Last year with a continuation in 2022, I had the opportunity to advise a tech startup on its go-to-market strategy. It was a great experience that taught me much about the startup world and the challenges young companies face when trying to break into new markets. Here are some of the critical lessons I learned while advising the startup.

1. Have a laser focus on your target market.

When starting, it’s crucial to understand who your target market is and what needs clearly or pain points your product or service can address. Trying to be everything to everyone is a recipe for disaster in the startup world. It would be best if you were clear about whom you’re trying to reach and what value you can provide them.

2. Timing is everything.

Getting your timing right is critical when launching a new product or service. If you come too early, there may not be enough demand for your offering. But if you arrive too late, the market may already be saturated with competing products or services. It’s essential to do your homework and understand the market landscape before making any go-to-market decisions.

3. Build partnerships wisely.

Partnerships can significantly extend your reach and tap into new customer segments in any go-to-market strategy. But it’s essential to choose your partners wisely and ensure a good fit between your brand and theirs. Building relationships with the wrong partners can end up doing more harm than good in the long run.

4. Always test and measure before scaling up.

Once you better understand who your target market is and what resonates with them, it’s essential to continuously test and measure different marketing activities before scaling up your efforts. No marketing silver bullet will work for every business, so it’s necessary to experiment and find out what works best for yours. Try out different channels, messages, and offers to see what gets the best results with your target market segment. 

Advisory work can be gratifying, especially when you can work with young startups eager to learn and grow their businesses. I was impressed with the team at the startup I advised last year and am excited to see how they progress in the coming years. If you’re thinking about advising a startup, these are some important lessons to keep in mind based on my own experience.