Silicon Valley Delegation PART 3 - How to Build a Product in Silicon Valley

Silicon Valley Delegation PART 3 - How to Build a Product in Silicon Valley

David Mitroff, Mentor at Google Launchpad Accelerator, shares how to create brand awareness, strengthen loyalty, and streamline processes with proven results. 

Choose the Right Product

Here’s the formula:
   Current & Prospective Markets
+ Sales & Marketing Teams
+ Design and Development Teams
= The Right Product

 

What is a market?
Customers – A set of actual or potential people for a given set of products or services.

Influencers – A group with a common set of needs or wants and reference each other when making a buying decision.

 

What is your target?
Targets come in three “sizes”, each with its own characteristics. Understanding and developing your strategy to fit your target is important.

  • Small Target Market – Easiest group to target 
  • Medium Target Market – More competitive, but can yield higher profit 
  • Large Target Market – Enterprise customers. Will have a long sales cycle, so be prepared.

Identifying/Changing for the Market and Competition

Thinking of selling overseas?
Here are some things to consider when venturing into a new foreign market:

  • What foreign needs does your product satisfy?
  • What product could your company offer abroad?
  • Do you need to modify your domestic market product for sales abroad? Is there a need to develop a new product altogether?
  • What specific features would your product have? How important are the language and cultural differences?
  • What specific services, warranties, and spare parts are necessary abroad during both pre- and post-sale stages?

Importance of Community and Networking

How do you know if your product will work? The key to gathering information is to scope out the community. Do the following to develop your marketing strategy:

  • Know what your competitors are doing.
  • Develop a set of questions and survey your current market.
  • Do your research!
  • Get the scoop on what’s the latest and greatest.
  • Surround yourself with what you want to become.

 

Networking Goals
Seek out people you want to learn more about. The goal of networking is NOT to sell to people, but to find and identify potential clients, potential partners, and people you genuinely like.

Marketing Strategies and the 12-Month Plan

There are two facets of marketing: Active and Passive.

  • Active marketing includes things that take place during the day. For example, cold calling, events, giving talks, direct mail, email marketing, etc.
  • Passive marketing includes things that occur overnight, or are stagnant, such as websites, print ads, et.
  • Social Media is both active and passive marketing.
  • It is critical to have a consistent message and call to action across the board.

 

Having a 12-month marketing calendar is essential, regardless of what market or product you have. It will set our framework and allow you to know when and where to promote your product. 

Remember, you should have a different calendar for each market you go into.

How to Stand Out in a Saturated Market?

Don’t overcomplicate. Make your message simple – “This is who we are and what we do.” Simplicity will help your product or service be remembered.

When it comes to sales, be consistent and follow-up. 

 

At the end of the day, we all have a brand, whether it is personal or business. It is important to position yourself well! 

To view photos of this event, click here.

About The Speaker

David Mitroff

David Mitroff

Business Consultant & Marketing Expert at Piedmont Avenue Consulting

Business Consultant, Marketing Expert and Professional Speaker who helps clients create brand awareness, generate leads and strengthen customer loyalty. Piedmont Avenue Consulting, Inc. (www.PiedmontAve.com) is a San Francisco Bay Area business process consulting firm specializing in leveraging new technology for business development and marketing. We integrate Google, Salesforce, Constant Contact, Yelp, Facebook, and other new technology solutions with businesses to improve productivity, monitor performance, and expand marketplace presence. Our clients include restaurants, hotels, law firms, financial services firms, high-growth start-up companies, real estate agencies, individual entrepreneurs, retail stores and other diverse organizations. Dr. Mitroff works with his consulting clients along with delivering keynote talks and workshops all over the world.

Share Article:

Sign up to the Hardware Massive newsletter

Related Videos