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Strategy Fundamentals for B2B Startups
- 1. rapidinnovation.co.uk Strategy Fundamentals for B2BStartups General Assembly 11 July 2013
- 2. rapidinnovation.co.uk Who are we? DavidGates | @davidrig81 Jessica Tayenjam |@JessicaTayenjam Ffion Rolph| @FfionRIG Rapid Innovation Group | @RapidInnovation
- 3. rapidinnovation.co.uk Strategy 1.What is strategy? 2.Positioningstatement exercise 3.Profiling your ideal customer and target markets 4.Ideal Customer Profile exercise 5.Engaging the market and measuring your success
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- 8. rapidinnovation.co.uk How do wedefine 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
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- 11. rapidinnovation.co.uk So what isstrategy?
- 12. rapidinnovation.co.uk Good strategy beginswith 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
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- 14. rapidinnovation.co.uk How will yousolve that problem? • How do I compete? • Where do I compete?
- 15. rapidinnovation.co.uk What are theelements of a business model?
- 16. rapidinnovation.co.uk What are theelements of a business model?
- 17. rapidinnovation.co.uk What are theelements of a business model?
- 18. rapidinnovation.co.uk How do Iidentify my market?
- 19. rapidinnovation.co.uk So what doesthis look like in practice?
- 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. rapidinnovation.co.uk Positioning is basedon the target segment you intend to dominate and the value proposition you intend to dominate it with. Geoffrey Moore
- 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. rapidinnovation.co.uk Why is itimportant? • First impressions count • Clarity and coherence • Identifies challenges that need resolving
- 24. rapidinnovation.co.uk Identify challenges tobe resolved • Vision • Business Strategy • Sales & Marketing • Opportunity
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- 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
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- 28. rapidinnovation.co.uk How do Iget my first customers?
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- 32. rapidinnovation.co.uk Circumstances Attributes New legislation Recentcustomer win >50 employees Polluting business processes Aged 18-30 Recent accident at work New father
- 33. rapidinnovation.co.uk Legal Register Provider CircumstancesAttributes 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. rapidinnovation.co.uk New Shampoo Brand CircumstancesAttributes Desire to look glamorous Increased awareness of hair condition Young women ABC1 demographic
- 35. rapidinnovation.co.uk Categorisation Attributes Circumstances Economic Couttswill 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. rapidinnovation.co.uk Where are thesepeople? Those with at least £1m in assets People who have just eaten onions Big and tall men Travellers who have forgotten their travel money
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- 38. rapidinnovation.co.uk Categorisation Attributes Circumstances Economic Couttswill 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. rapidinnovation.co.uk How do Iengage the market?
- 40. rapidinnovation.co.uk Elements to engagement MessageMethod Attention- grabber Call-to-action
- 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. rapidinnovation.co.uk Resourcing engagement Output Irrelevant tradeshow in the US Google Adwords Lunch with all your investment banking friends Your LinkedIn Profile Effort
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- 44. rapidinnovation.co.uk Measuring success Method TotalCost 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. rapidinnovation.co.uk The takeaway • Strategyis 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. rapidinnovation.co.uk Find Your Model Build Your Capability Realise YourValue Rapid Innovation Group