Introducing Go To Market Strategy for B2B Startups

1. Introducing Go To Market Strategy For B2B Startups Hugh Mason Co-founder and CEO, JFDI.Asia hugh@jfdi.asia @hughmason Brought to you by:

2. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 2 Introductions Coming Up 1 Defining Go To Market Strategy M 2 Getting to What Market?3 Why and How Businesses Buy4 Turning Strategy into Action5 Q&A6

3. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 3 ● Born in UK, PR, Resident in Singapore since 2009 ● BSc Physics with Physical Electronics ● Electronic Engineering Apprentice - GEC Marconi ● BBC, Discovery Channel TV Producer ● MA Leading Innovation and Change ● 25 Years Entrepreneur, Investor, Innovation Mentor. First Startup Accelerator in SE Asia: backed 70 digital businesses ● Open Innovation Advocate with BOSCH, NXP, NTUC, BP, SPH, Munich Re, OCBC, Singtel ● Adjunct Associate Professor, NUS Institute of Engineering Leadership, Mentor @ NUS Enterprise A/Prof Hugh Mason

4. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 4 Typical B2B Tech Startup Challenges 1. Lead Generation 2. Gathering Market Data 3. Building Credibility, Trust and a Brand 4. Hiring great talent 5. Long Sales Cycle 6. Constant Change in Technology 7. Partnership Decisions

5. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 5 All JFDI.Asia’s Successful Investments are all Tech B2B

6. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 6 B2B Startups Really Matter: Yet Many Fall at Each Hurdle

7. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 7 ‘Marketing’ Issues Underlie Most Startup Failures

8. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 8 Deep Tech Startups Face Additional Challenges 1. A tension between the priority of building products versus building a business 2. Challenges in articulating the nature and value of the technology 3. Different agendas among academia, product development teams and investors 4. Different expectations regarding style of presentation among stakeholders 5. A perception amongst founders that “marketing” is limited to “promotion to customers”.

10. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 10 Go To Market Strategy Relates to Innovation Innovation Succeeds Here IDEO

11. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 11 If Tech is Over Here ...

12. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 12 … Then “Going To Market” is ⅔ of Success

13. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 13 Strategy is a Plan to do it: Many Approaches Possible

14. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 14 Startups, Scaleups and Small Businesses “A startup is a temporary organization formed to search for a repeatable and scalable business model” Blank

15. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 15 Strategy Evolves as a Startup becomes a Scaleup

16. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 16 This Presentation Focuses on the Period before PMF Rachitsky

17. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 17 From Discovery to Growth Startup Strategy is about Discovery Scaleup Strategy is about Growth Steve Blank Product Market Fit

18. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 18 Different Tools for Different Times Product Market Fit Gartner Startup Strategy is about Discovery Scaleup Strategy is about Growth

19. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 19 In Practice PMF is a Phase not a Moment Rachitsky Watch for: 1. Visible Excitement 2.Willingness to Pay Now before the product is ready Watch for: 1. Retention 2. Feedback 3. Exponential Organic Growth 4. Cost-efficient Growth 5. LTV>CAC 6. Customer Clamour 7. Customer use even when it’s broken

20. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 20 Success Story: Silent Eight Focus on KYC as the use-case means Silent Eight: - Saves Money - Makes Money by creating a better experience - Helps with compliance

22. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 22 It’s 1876. Does Your Business Need a Telephone?

23. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 23 Product-Market Fit for the Telephone Took Decades

24. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 24 Some Features of The Telephone Features Transmits Sound Private, Intimate Direct Works across Distance No Skill Required Instantaneous

25. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 25 Features Offer Benefits Benefits Convey Speech Convey Music Allow Conversation Share Emotion Stay Connected Anyone Can Use it Transmits Sound ✔ ✔ ✔ ✔ Private, Intimate Direct ✔ ✔ ✔ Works across Distance ✔ No Skill Required ✔ Instantaneous ✔

26. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 26 Benefits Suggest Use Cases Use Cases Convey Speech Convey Music Allow Conversation Share Emotion Stay Connected Anyone Can Use it Family / Friend Chat ✔ ✔ ✔ ✔ ✔ Business Coordination ✔ ✔ ✔ ✔ ✔ Sharing Entertainment ✔ ✔ ✔ ✔ Shopping From Home ✔ ✔ ✔ ✔ Accurate Time ✔ ✔

27. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 27 Use Cases Suggest Markets Markets Domestic Offices Factories Military Transport Opera / Theatre Family / Friend Chats ✔ Business Coordination ✔ ✔ ✔ ✔ Sharing Entertainment ✔ Shopping From Home ✔ ✔ Accurate Time ✔ ✔ ✔ ✔ ✔

28. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 28 Pick a “Beach Head” Market - Only One! Factors Domestic Offices Factories Military Transport Opera / Theatre How Big is it? ✔✔✔ ✔✔ ✔ ✔ ✔ ✔ How Profitable Could it Be? ✔ ✔✔✔ ✔✔ ✔✔✔ ✔ ✔ Easy to Reach Customers? ✔ ✔✔ ✔✔ ✔ ✔✔✔ ✔ Urgent Customer Need? ✔ ✔✔ ✔✔ ✔✔✔ ✔ ✔ Quick to Deploy Technology? ✔ ✔✔ ✔✔✔ ✔ ✔✔✔ ✔

29. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 29 Pick a “Beach Head” Market - Only One! Factors Domestic Offices Factories Military Transport Opera / Theatre How Big is it? ✔✔✔ ✔✔ ✔ ✔ ✔ ✔ How Profitable Could it Be? ✔ ✔✔✔ ✔✔ ✔✔✔ ✔ ✔ Easy to Reach Customers? ✔ ✔✔ ✔✔ ✔ ✔✔✔ ✔ Urgent Customer Need? ✔ ✔✔ ✔✔ ✔✔✔ ✔ ✔ Quick to Deploy Technology? ✔ ✔✔ ✔✔✔ ✔ ✔✔✔ ✔

30. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 30 Be Prepared to Pivot Inside the Beach Head Market A very successful business borne out of a prior failed startup experience. Thorough Customer Discovery and a hard but correct early pivot was the key to getting on the path to Product-Market fit.

32. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 32 It’s 1959. Does Your Business Need a Photocopier?

33. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 33 The Problem With Innovation: Great Ideas Look Bad

34. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 34 After Nagji and Tuff (2012) Three Horizons of Innovation Yesterday’s Tech Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored

35. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 35 After Nagji and Tuff (2012) Telephones, Photocopiers, Fax: All Are Yesterday’s Future Yesterday’s Tech Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored

36. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 36 After Nagji and Tuff (2012) Horizon 1: Procurement. The CFO’s Favourite. Yesterday’s Tech Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored Save Money, Cut Staff!

37. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 37 After Nagji and Tuff (2012) Horizon 2: “Steady as Goes” for Prudent CEOs Yesterday’s Tech Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored Achieve Compliance! Build on our Strengths!

38. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 38 After Nagji and Tuff (2012) Horizon 3: Where Agile Startups Have The Edge Yesterday’s Tech Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored But I Might Get Fired!

39. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 39 If you Want Businesses to buy, Mitigate Perceived Risk Horizon 2 Some Risk Scary for Managers And Regulators Horizon 1 Low Risk No Brainer buy Unfamiliar Science/Technology Unfamiliar Use-cases Benefits may be hard to explain Maybe unfamiliar Business Models May need new regulation Maybe misinformation So How? Yesterday’s Tech The New Big Thing Rocket Science Technology Risk ---> Stuff We Do Already Adjacent Markets & Business Models Stuff We haven’t explored

40. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 40 Every B2B Salesman’s Story: BeforeSuccess,Joy,$$$ Time What you do now - meh

41. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 41 Every B2B Salesman’s Story: AfterSuccess,Joy,$$$ Time What you do now - meh With My Product!

42. Hugh Mason 9 OCT 2020 hugh@jfdi.asia But There’s Always a Gap. “I Might Get Fired” 42 Success,Joy,$$$ Time What you do now - meh

43. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 43 So Businesses Don’t buy Stuff Like You Do At Home

44. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 44 Modelling How B2B Sales Happen 1 Determine Need 2 Evaluate Options 3 Make Selection High Concern Low Concern Graham Lind

45. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 45 The Journey Usually Begins with a Job-to-be-Done 1 Determine Need 2 Evaluate Options 3 Make Selection Problem Solution Information

46. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 46 At First Buyers Seek Information 1 Determine Need 2 Evaluate Options 3 Make Selection Information Problem Solution Information

47. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 47 Cost is a Worry When They Don’t Understand Benefits 1 Determine Need 2 Evaluate Options 3 Make Selection Information Cost Problem Price Solution Information

48. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 48 But Finally Risk is Likely to be the Key Factor 1 Determine Need 2 Evaluate Options 3 Make Selection Information Cost Problem Risk Risk Price Solution Information

49. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 49 Your Strategy Needs to Address All Four Concerns 1 Determine Need 2 Evaluate Options 3 Make Selection Information Cost Problem Risk Risk Price Solution Information

51. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 51 It’s 1993. Does Your Business Need a Tablet?

52. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 52 Traditional Corporate Vision-driven Innovation: ‘Plan & Perfect’, ‘Go to Market’ Waterfall Development, Stage Gates Startup-style Discovery-driven Innovation: ‘Launch & Learn’, Led by the Market Lean Startup, Design Thinking, Agile After Oke and Goffin (2001) After Ries (2011) Take Tech to Market, or Market to Tech?

53. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 53 Radical Startup Approaches Often Don’t Translate to B2B

54. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 54 And Not Every Innovation Comes From a Startup

55. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 55 So Which Comes First? “Could it be done?”

56. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 56 Or “Should it be Done?”

57. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 57 After Nagji and Tuff (2012) Perceived Risk: the Barrier for Startups Entering a Market Horizon 3 Likely to Fail “Experimental” Horizon 2 Some Risk Scary for Managers And RegulatorsHorizon 1 Low Risk No Brainer buy Horizon 3 Very Risky “Experimental” ShoulditbeDone? Could it be Done?

58. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 58 After Nagji and Tuff (2012) Traditional Tech-First, ‘Go To Market’ Visionary StrategyShoulditbeDone? Could it be Done? 1 “Prove the Technology” 2 “Prove the Business Case”

59. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 59 After Nagji and Tuff (2012) A Lower Risk Approach Balances Both FactorsShoulditbeDone? Could it be Done? Test and mitigate all three dimensions of risk in parallel

60. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 60 What Matters is Alignment with Key Stakeholders Customers & Partners Investors & Financial Folk Talent & Your Team Regulators, Media & The Public

61. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 61 Each Stakeholder Group Looks Through Its Own Lens Customers & Partners Investors & Financial Folk Talent & Your Team Regulators, Media & The Public ● Product Benefits ● Opportunities ● Risk-Mitigation ● Something New ● Profit (potential) ● Predictability ● Progress ● Promises Kept ● Safety ● Strategic Benefits ● Compliance ● Excitement ● Opportunities ● Promises Kept ● Being Part of Something Exciting

62. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 62 Some Ways for B2B Ventures to Connect Customers & Partners Investors & Financial Folk Talent & Your Team Regulators, Media & The Public ● Product Benefits ● Opportunities ● Risk-Mitigation ● Something New ● Profit (potential) ● Predictability ● Progress ● Promises Kept ● Safety ● Strategic Benefits ● Compliance ● Excitement ● Opportunities ● Promises Kept ● Being Part of Something Exciting ● Ads ● PR/Content ● Direct ● Communities ● PR/Content ● Direct ● Reports ● Word of Mouth ● PR/Content ● Events ● Sponsored Events ● Ads ● PR/Content ● Events ● Communities

63. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 63 A Template for a Marketing Action Plan

64. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 64 Your Business Summary: example TrustScan is a company headquartered in Singapore It offers middleware for the travel industry That helps all stakeholders from passengers to carriers, airports and government organizations To figure out what they need to do to comply with travel requirements through COVID-19 and be sure they are staying compliant all the way from booking to returning home So that passengers get where they expect to be on time and everyone else can operate efficiently Using a rules-based engine updated in real time, tracking and digital verification with insurance and a concierge service to cover unforeseen events

65. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 65 Your Business Summary ● We suggest a 3 years time horizon ● Don’t confuse users and customers ● Be specific - who exactly is going to buy and why?

66. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 66 Your Target Market ● What industry are you in? ● What industries could you be in? ● Where can you get data on the size of the market? ● What factors are changing in the next 3-5 years to affect that market?

67. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 67 Your Target Market ● Who exactly are the customers? ● How will you reach them? ● What would incentivise Partners to help you? ● Where do your customers already congregate? ● What can you do to create a community?

68. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 68 Your Market Strategy and Messages Talent & Your Team Investors & Financial Folk Regulators, Media & The Public

69. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 69 Your Marketing Channels

70. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 70 Your Marketing Initiatives, eg Content and Community McClure

71. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 71 Your Marketing Budget ● Internal or External? ● How will you quantify success? ● What would doubling spend do? Specialist Agencies Strategy, Expectation Management Creative Producers Scheduling, Budget, Management Creative Artisans Words, Pictures Designs, Performance Video, Animation

72. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 72 Introductions Thank You! 1 Defining Go To Market Strategy M 2 Getting to What Market?3 Why and How Businesses Buy4 Planning and Executing the Strategy5 Q&A6

73. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 73 Suggestions for Further Reading, Training and Support

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