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Market & Technology Readiness Workshop
A Practical Guide
© Frank Khan Sullivan, Michel Drescher, Frank Bennett. MTRL Methods (2016)
[email protected]@[email protected]
Frank Khan Sullivan (Strategic Blue)Frank Bennett (Cloud Industry Forum)Michel Drescher (Oxford University)
Presenters
Introductions
About UsCloudWATCH2 has received funding
from the European Union's
Horizon 2020 programme - DG
CONNECT Software &
Services, Cloud. Contract No.
644748On behalf of CloudWatch2Organisatio
n
On behalf of CloudWatch2 www.cloudwatchhub.eu Tweet @CloudWatchHub
Preparation
● VIEW the SME Instrument presentation (2014)● READ the preview of Business Model Generation● TRY preparing your own Business Model Canvas
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VisionMapping Technology Readiness to Market Readiness
This workshop is to support a go-to-market strategy for your project.
Technology Readiness Level
Technology Readiness Levels are used as a method of assessing the maturity of a
technology being developed by a project.
Market Readiness LevelMarket Readiness Levels are used to assess the commercial readiness of a
technology offering to give context to an ‘offering’.
+
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Technology Readiness Levels
0 - Idea. Unproven concept, no testing has been performed.1 - Basic research. Principles postulated and observed but no experimental proof available.2 - Technology formulation. Concept and application have been formulated.3 - Applied research. First laboratory tests completed; proof of concept.4 - Small scale prototype build in a laboratory environment ("ugly" prototype).5 - Large scale prototype tested in intended environment.6 - Prototype system tested in intended environment close to expected performance.7 - Demonstration system operating in operational environment at pre-commercial scale.8 - First of a kind commercial system. Manufacturing issues solved.9 - Full commercial application, technology available for consumers.
In this context, a TRL describes the maturity of your product/service.
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Market Readiness Levels
0 - Hunch. You perceive a need within a market and something ignites.1 - Basic research. You can now describe the need(s) but have no evidence.2 - Needs formulation. You articulate the need(s) using a customer/user story.3 - Needs validation. You have an initial 'offering'; stakeholders like your slideware.4 - Small scale campaign with stakeholders ("closed" beta - 50 friendly stakeholders)5 - Large scale campaign with early adopters ("open" beta - 100 intended customers)6 - Proof of traction with sales to match (Problem/Solution Fit - 100 paying customers)7 - Proof of satisfaction with a happy team and happy customers (Vision/Founder Fit)8 - Proof of scalability with a stable pipeline and strong understanding (Product/Market Fit)9 - Proof of stability, KPIs surpassed and predictable growth. (Business Model/Market Fit)
In this context, an MRL describes your level of commercial traction.
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Where are you right now?
Understanding your score is useful to know how to improve market readiness.
X YTRL MRL
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Where are you going?G
ROW
TH
PAIN
Problem/Solution Fit Vision/Founder Fit Product/Market Fit Market/Business Model Fit
GRO
WTH
PA
IN
GRO
WTH
PA
IN
GRO
WTH
PA
IN
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Measuring Progress & Trajectory
TRL
MRL
9
8
7
6
5
4
3
2
1
0
1 2 3 4 5 6 7 8 9
You You
You
Current Near FutureLonger Term
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Example Recommendations
You scored X:Y and may need to address the following areas:
Offering Description
Value Proposition
Services Catalogue
Customer Profile
Sales Collateral
A one pager describing what you
offer that any potential customer
will be able to understand.
A 2 pager describing the problems your
offering can address with key benefits.
A list of services, with short
descriptions, and clear rates or prices
for each service item.
3 client profiles with job roles,
assumptions, pain points and how they
make decisions.
A 5 slide presentation or 1 page PDF that is
designed to pique the interest of a
customer.
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Mix & Match Your Marketing Channel(s)
Social Media
Banner Adverts
PR & Articles
Direct Traffic
Email Marketing
Events & Fairs
Partners &
Referrals
Acquire
Capture
Convert
Deliver
Support
Cost of Visitor Acquisition
Cost of Lead Acquisition
Cost of Customer Acquisition
CHANNELS
STAGESKE
Y M
ETRI
CS
Return On Campaign Spend Sales
Revenue
1000 Website Visitors
20 Leads
5 Deals
Own Network
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Understanding The Business Side
Start thinking about the following topics to focus on a go-to-market strategy.
Sales RevenueHow much money did you make this month? Where did
it come from? How can you make more of it?Simple. Stay focussed on revenue
creation and winning new business.
Net Promoter Score (“NPS”)
On a scale of 1 - 10, how likely would you recommend this product/service to friends or colleagues?
Customer referrals are the best strategy. NPS is a good indication of satisfaction.
Problem/Solution FitCan your product or service solve the needs of your
target customer? What must be tweaked?Get 100 paying customers to show proof
of traction with your product/service.
Vision/Founder FitDo your customers understand what you are trying to
accomplish? Is the focus on what your are trying to solve for them? Do they like buying from you? Why do they
buy from you?
Get 100 happy customers with 8/10 NPS to show proof of satisfaction.
Product/Market FitDoes the product or service you sell satisfy a known market needs? If so, how much are people willing to
pay?
Get 100 renewals and 100 referrals. That’s proof enough of scalability.
Market/Business Model Fit
Do you have a stable pipeline? Can you anticipate sales revenue and demonstrate incremental growth?
Period-on-period sales growth is an indicator of commercial stability.
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Create A Go-To-Market Strategy
CustomersSeriously, start talking to your customers yesterday. The more feedback you gather from customers, the quicker you can refine your pitch and offering to
close new deals.
OfferingClearly define what you do and what you do not do. Your offering must be
compelling. It must be solve a clear problem for the target customer who is willing to pay
ChannelsList where your customers can be reached. LinkedIn? Conferences? Word of mouth? A channel is simply the medium to get your message to your target
audience.
CampaignsGet help to set up a campaign to reach customers. Nobody gets this right the
first time so testing and iteration are important. Start by capturing attention/interest.
PipelineIt’s vital to think about the customer buying cycle which can only be
developed with good customer feedback during your ‘closed’ and ‘open’ beta period.
InvestmentWith a pipeline and a “marketing engine” that works you are ready to raise
growth capital. This is the crux. You don’t need seed money, you need growth money.
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Key Takeaways
● Know Your Team - Bring in people who fill the skills gap● Know Your Market - Apply effort to testing your Value Proposition● Know Your Business - Keep refining your Business Model Canvas● Know Your Customer - Talk to customers and get their feedback● Know Your Network - Ask for introductions to potential customers● Know Your Investors - Get referred into accelerators in your city● Know Your Pipeline - Have a system in place to track your customers
On behalf of CloudWatch2 www.cloudwatchhub.euTweet @CloudWatchHub
[email protected]@[email protected]
Frank Khan Sullivan (Strategic Blue)Frank Bennett (Cloud Industry Forum)Michel Drescher (Oxford University)
Presenters
CONTACT DETAILS
About UsCloudWATCH2 has received funding
from the European Union's
Horizon 2020 programme - DG
CONNECT Software &
Services, Cloud. Contract No.
644748On behalf of CloudWatch2Organisatio
n
On behalf of CloudWatch2 www.cloudwatchhub.eu Tweet @CloudWatchHub
APPENDIX
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References
Title Description
Technology Readiness Levels Official definition from EC, 14/15 WP
TRL (H2020 in context) Horizon 2020 Calls, Philip Schild (better description)
TRL (Nasa) Original NASA definition
SME Instrument H2020 SME funding brochure
Business Model Canvas By Strategyzer AG, the official BMC template
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