Early-stage technology companies typically face significant challenges in taking their products and services to market. Combining extensive, practical experience working with dozens of technology companies - and incorporating the best strategic thinking available through the works of Geoffrey Moore, Clayton Christiansen, McKinsey & Company, Inc., and many others - Blue Mine Group has outlined the seven principles that are critical for early-stage technology companies to achieve growth and success.
- Focus: Meet the needs of a specific target market
Once a business focuses on a specific type of customer, with a specific type of problem, identifying and reaching these customers with a compelling solution and achieving a strong reputation and track record becomes much easier.
- Solution: Develop a clearly differentiated offering
Successful companies start with the customer in mind, and develop a product or service that addresses the customer's problems. This involves addressing all the customer's needs in finding, evaluating, choosing, purchasing, and implementing a solution, and ensuring that product purchase, installation, and support is easy for the customer.
- Economics: Develop an effective business model
Having a clear target market and a great solution that meets that market's needs better than all options is essential, but not sufficient; companies must be able to produce, sell, and deliver the products and services at a profit, and collect cash in a timely manner. Creating a scalable, credible business model that drives profitability and cash flow should be a top priority for any business.
- Community: Build a network of prospects
Rather than thinking in terms of "lead generation," getting to know target customers in order to gain insight into the essential problems they face - regardless of an immediate sales opportunity - can be extremely beneficial. By building a community of corporate decision-makers and their peers within the target market, companies can refine their product offering while developing a steady stream of new business opportunities.
- Customers: Win, retain, and grow customers
Successful companies have a well-defined sales strategy that not only utilizes prospect information obtained through its community and reputation-building efforts, but is based on a systematic account management and opportunity management process.
- Reputation: Build credibility through influencers
Even companies with the most targeted, sophisticated technology can fail to penetrate their chosen market if no one knows about them. By establishing a sound, flexible promotional framework for the company's key messaging, early-stage technology companies can achieve strong visibility and a higher perceived value than their competitors.
- Stakeholders: Attract and engage stakeholders through business development
Another critical challenge faced by early-stage technology companies is how to move beyond early adopters - break into new markets, introduce new products - while maintaining sufficient cash flow. Rather than shouldering the entire burden, successful companies leverage the resources and relationships of their key stakeholders.
To learn more about Blue Mine Group's unique growth model, download the entire booklet "The seven principles for growing an early-stage technology company."
