More than 50% of startups fail because of poor go to market execution💥 Out of those, many more fail because marketing related issues. These are 5 strategies to derisk your go to market 👇 1. Build a competitive advantage: https://lnkd.in/dJnTtXBU 2. Start with your customer and go back to your product: https://lnkd.in/dqXBZYmP 3. Find Product Market Fit: https://lnkd.in/dRqXZfPD 4. Attract the existing demand instead of having to create demand: https://lnkd.in/d4uQy5mE 5. Target behavioural change: https://lnkd.in/d7RnDUnM 6. Learn how to sell: https://lnkd.in/dFA4x3jn 5. Flywheel and scale: https://lnkd.in/d-SBgDEp
Guillermo Flor great insights. I wonder if the “poor go to market execution” is mostly due to people in those startups actually lacking experience within those key areas instead of not knowing what to do. The knowledge is out there and accessible (example is in all the links you shared) however few actually understand what is needed to make it work. Many many freelancers with high level skills are on the market now so hopefully more of those startups will reach out to get help on “executing” their strategies in the remit efficient way… What are you thoughts on this as an investor?
Massive fan of your newsletter 🔥 PMF solutions on steroids 🌞
Very insightful. Our start up is at step 5. But we find it difficult to identify customers undergoing change or looking to change.
On PMF (point 3) here’s one of my favorite frameworks by the founder of Superhuman https://blog.superhuman.com/how-superhuman-built-an-engine-to-find-product-market-fit/
Yes more like 90% fail on lack of marketing which startups generally confuse with go to "market" according to our research and from Rockies Venture Club and Peter Adams
Great advice Guillermo Flor looking forward to our 9th year in business
Sales.
This is such strong evidence that almost no one nails all elements of PMF straight away. Thanks so much for sharing.
This is interesting Guillermo. The same (or similar) can be said about companies crossing the Atlantic (even when they are not startups). There is a body of study by academics that describe companies with "intermittent export episodes", despite the company perceiving itself an exporter. This seems in many ways similar to what you are describing with startups.
CEO @AudienceLed.com | UGC & Comarketing for B2B SaaS | Audience-Led Growth
3wOne stands out as one of the biggest problems I see... This idea of starting with the customer. Most take this literally and start making major business decisions based on their first investor intro'd customers. They end up building product that a few customers like but the market still largely ignores. Start with the MARKET. Dive into the ecosystems of potential segments. Get to know the varying business types, buyers, influencers, trends, competitors, problems deeply felt but mostly ignored. Talk to leaders in the market. Then decide on problems to solve, positioning, narrative, etc. Iterate with customers from there. Excited to dive into these though, thanks for sharing.