Maintain competitive advantage and accelerate the growth of product sales after ’Product Market Fit’
Once Product-Market fit has been attained, it is increasingly important to scale the your new business operations in an appropriate way.
Youteam can support you on your growth journey by offering services including:
- Marketing and Business consultation
- echnology and infrastructure support
- Updates and Enhancements
Immediately post Product-Market fit, the company enters the ‘Customer Creation’ phase of maturity. Customer Creation occurs after the company has landed its initial sales and has an understanding of its sales processes. The objective of this step is to create end-user demand and monetise that demand utilising the company’s sales channels. During the previous phase ‘Customer Validation’ the company tested the ROI of differentmarketing/sales channels. Now it is time to scale some of themost effective channels to address the cash burn rate, a common issue associated with early-stage commercialisation.
Customer Creation processes vary with the type of startup and the market which the startup is entering. The strategies and activities associated with successful customer demand creation vary on the basis of Market-Type.
Here are some of the possible ‘Market-Types’:
- An existing market well defined by incumbents,
- The creation of a new market where no product or company exists,
- A hybrid of the first two,
- Resegmentation of an existing market as a low-cost entrant; and
- Resegmentation of an existing market by creating a new niche.
The next and final step in the maturity lifecycle of the startup company is referred to as ‘Company Building’. Companies in this phase have completed their learning and discovery process and can now transition into formal departments with VPs of Sales, Marketing and Business Development.
The remit of these VPs will be to develop mission-oriented departments capable of exploiting the company’s early market success, it is only now that the company should scale up its operations. Note that premature scaling of a startup results in a substantial waste of resources and puts the company at risk of failure.