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Identifying the Best Routes to Market - Presentation, Andrew McGee, ICS Ltd
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Andrew McGee; Commercialisation Adviser Innovation Centres Scotland Limited
Tuesday November 25th 2014 at the Hillington Park Innovation Centre in Glasgow
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
Understanding your Customer; Identify the Best Routes to Market for
your Tech Start-Up
Agenda
0930 to 0935 Introductions
0935 to 0950 Routes to Market Overview
0950 to 1010 Highs & Lows of Marketing a Tech Start-up
Lorna Elmslie; Dimensional Imaging Limited
1010 to 1030 Understanding Your Customer with Buyer Personas
Mark Connolly; Marketing Mavens Limited
1030 to 1035 Questions
1035 to 1050 Coffee Break
1050 to 1145 Interactive Case Study Workshops x 6
1145 to 1230 Workshop Results x 6
1230 to 1330 Networking Lunch
2 Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
3
Before getting out of the starting blocks; you need to ask
some serious questions…
• Who are your customers?
• What problem does your product / service solve?
• Is this problem being solved by someone else?
• Is yours better than the competitor?
• Where do customers buy this existing product from?
Routes to Market
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
Product
• What exactly will my customers buy?
Price
• What’s my product / service worth?
Promotion
• How do I communicate with my customers?
Position
• What sales channels will I use?
4
Routes to Market Plan
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
Action Plan & Implementation
• Prioritise / Actions / Red Flags
• Think BIG...Start Small
• Minimum Value Product (MVP)
• Long process...MUST START TODAY
Budget & Resources to Make it Happen
• People – internal and/or contractors
• Identify the Milestones
• Understand the Costs
5
Routes to Market Plan
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
1. Direct • Good for complex products and
• Making personal contact with an important customer
• More expensive; time consuming & riskier
• UK / International approach
2. Manufacturing / Solution Partner • Complimentary product
• Localise the solution; relationship with end user
• White labelling / licensing
• IP protection required
• Routes to market
Routes to Market Examples
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
3. Reseller / Distributor Partner • UK & International markets • Already have relationships with clients • Engaged in complimentary solutions; preferably not
competitive • Independent consultants / distributors • Can be a long process; qualification is key
4. Strategic Partner • Multi-national consultancy practices / system integrators • Searching for innovative solutions • Demonstrate to clients they have finger on the pulse
Routes to Market Examples
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
5. Online • Saves on costs and keeps business open 24/7
• Reach a wider international audience
• Difficulties establishing trust and drawing in traffic
• Need a reliable website with payment system
• SEO engagement & content marketing
Combination of Channels • Can give a greater chance of reaching audience
• Helps develop sales strategy
• Challenge managing multiple channels
Routes to Market Examples
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
“Hidden” Sales Cycle
• 61% of buyers self-qualify online (andomise.com)
• Smartphones, tablets, social media and the Internet
• 90% of marketing collateral is wasted & does not engage the buyer
• Buyers have more information than ever
• From social networks, to suppliers’ websites & independent content
• Prospects entering the formal sales cycle are more informed
• Assuring the right message can reach the right person on their preferred device at ANYTIME - ANYWHERE !
• “HIDDEN” sales cycle has emerged
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
Seismic Tectonic Shift to…
Inbound Marketing &
also Marketing Automation
“Hidden” Sales Cycle
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
In Summary
• Market & competitor research
• Understand your ideal customer
• Constant probing to understand your clients ‘pains’
• Reach out to your target audience
• Position your product for buyers to self-qualify
• Measure results & ROI
Qualification-Qualification-Qualification
Goal is to drive sales; achieve a sustainable competitive advantage
& TO MAKE A PROFIT!
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
Case Study Workshops
Six Case Study Volunteers
• Peer-to-peer interactive workshops
• 6 case study presentations
• Input from all delegates, presenters and advisers
PlanningTo MintPod
Sigma Sciences Metix Medical
Suntino Renewable Energy Create Ts and Cs
Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
+44 (0)7905 326 144
+44 (0)1506 592 100
innovationcentre.org
albainnovationcentre.co.uk
@mcgeeandrew
mcgeeandrew
@albainnovation
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Understanding your Customer - Identify the Best Routes to Market for your Tech Start-Up © 2014
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