Go-To-Market Strategy for IoT Offerings - with Mike Fahrion, Fractional Business and Technology Leader.


In this conversation with Mike Fahrion we unravel the secrets to successful IoT go-to-market strategies. We discussed the importance of customer-centric approaches, product-market fit, scalability, and the game-changing impact of AI in IoT analytics.

Mike raised a crucial point: not only does the technical infrastructure need to scale, but processes within the enterprise must scale to meet variable demand.

We elaborated on the risks of being a customer-driven organization and several other topics vital to running a successful IoT business.


Meeting Notes

Strategy vs. Tactics in IoT

  • “Strategy is the overall plan… tactics are really all about the steps you take to get there.” - Mike Fahrion
  • Many IoT projects fail due to a focus on technology over customer relationships.
  • IoT is about delivering business value, not just technology.
  • Three key areas to address: solution, customer relationship, and company organization.
  • Importance of scalability, not just in technology, but also within the organization.

Go-to-Market Strategy

  • Importance of understanding decision-makers, approval processes, and customer relationships.
  • Build an ecosystem around the customer and minimize friction.
  • Look for sources of friction and reduce them, whether technological, in the purchasing process, or in the customer’s understanding of the problem.
  • Ensure the product addresses a customer’s pain point and that the customer is willing to change behaviors to adopt it.
  • Understand customer’s paint points and alternatives.
  • Ensure the product addresses a priority issue for customers.
  • Make products zero-touch to reduce the need for customer support.

Finding Initial Customers and Scaling

  • Transition from initial customers to a broader customer base through in-depth interviews and understanding of the customer’s organization.
  • Customer acquisition costs and lifetime customer value are important considerations for a scalable business.
  • IoT products imply buyers have domain expertise, while IoT services require integration skills.

Organizational Growth and Market-Driven Organization

  • Market feedback, customer usage, and competitor response are essential.
  • Achieving the right company culture is critical for long-term success.

Importance of Educating the Market

  • Educate customers about the value and potential of a cutting-edge idea.
  • Invest effort, time, and money to educate the market.
  • Maintain an edge over competitors by continuously evolving the company’s structure and approach.

Embracing a Culture of Continuous Improvement

  • Build a company culture focused on continuous improvement.
  • Seek opportunities to enhance the customer experience.
  • Embrace customer feedback in product improvement.

Avoiding Defensive Strategies

  • Focus on delivering a superior customer experience instead of building defensive strategies.
  • Build relationships and understand the customer ecosystem.

Learning from Failures

  • Recognize failures as learning opportunities.
  • Understand the complexity of achieving product-market fit and go-to-market strategies.
  • Value actual customer spending as a measure of product success.

AI and Machine Learning in Data Analytics

  • AI and machine learning are valuable in converting overwhelming amounts of data into real business value.
  • AI excels at finding patterns in large datasets, which can be difficult for humans.
  • Tools for implementing AI and machine learning are becoming more accessible, making it easier to extract value from data.
  • AI has the potential to identify issues and provide corrective actions in various scenarios, such as self-service coffee machines and quality measurements on the factory floor.
  • AI is expected to provide tangible business value by converting massive amounts of IoT data into actionable insights.

Let me know what the most valuable takeaway for you!

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