Solutions to increase the effectiveness of the commercialization process for startups in vietnam – lessons from successful startup companies in the united states

Nội dung text: Solutions to increase the effectiveness of the commercialization process for startups in vietnam – lessons from successful startup companies in the united states

1. SOLUTIONS TO INCREASE THE EFFECTIVENESS OF THE COMMERCIALIZATION PROCESS FOR STARTUPS IN VIETNAM – LESSONS FROM SUCCESSFUL STARTUP COMPANIES IN THE UNITED STATES Nguyen Thi Van Anh, Le Viet Nga, Dinh Thi Len ABSTRACT: Aside from known struggle with financial resources, startups in Vietnam are facing many difficulties in the commercialization of business ideas and concepts and reaching target customers. Most firms fail at this step as they could not convey either the distinctive advantages of their products/services nor the designed message to capture the customers’ attention. All these problems could be solved via planned effective marketing activities which entrepreneurs do not pay enough attention to. The paper studies marketing strategies and activities used during the commercialization process of startups in Vietnam to see the problems these companies normally have. Then the authors look at some successful startup companies in the United States to draw out lessons and solutions to help startups with their commercialization process. Keywords: startup; commercialization; marketing strategy; marketing activities; innovation 1. INTRODUCTION In recent years, a new type of business has received a lot of attention from the government and the private sector, known as startup. In Vietnam, there is not yet an official legal document that standardizes the concept of startup. However, the Small and Medium Enterprise Support Law in 2017 introduced startups as small and medium-sized enterprises established to implement ideas based on the exploitation of intellectual property, technology, new business model, and high growth potential. In addition, in Decision No. 844/QD- TTg of May 18, 2016 issued by the Government, a National Program was approved to “Support Innovative Startup Ecosystem in Vietnam by the year 2025”. Targets are individuals and groups of individuals with startup projects, startup businesses with high growth potential based on the exploitation of intellectual property, technology, and new business models, and business enterprise of no more than 5 years since establishment. From this, we can define startups as innovative companies, which are in the process of realizing business ideas to create a new kind of product, goods, or service or a new business model that no other companies have used. It is believed that startups with innovation and breakthroughs in products, services or technologies play an important role in improving productivity, creating jobs, and greatly contribute to economic growth. Startups also help creating more jobs, increasing personal income, creating more dynamic, healthy competition for the economy, and promoting innovation. According to Echelon Magazine, Singapore, by April 2017, there are about 3,000 startup businesses, 20 venture capital funds investing in innovative startups, 21 startup incubators, and 7 accelerators established in recent years, with annual growth rate of 35% per year. The rate of startup businesses is only 0.5% of the total number of operating enterprises (while in Israel, the proportion is 15- 20%). The figure of 0.5% is a lot less compared to other innovative countries and clearly shows that the startup
2. INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION 647 market in Vietnam is at an early stage (Ministry of Science and Technology, 2017). Within the startup market, businesses in technology sector account for 34% while e-commerce account for 23%, which shows that high tech companies (IT) are taking up to 60% of total startups (Fig. 1(a)). This reflects the trend of the 4.0 technology revolution with the following characteristics: (1) startup enterprises in the information technology (IT) sector do not need too much initial investment as other fields; (2) enterprises in this area rely mainly on new ideas and creative ways, which is capable of rapid growth; (3) the ease of global connectivity through IT makes it easy for creative ideas to reach the world and vice versa, and businesses can learn from other successful international models; (4) these sectors also easily call for capital from investors. Aside from the known struggle with financial resources, startups in Vietnam are facing many difficulties in the commercialization of business ideas and concepts and reaching target customers. Most firms fail at this step as they could not convey either the distinctive advantages of their products/services nor the designed value to capture customers’ attention. All these problems could be solved via planned effective Marketing activities which entrepreneurs clearly do not pay enough attention to. The paper first identifies the problems relating to marketing activities during the commercialization process of startups in Vietnam, which identifies the need for planned marketing strategies; then, the paper looks at some successful startups in the United States (US) to draw out some key marketing solutions to increase the effectiveness of the startups’ commercialization process. 2. THEORY OVERVIEW According to Rogers et al. (2015), commercialization is the process or cycle of introducing a new product or product method into the market. The actual launch of a new product is the final stage of a new product development, and the one where the most money will have to be spent on advertising, sales promotions, and other marketing efforts. Commercialization of a product will only take place if the following 3 questions can be answer: “when” - the company has to decide on the introduction timing, “where” - the company has to decide where to launch its products, and finally, “to whom” - the primary target consumer group will have been identified earlier by research and test marketing. Joshua and Scott (2012) shows that a commercialization action plan includes 5 steps: • Develop the marketing mix: the marketing mix is a broad concept which includes several aspects of marketing which all inquire to obtain a similar goal of creating awareness and customer loyalty. The marketing mix is not only an important concept, but