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Marketing & Sales

2 Success Strategies

  • Cost Leader: Aggressively cut costs
  • Innovator

IDK

  • Identify your customers correctly
  • “Product for everyone” isn’t for anyone
  • Perform market segmentation
  • Identify your segments of customers to target
  • Some customers won’t be interested even with the best of marketing
  • Survey your customers
  • Understand your consumer’s behaviors
  • Sell the benefits, not the product
  • Leverage influencers (educators, doctors, etc)
  • Use networking effect

Lean Methodology

  1. Develop Idea

  2. Identify unmet needs in market

  3. Interview potential consumers, influencers, retailers

  4. Focus on one unmet need

  5. MVP

Goal: Identify consumers for launch

  1. Efficacy first
  2. Minimal packaging

  3. Minimal attention to fancy features

  4. Create customers

  5. Branding, packaging

  6. Go to market
  7. Ramp up hiring & spending

  8. Confirm: re-orders

  9. Grow company

  10. Build staff

  11. Become profitable & self-sustaining
  12. Position for acquisition
Last Updated: 2024-05-12 ; Contributors: AhmedThahir

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