Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Strategy Fundamentals for B2B Startups

1,237 views

Published on

RIG consultants David Gates, Jessica Tayenjam and Ffion Rolph taught 'Strategy Fundamentals for B2B Startups' at General Assembly London on 11 July 2013.

  • Be the first to comment

  • Be the first to like this

Strategy Fundamentals for B2B Startups

  1. 1. rapidinnovation.co.uk Strategy Fundamentals for B2B Startups General Assembly 11 July 2013
  2. 2. rapidinnovation.co.uk Who are we? David Gates | @davidrig81 Jessica Tayenjam |@JessicaTayenjam Ffion Rolph| @FfionRIG Rapid Innovation Group | @RapidInnovation
  3. 3. rapidinnovation.co.uk Strategy 1.What is strategy? 2.Positioning statement exercise 3.Profiling your ideal customer and target markets 4.Ideal Customer Profile exercise 5.Engaging the market and measuring your success
  4. 4. rapidinnovation.co.uk Why bother?
  5. 5. rapidinnovation.co.uk Why bother?
  6. 6. rapidinnovation.co.uk Why bother?
  7. 7. rapidinnovation.co.uk Why bother?
  8. 8. rapidinnovation.co.uk How do we define strategy? The ‘kernel’ of good strategy contains three elements: a diagnosis, a guiding policy and a set of coherent actions. Richard P. Rumelt Good Strategy, Bad Strategy
  9. 9. rapidinnovation.co.uk Strategy is not …
  10. 10. rapidinnovation.co.uk Strategy is not …
  11. 11. rapidinnovation.co.uk So what is strategy?
  12. 12. rapidinnovation.co.uk Good strategy begins with diagnosis. And diagnosis is analysis, not a description of symptoms. You don’t go to your doctor to be told you have a sore throat. You go to be told you have an infection and that an antibiotic will fix it. The doctor tries to discover “what is really going on here?” and the measure of his competence is his ability to do that. John Kay ‘Avoiding fluff is surest route to success’ Financial Times
  13. 13. rapidinnovation.co.uk Define the problem
  14. 14. rapidinnovation.co.uk How will you solve that problem? • How do I compete? • Where do I compete?
  15. 15. rapidinnovation.co.uk What are the elements of a business model?
  16. 16. rapidinnovation.co.uk What are the elements of a business model?
  17. 17. rapidinnovation.co.uk What are the elements of a business model?
  18. 18. rapidinnovation.co.uk How do I identify my market?
  19. 19. rapidinnovation.co.uk So what does this look like in practice?
  20. 20. rapidinnovation.co.uk Positioning Statement • A.K.A. “The elevator pitch” • Crossing the Chasm – Geoffrey Moore • Position your product in the correct way
  21. 21. rapidinnovation.co.uk Positioning is based on the target segment you intend to dominate and the value proposition you intend to dominate it with. Geoffrey Moore
  22. 22. rapidinnovation.co.uk Positioning Statement • FOR: target customer • WHO: compelling reason to buy • OUR PRODUCT IS A: product category • THAT: key benefit • UNLIKE: main competitor • OUR PRODUCT: key differentiator
  23. 23. rapidinnovation.co.uk Why is it important? • First impressions count • Clarity and coherence • Identifies challenges that need resolving
  24. 24. rapidinnovation.co.uk Identify challenges to be resolved • Vision • Business Strategy • Sales & Marketing • Opportunity
  25. 25. rapidinnovation.co.uk Positioning Statement
  26. 26. rapidinnovation.co.uk Positioning Statement • FOR – Vehicle manufacturers • WHO – Want to build safer products • OUR PRODUCT IS A – Safety device for passengers travelling in vehicles • THAT – Makes motorised travel safer and saves lives • UNLIKE – The status quo (no seatbelts) • OUR PRODUCT – Reduces fatalities as a result of RTAs
  27. 27. rapidinnovation.co.uk
  28. 28. rapidinnovation.co.uk How do I get my first customers?
  29. 29. rapidinnovation.co.uk
  30. 30. rapidinnovation.co.uk Ideal Customer Profile
  31. 31. rapidinnovation.co.uk
  32. 32. rapidinnovation.co.uk Circumstances Attributes New legislation Recent customer win >50 employees Polluting business processes Aged 18-30 Recent accident at work New father
  33. 33. rapidinnovation.co.uk Legal Register Provider Circumstances Attributes New QHSE manager Bidding for European Union work Pan-European ISO Certified Business Multiple sites Recently missed a relevant law Last audit criticised processes
  34. 34. rapidinnovation.co.uk New Shampoo Brand Circumstances Attributes Desire to look glamorous Increased awareness of hair condition Young women ABC1 demographic
  35. 35. rapidinnovation.co.uk Categorisation Attributes Circumstances Economic Coutts will only bank for those with at least £1m in assets Social Wrigleys chewing gum is for people who have just eaten onions Physical High and Mighty is ‘for Big and Tall Men’ Spatial MONEYCORP Currency Exchange is for people who forgot to buy their travel money Political Liberal Democrat members attending their first Welsh Conference are eligible for a 50% discount on their registration
  36. 36. rapidinnovation.co.uk Where are these people? Those with at least £1m in assets People who have just eaten onions Big and tall men Travellers who have forgotten their travel money
  37. 37. rapidinnovation.co.uk
  38. 38. rapidinnovation.co.uk Categorisation Attributes Circumstances Economic Coutts will only bank for those with at least £1m in assets Social Wrigleys chewing gum is for people who have just eaten onions Physical High and Mighty is ‘for Big and Tall Men’ Spatial MONEYCORP Currency Exchange is for people who forgot to buy their travel money Political Liberal Democrat members attending their first Welsh Conference are eligible for a 50% discount on their registration
  39. 39. rapidinnovation.co.uk How do I engage the market?
  40. 40. rapidinnovation.co.uk Elements to engagement Message Method Attention- grabber Call-to-action
  41. 41. rapidinnovation.co.uk Methods of engagement • Direct mail • Email • Events • Whitepapers and thought pieces • Network events • Online networking • Telemarketing • Telesales • Facebook • LinkedIn • Pay per click – Google / LinkedIn • Organic search • Distributors • Consultants Brian Carroll B2BLeadBlog.com Lead Generation for the Complex Sale
  42. 42. rapidinnovation.co.uk Resourcing engagement Output Irrelevant trade show in the US Google Adwords Lunch with all your investment banking friends Your LinkedIn Profile Effort
  43. 43. rapidinnovation.co.uk
  44. 44. rapidinnovation.co.uk Measuring success Method Total Cost Number of conversations Cost per conversation Number of sales Cost per sale Google Ads £476.50 28 £17.02 2 £238.25 Telemarketing £3,500 15 £233.33 3 £1,166.67 Trade show £17,500 340 £51.47 5 £3,500 Lunches with your network £357.24 12 £29.77 1 £357.24 • Know what you want to achieve • Attribute cost
  45. 45. rapidinnovation.co.uk The takeaway • Strategy is an ongoing, iterative process that requires both analysis and action • Creating a positioning statement can help you articulate your strategy and create focus • Defining your ideal customer profile will create focus in your sales and help you figure out where to find business • A balanced mix of engagement methods will improve the odds of accessing your ideal customer • Measure your outputs and invest in success
  46. 46. rapidinnovation.co.uk Find Your Model Build Your Capability Realise Your Value Rapid Innovation Group

×