installa7on   whole solution?! Cloud  Based  UI   Core  Product   Data  Analy7cs   So>ware/Firmware   Hardware  
  • 7. Value Proposition! What are your unique product BENEFITS?! Value = Benefits - Costs! ¨  Value proposition MUST be based on the part of the WHOLE SOLUTION you intend to sell! ¨  What UNIQUE benefits does your product/whole solution provide in comparison to other 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?! ¨  Building your value proposition is a continuous process! Pg 7!
  • 8. Example Value Proposition! Focus on benefits, NOT features! Defining Unique Benefits! Example: LifeBike! Features   Benefits   Independent  crank  system   Safe  and  comfortable  riding  posi7on   Low,  ergonomic  riding  posi7on   18.5  lbs,  carbon  fiber  frame   Portable  and  compact  for  easy  storage   Lithium  ion  baQery  powered   Be  green  …  Don’t  sweat   Pg 8!
  • 9. What   Who   Go-­‐To-­‐ Market   How   Where   Who are you selling to?! Pg 9!
  • 10. Market Segmentation Think about segments, NOT market size and share of market! Market! Market Segments! 1%! Pg 10!
  • 11. Market Segmentation Use easily identifiable criteria to segment market! Sex?! Urban Core?! Age Demographic?! Market Segments (Size)! Yes! Male! No! Yes! Female! No! Pg 11!
  • 12. 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! Compe77on   Low! Low! High! “No Sweat”/ Safe Riding Position! Pg 12!
  • 13. Refining the Target Market Other factors beyond fit with benefits must be considered! Segmenting Beyond Fit with Value Proposition ! CircuitMeter Example! Fit with Value Proposition Ease of Selling Overall Needs/ Propensity to Market Market Market Segment Market Size Solution Fit Spend Concentration Access Segment Attractiveness Retirement Homes Apartments Tenant Owned Buildings Multi-tenant Buildings Low High Pg 13!
  • 14. Beachhead Strategy A beachhead strategy is a leveraged approach to market rollout! Beachhead Market Rollout Strategy! Example: CircuitMeter! Tomorrow! Tenant 208,000! 117,000! Multi-tenant Owned Apartments, Bldings, Bldings, Top 10 US Toronto ! Major Cdn! Cities ! Tenant 3,000! 91,000! Retirement 109,000! Apartments, Owned Homes – Major Cdn Bldings, Top 10 US Cities ! Toronto! Cities ! 4,500! 5,500! Retirement Apartments, Homes – Market Toronto! Major Cdn Market Penetration Cities ! 700! Expansion! (Needs-based ! Bldings! Segmentation)! ! Retirement Homes - Toronto! ! Today! Point of Attack! Pg 14!
  • 15. What   Who   Go-­‐To-­‐ Market   How   Where   How will you reach your target market?! Pg 15!
  • 16. Channel(s) Strategy Many options for reaching your target market! Channel Options! e-Commerce! You   Customer   Direct! Salesperson/ Personal You   Reps   Customer   Selling! Retail! You   Retailer   Customer   (on/offine)! Distributor/   Indirect! You   Reps   Salesperson   Customer   Component or Private You   OEM   Customer   Label! Pg 16!
  • 17. Channel(s) Selection! Factors to consider in channel selection! ¨  Deal size / Product margin ! ¨  Percent of whole product! ¨  Solution complexity! ¨  Credibility/brand! ¨  Importance of local knowledge! ¨  Time to market! ¨  Number of target customers! ! Pg 17!
  • 18. 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 18!
  • 19. 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 19!
  • 20. What   Who   Go-­‐To-­‐ Market   How   Where   Where will you promote your product?! Pg 20!
  • 21. Promotion Plan! Where will you communicate to reach decision makers! ¨  Align your promotion plan with your target market! ¨  Focus on reaching decision makers! ¨  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 21!
  • 22. Messaging Spend time getting the message right for the market segment and DM! LifeBike Positioning Statement! LifeBike is… … a revolutionary lightweight electric bike with an easy [what]! riding position … ! …primarily for… … safety conscious urban commuters who don’t want to [target market] ! “sweat it” on their ride to the office.! The compelling • Portable and compact for easy storage in your condo;! reason to buy • Comfortable and safe riding position;! [benefits] …! • Cool! • Traditional e-bikes that are uncomfortable and difficult to … unlike ride in a congested urban environment, and! [competitors] …! • e-Scooters/Mopeds that are heavy, slow and very ‘uncool’! Pg 22!
  • 23. Summary What   Who   Go-­‐To-­‐ Market   How   Where   Pg 23!
  • 24. Crossing the Chasm Jump the chasm with a focused go-to-market! Crossing the Chasm ! Area under curve represents number Focus on needs of of customers! the Early Majority! Do not require full solution and are less price sensitive! Pg 24!
  • 25. Go-to-Market Summary! 7 steps in developing a powerful go-to-market strategy! 1.  Whole solution! 2.  Value proposition! What   Who   3.  Market segmentation! Go-­‐To-­‐ Market   4.  Target segment! 5.  Beachhead strategy! How   Where   6.  Channel(s)! 7.  Promotion plan! Pg 25!