Startup First Steps (Course) - Session 3

small, mighty and precise
PRIMARY market - B2B or B2C - I’m both waa!

Lessons Learnt

the right customers
- cost to serve
- who should we say ‘no’ to?

Fit

	Consumers	IFA’s	Education	Providers
They have a clear need	+++	++	+++++	++
They have the budget and willingness to spend	++	+	++	+++
They are easy to communicate and enagage with	++	+++	+	+
They match the values or mission of your business	+++++	+++	+++++	+
They have no clear need	---	---	---	---
They have unrealistic expectations or budgetary constraints	—	------	---	---
They don’t align with your company’s values	-	---	-	------
They may require too much customisation or support	-	—	-	-----
Sales timescales	+++++	+++	+	+
TAM / SAM / SOM
Total addressable market
Serviceable addressable market
Servicable obtainable market

Also Minimum Viable Market

note ‘no go’ prospects

AI prompts:
- TAM
  - “What is the total number of [SaaS] companies globally, and their combined annual spend on [cybersecurity] software solutions?”
  - How many individuals globally are interested in [fitness] products, and what is their total spending?”
- SAM
  - “How many SaaS companies with 50-500 employees in the US and what do they invest in cybersecurity solutions?”
  - How many individuals aged 25-40 in the UK are interested in premium fitness products, and what is their annual spending?”
- SOM
  - “What percentage of mid-sized SaaS companies in the US could a new cybersecurity provider with a £1M marketing budget realistically acquire?”
  - “What share of the premium fitness market in the UK can a new brand expect to capture with a $500k marketing budget and what is that worth?”

Market Positioning

start with the why
“Financial planning is boring and complicated. But it is important.”
“Helping the financially unserved and uncertain.”
distinct positioning
- so ease rather than detail
- hence maybe not the complex options I was considering
define myself
- comparative
- differentiated
- segmented
- insightful
- disruptor
what are the parameters of the market?
know the user, know the magic, connect the two
YOU are not the user

Napkin Brief

Problem: - User Insight: Financial planning is boring and complicated. Financial advice is expensive. Product Magic: Smart technology to hand-hold and illustrate. Connect: We make financial planning accessible and engaging.

Thoughts

marketing on the cheap as AI does not think much of small budgets
look at market characteristics - what appeals to them
short term needs vs long term business trajectory
IFA rejects?
Annual Recurring Value - how many will renew?
separate out ‘engine’ for providers as they are not aligned with values
goto financial advice services and screen test
MUST KNOW
- your slice of the market (David and Goliath)
- your positioning