And can be more important than a good Product
from SCORE.com 31 Mar 14 enhanced by Peter/CXO Wiz4biz
Recently I was reviewing a recent presentation by Bjoern Herrmann, given at the Small Business Summit of SCORE*. His company, Compass, has collected data from over 30,000 Start-ups. And while his insights are focused primarily on SaaS (SW as a Service) companies, I find the advice useful for all types of new & emerging businesses.
Over-Riding Theme: Focus less on your Product, and more on Distribution, to get your offering in front of the most potential customers. Specifically, based on his research of high growth businesses, Bjoern presents five (5) recommendations below:
1. Focus on Mobile. We know that right now the web is accessed 27% more on Mobile rather than Desktop platforms. Take advantage of this growing trend by making your Website mobile-friendly with a responsive design and streamlined options for commonly used actions – like key information & purchasing your product.
2. Partner-Up. Rather than trying to get found on your own, make the most of Partners for distribution & promotion. Many companies try to do it themselves by investing in Direct Sales or SEO (Search Engine Optimization) This approach is slow, expensive & often unsuccessful. A partnership strategy is shown to be 10 times less expensive than other channels — and much quicker. Look for a compatible partner.
3. Cross-sell to build Distribution. You are more likely to build a successful partnership, if there is an immediate win\win for both parties. Cross-selling products of a Partner gets you quickly noticed by the Partner’s customers and lays the groundwork for more aggressive distribution plans.
4. Scale fast & build your Base. Focus on building a brand that is strongly defensible, thru your target market. Again, instead of worrying about product features, a strong clear, concise message is the basis on which you can build a fast-growing company.
5. Expand your Customer base. If you build not just a product, but also a Distribution Network to a customer group, you will be very attractive to enterprise buyers. Look for venues to spread the word about your product – Trade shows, Linked IN, Facebook, etc. to look for a more direct access to a specific consumer segment that values what your product offers.
*SCORE (Service Corps of Retired Executives) has programs [Webinars, Workshops, etc] for Startups & Small Businesses. They also provide Counseling, Mentoring, Biz Tools, Templates & Tips. Contact your local office.
Comments: Any other Ideas on how to improve Distribution?