Back on with Startup-O Vitamins series, David Isaac discusses with us more about go-to-market strategies.
In the video below, we discuss strategies you can use to push your products up the adoption curve.
Figure out what KPIs your customers are judging you by.
Adoption is predicated on demand. Every product fulfils a set of needs and create a desired outcome. As an entrepreneur, you need to figure out what KPIs your customers are using to judge their satisfaction with the outcome. If you are selling coffee, in addition to taste and price, your customers will be judging whether your takeaway cups leak on their clothes or if the smell of your cafe lingers on them all day.
Be aware of direct and indirect competition.
Likewise, your competition is being judged the same. Therefore, if you want to lead adoption, you need to be aware of direct and indirect competition. Many times, the substitutes and replacements go unnoticed. For example, 3M wall hooks look nothing like an improved version of the drill. However, the 3M wall hook is more reliable and delivers the same desired outcome. Therefore, you need to make an assessment on where your product fits on the intersection of two axes: the first axis is how important is the outcome to the buyer and the second axis is how satisfied are they with their current solution that they are using.
Outperformance comes from fulfiling the most number of steps.
Users often need to cobble together multiple products and services to create an outcome they desire. Outperformance comes from the product fulfilling the most number of steps. The more steps in the process the customers can rely on you to solve, the further up the adoption curve you can climb. Because, according to the customer’s own KPIs, is you’ve developed the best solution.
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Have any questions about go-to-market strategies? Leave your comments in the comments section below.