2019 Go-To-Market Trend: Know Thy Customer.
By Tara Spalding and Megan Russell
For startups, money follows customers. If you find customers and make them happy by delivering value, then most of your financial woes will be minimized. Attracting investors, growing the team, investing into development will become easier to do.
In today’s day and age, it’s important that startups begin by answering “how will this innovation make money, and who will pay for it?”
An important question that Hen House Ventures asks every client is exactly who will be buying (often more important than using!) your solution and how will it deliver value that they yearn for. Many startups can’t answer that question because they don’t understand how to capture and assess that type of detail.
That’s where Hen House Ventures steps in.
Megan Russell, our marketing manager often heads and oversees outbound efforts that measures target audience’s interest into our client’s activities. I asked Megan to make some 2019 predictions that startups should pay attention to, while formalizing their target audience.
Megan’s top advice is to test your target’s appetite toward the value your innovation will deliver, not as much as the solution itself.
Targeting markets is a waste of time if you don’t test their interest first. Smart startups will test their product market fit to a highly profiled sample group, to see if the need really exists and if the market is willing to adopt new technology to overcome their frustrations. Also, solutions change - but your company’s value to the customer shouldn’t.
Megan’s advice to all startups is to NOT start marketing programs unless you have a profound understanding of your market. How to do that? She thinks it’s pretty straightforward and continuous by quantitative and qualitative surveys.
“Formulate survey questions that yield the most data that supports your startup revenue plan. Be sure to profile the target audience so that you can apply the winning persona’s and profiles to future campaigns, and have a benchline on the type of results or responses to expect.”
Another trend is that getting people to engage in these surveys is not instantly done. Megan reveals her secret to these campaigns. “Today, people are so busy and are so flooded with information and requests. It takes several outreaches across several channels to get participation in these types of surveys. Be kind, patient, and reward your participants for their contributions.”
Megan warns startups to avoid doing everything yourself. “Some startups are afraid of delegating critical activities to outside experts; however this restricts their attention to other key deliverables that their business must achieve.” Megan suggests that “founders should acknowledge what KPIs they are able and capable of doing themselves, and then find experts who can provide supporting services.”
Megan believes that startups who constantly test their value and product set against target audiences will result in an influx of new customers leading to revenue and growth.
Read the other Hen House Ventures 2019 Go-To-Market Trends for Startups.
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