Market Traction
From a working product to segment dominance, there are predictable milestones on the way. Each has its own marketing and sales requirements.
Stage one of six
From the beginning, you’ve envisioned the finished product and how it would work. Now it’s really here and ready for the customers.
Focus will now shift to making the first sales and preparing to ship, install, invoice, and receive payment. In other words, to make your cash register ring — Kaa Ching!
Stage two of six
To get that first revenue is such a satisfying feeling. Sure, it’s probably from another small local company that you have ties with, but it’s money in the bank.
The next challenge is to develop reference accounts that are recognizable to the companies you are targeting. Reference companies have the key problem your product is designed to address and will serve as credible references to other buyers. This phase is called Two Thumbs Up.
Stage three of six
The fact that these companies have purchased and are happy tells prospects that your product works and you can deliver.
Now, you’ve got to leverage this credibility to build momentum. You must evaluate the various market segments you are currently selling into, select the one in which you will build a beachhead, and then focus the company on this segment.
Stage four of six
You have a sales pipeline and are getting better at identifying, selling, and closing sales with the target buyers.
The next challenge is to build a broader awareness, and elevate your visibility so that the sale begins before your reps contact the target buyer.
Stage five of six
This means your sales cycle should be shortening, since the target buyer knows who you are before your sales rep contacts them. It’s also known that your product is worthy of consideration by a target buyer — even before they are ready to buy. Your next challenge is to dominate the segment and reach the Market Traction milestone.
Stage six of six
Your company has dominated the selected market segment. Prospective buyers in this segment automatically look to your company for a solution. The stamp of credibility of the press and analysts helped fill your sales pipeline and made you attractive to strategic partners. Now, your company is in the driver’s seat for this segment and you can afford to go after a new segment and expand. Contact us to learn how Moreland can help you capitalize on your success.
Talk with a Moreland executive about where your company is today and what it will take to reach the next milestone.