Your product is finally finished and ready to go. Now all you have to do is get it into the hands of your customers. But not just any customer. To be successful, you need to reach your target customers and do so in a way that is convenient for them.
The best way to achieve this is by developing a successful distribution strategy. Distribution has a direct impact on how well your product does in the market and is one way to achieve a competitive advantage.
At last week’s Entrepreneurship 101 lecture on Distribution, Ryan Poissant, Advisor, IT, Communications & Entertainment (ICE) at MaRS, discussed different distribution channel options and the pros and cons of each.
Distribution is one of the main elements of the marketing mix (product, price, place, promotion) and relies on three different channels:
Choosing the right channels can help you reach different customer groups. What factors do you need to consider when determining which channels are right for you? Here is a great article on overcoming this challenge: Distribution and Channels: Kotler on Marketing.
During his lecture, Ryan used several case studies to illustrate different ways in which technology companies can choose and manage multiple channels. For example, Nespresso turned itself around from near closure to $3 billion in annual revenue by using different channels to distribute to clients. More on Nespresso’s story here.
For more advice on choosing and managing the right channels for your startup, watch the lecture video (link) and learn how to get your product into the customer’s hands.
For a lecture recap, check out the Quick Hits video:
Click here for the entire lecture video.
Next lecture: Meet the Entrepreneurs – Life Sciences & Healthcare: Eve Medical, Quantum Dental Technologies & Newtopia
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