Developing your Go-To-Market Strategy & the Role of Strategic Investors

Summary

In this keynote, Ian Collins shares valuable insights on developing a go-to-market strategy and the significance of strategic investment for startups. Drawing from his diverse experience in high-tech industries, he emphasizes the importance of understanding the market, the pitfalls of being underfunded, and the need for a focused approach. He advises entrepreneurs to test their strategies, build on a solid foundation, and align with the right investors to ensure sustainable growth and success.

Takeaways

• 📈 Develop a Robust Go-To-Market Strategy: A well-thought-out GTM strategy is fundamental to the success of any startup and should be tested to ensure its effectiveness.
• 💡 Focus on the Consumer and Market: Rather than viewing the world through the lens of the technology or product, entrepreneurs should focus on the needs and wants of the consumer and the market.
• 🔍 Be Prepared to Pivot: If initial plans do not work out as expected, be ready to change course and adapt the strategy accordingly.
• 🏢 Understand Your Customer: Knowing your customer is crucial, whether you're selling to a corporate, consumer, freelancer, SME, or government.
• 💼 Importance of the Right Team: Assemble a team with the right skills and competencies from the outset and be honest about your core strengths and weaknesses.
• 💰 Manage Finances Wisely: Inexperience in financial management can lead to cash flow problems, so seek advice from those who have experience.
• 🚀 Leverage Strategic Investment: Seek investors who can provide more than just money; look for strategic investments that can add value to your business.
• 🌐 Consider International Expansion: For scale-ups, international expansion is often a goal, but it requires careful planning and a clear GTM strategy.
• 📊 Base Forecasts on Reality: Avoid making forecasts based on assumptions without a solid foundation; start with a strategy and then create a realistic forecast.
• 🔑 Identify a Clear Value Proposition: Ensure that your value proposition is clear and resonates with your target market, focusing on one segment to establish a strong brand before expanding.
• 🤝 Seek Advisors with Experience: Look for advisors who have been through the startup journey and can provide valuable insights and guidance.

Q & A

What is the primary focus of Ian Collins' keynote speech?

The primary focus of Ian Collins' keynote speech is the development of a go-to-market (GTM) strategy and the role of strategic investors, particularly relevant for startups and beginner entrepreneurs.

What industry experience does Ian Collins bring to his speech?

Ian Collins brings over 30 years of experience in business development and general management in high-tech industries, including security, artificial intelligence, business intelligence, enterprise software solutions, CRM, digital social publishing, content management systems, bespoke software development, and strategic ICT consulting.

What was the initial business venture Ian Collins embarked on in 1980?

In 1980, Ian Collins embarked on a business venture to design a new modular recording system, set up a manufacturing plant, and build a sales and marketing operation.

What was the outcome of Ian Collins' first business venture in the recording system?

The first business venture was successful initially, with rave reviews and orders. However, they eventually ran out of money due to longer development times, higher manufacturing costs, and lack of financial experience, leading to a distressed sale of the business.

What lessons did Ian Collins learn from his first business venture regarding finances?

Ian Collins learned the importance of having the right team in place, especially with financial expertise, and the need to be brutally honest about one's core skills and competencies. He also emphasized the importance of having a solid go-to-market strategy.

What was the second business venture Ian Collins co-founded in the late 80s?

Ian Collins co-founded an AI business in the late 80s with the idea of incorporating AI into security sensors to improve accuracy and open up new intelligent applications.

Why did Ian Collins' AI business initially struggle to succeed?

The AI business struggled because the technology was limited and slow, and it was a mammoth task to build a new brand and compete in an existing security market with established players. They also failed to consider the consumer and market perspective adequately.

What was the key takeaway from Ian Collins' experience with the AI business regarding GTM strategy?

The key takeaway was the importance of nailing the go-to-market strategy before executing and being prepared to change course if things don't work out as planned. Focusing on one thing or sector to build a brand before venturing out to do other things was also crucial.

What was the challenge Ian Collins faced when trying to bring a compliance solution to the market within BT British Telecom?

The challenge was finding an owner or budget holder for the compliance solution within BT. Multiple stakeholders liked the solution but had no real remit to get involved or responsibility, and there was no identified budget for such a speculative project.

What advice does Ian Collins give to startups and scale-ups regarding their business plans and forecasts?

Ian Collins advises startups and scale-ups to develop a robust, well-thought-through go-to-market strategy, test it, and ensure forecasts are based on more than just optimism. He also emphasizes the importance of understanding the investor's perspective and aligning with the right type of investment.

What common mistakes does Ian Collins observe in pitch decks from startups and scale-ups?

Common mistakes include viewing the world through the lens of the technology or product rather than the consumer and market, making unrealistic forecasts without a clear 'how' to achieve them, and failing to consider the investor's perspective adequately.