MKTG 6101 Ascend Your Start-Up Week 4

 What is adversity?

Adversity explains difficulties or bad luck that comes with life. You have to show courage to face adversity, and unfortunately everyone deals with it. Look for ways to evolve throughout adversity. 

Adversity is something you will deal with A LOT when starting up a new product or idea. Do not rely on marketing momentum, there is a lot you will have to work through during the start-up period. You have to identify and study your product market. This includes studying your competition, identifying your key players, and what strategy you are going to use to see acceleration in revenue. You have to learn how to create your perfect match with your distribution channel from the beginning, without this you will have issues going forward. This could create some confusion. You might wonder what the difference is between go-to-market strategy and product-market fit. Your go-to-market strategy is how you're planning on taking off and creating a successful product in a short period of time. Now a product-market fit is something you will work with and evolve throughout the stages of your products growth. This means your product is a good fit for the market that they are in. 

This week's micro-decisions:

What distribution channel will you build as a pathway to customers?

What is your pricing strategy?

How will you help your customer's customer scale and grow? 

Now that you know your brand, these decisions might seem a bit easier, but they will take a lot of thinking. You will have to create strategy based on the value of your product, and who the targeted buyers are. There is a lot of timing issues that you have to think about during start-up as well. Look at supply and demand, SaaS models, extension pricing and lastly competitive pricing. These are all factors that come into play, and although that seems extensive; pricing should be simple. Think of yourself as someone who is creating solutions for your peers and customers. Your product should be adding value to their lives and help customers to create their own success.