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Introducing
Go To Market Strategy
For B2B Startups
Hugh Mason
Co-founder and CEO, JFDI.Asia
hugh@jfdi.asia @hughmason
Brought to you by:
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
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
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
5
All JFDI.Asia’s Successful Investments are all Tech B2B
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
6
B2B Startups Really Matter: Yet Many Fall at Each Hurdle
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
7
‘Marketing’ Issues Underlie Most Startup Failures
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”.
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
9
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
10
Go To Market Strategy Relates to Innovation
Innovation Succeeds Here
IDEO
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
11
If Tech is Over Here ...
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
12
… Then “Going To Market” is ⅔ of Success
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
13
Strategy is a Plan to do it: Many Approaches Possible
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
15
Strategy Evolves as a Startup becomes a Scaleup
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
16
This Presentation Focuses on the Period before PMF
Rachitsky
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
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
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
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
21
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
22
It’s 1876. Does Your Business Need a Telephone?
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
23
Product-Market Fit for the Telephone Took Decades
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
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 ✔
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 ✔ ✔
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 ✔ ✔ ✔ ✔ ✔
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?
✔ ✔✔ ✔✔✔ ✔ ✔✔✔ ✔
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?
✔ ✔✔ ✔✔✔ ✔ ✔✔✔ ✔
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.
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
31
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
32
It’s 1959. Does Your Business Need a Photocopier?
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
33
The Problem With Innovation: Great Ideas Look Bad
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
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
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!
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!
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!
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
40
Every B2B Salesman’s Story: BeforeSuccess,Joy,$$$
Time
What you do now - meh
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
41
Every B2B Salesman’s Story: AfterSuccess,Joy,$$$
Time
What you do now - meh
With My
Product!
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
43
So Businesses Don’t buy Stuff Like You Do At Home
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
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
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
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
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
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
50
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
51
It’s 1993. Does Your Business Need a Tablet?
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?
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
53
Radical Startup Approaches Often Don’t Translate to B2B
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
54
And Not Every Innovation Comes From a Startup
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
55
So Which Comes First? “Could it be done?”
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
56
Or “Should it be Done?”
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?
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”
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
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
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
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
63
A Template for a Marketing Action Plan
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
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?
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?
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?
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
68
Your Market Strategy and Messages
Talent &
Your Team
Investors &
Financial Folk
Regulators,
Media &
The Public
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
69
Your Marketing Channels
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
70
Your Marketing Initiatives, eg Content and Community
McClure
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
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
Hugh Mason 9 OCT 2020 hugh@jfdi.asia
73
Suggestions for Further Reading, Training and Support

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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”.
  • 9. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 9 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
  • 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
  • 21. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 21 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
  • 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.
  • 31. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 31 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
  • 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
  • 50. Hugh Mason 9 OCT 2020 hugh@jfdi.asia 50 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
  • 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