a guideline to reference back to when the implementing the price, product, promotion, and distribution. • Address the 7Ps: product, price, place, promotion, people, process, physical environment. • Design the product prelaunch planning and preparation: product business case development and general business planning; commercial roadmap including launch planning, detail resources, and budgets. • Budgeting • Managing the product launch and post-launch management (commercialization): direct sales into strategic buyers and opinion leaders, contracting of distributors and other commercial partners, ongoing management, expansion, and optimization of the channel; support marketing activities, including conference participation and materials; manage in-field support, professional education and clinical specialists; oversee customer service, warehousing, and product import. Commercialization is a very important step deciding the successful of business ideas and concepts
3. 648 HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA and survival of the firm in the coming time. From investment perspective, startups are classified as failure when it provides less than 1 time of return to its investors. A global investment firm based in Boston (US) surveyed 27,259 startups investment from 1990 to 2010 and realized that the percentage of failure for startups was not more than 60%. According to other statistics, up to about 50% of small businesses fail in the first 4 years and 76% of small business owners meet difficulties when dealing with sales and marketing issues to showcase their product. For a variety of reasons, companies often struggle with the commercialization of new products (and services). The problems include lack of clarity about the value proposition, fear of failure, lack of market knowledge, ineffective business models, and internal conflicts. As a result, companies are unwilling or unable to move forward with commercialization, or their commercialization strategy is ineffective. Richard (2017) outlined some common problems relating to marketing that startups face: • Marketing mix and packaging sometimes misleads the estimates of demand from the customers. Companies are being over-optimism and it slowly becomes an expensive prospect to maintain the company and run the operations when compared to the lifetime value of acquiring a customer. • The cost of acquiring the customer has to be lesser than the price to acquire your customer and what he or she will spend on buying the product in a lifetime. Majority of entrepreneurs fail to see this as a long term goal and just tend to focus on the current sales, therefore, missing this critical aspect of building a relationship with customers. • Many companies conduct some level of market research, but it is often narrowly focused on certain issues than focusing on all the issues relevant to the commercialization process. 3. EVALUATION OF THE COMMERCIALIZATION PROCESS OF STARTUP COMPANIES IN VIETNAM 3.1. Research Objectives The paper aims to find solutions to increase the effectiveness of the commercialization process for startups in Vietnam. To achieve this, the following objectives are outlined: • To look at the perspective of startups’ founders and managers relating to marketing strategy and marketing activities; • To assess the marketing strategy and marketing activities during the commercialization process of startups in Vietnam; • To identify the problems regarding marketing strategy and activities that startups in Vietnam normally meet; • To look at some successful startups in the US to analyze the lessons for startups in Vietnam; • To propose some solutions to increase the effectiveness of the commercialization process for startups in Vietnam. 3.2. Methodology To achieve the above objectives, the paper used survey research, including mail interviews and personal interviews, to obtain information about marketing activities used during the commercialization process of these companies.
4. INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION 649 Studied participants included businesses established in the last 5 years (including both profitable and unprofitable ones) as these businesses face more problems during the commercialization process. For companies of more than 5 years of establishment, they have overcome the risk of dissolution, having stable cash flow and stable development. The reason for not limiting the revenue and profit of the business is because the authors want to study the difference between profitable and loss-making businesses. The sample size is 150 startups, coming from members of the Hanoi Young Entrepreneurs Association (50 companies), Vietnam Young Entrepreneurs Association (40 companies), VINASA – Vietnam Software and Information Technology Services Association (35 companies), and other biotech enterprises (25 companies). The questionnaire consists of 3 parts: general information about the business; perspectives on marketing and marketing strategies of enterprises; and actual marketing strategy and activities of the company. Questionnaires were sent to companies by mail order and e-mail. In addition, in-depth interview was also carried out to founders of 2 notable startups in Hanoi. The interview questions were similar to the questions in the questionnaires, but as they were asked directly, the respondents responded in more details. The survey was carried out from May to July, 2017. At the end of the survey, 42 responded and completed the questionnaire, scoring 28%. This rate is much higher than the average response rate of 10% to 15% of the mail survey method, Adam Ramshaw (2017) and Andrea Fryrear (2015). The response rate was particularly high at the Hanoi Young Business Association (30%) and VINASA (36%) who are mainly in the field of technology. As a result, the statistics show that 32% of respondents are in technology, 11% in food, 13% in manufacturing, and so on. This proportion reflects quite well the population of startups in Vietnam (see Fig. 1. (a) and (b)). Fig.1. Structure of startups by sectors in Vietnam (a) and structure of sample startups by sectors (b) 3.3. Results Startups in Vietnam understand the importance of marketing activities but mistake marketing strategy as business strategy. Although newly developed, startups in Vietnam are well aware of the role of marketing activities to the success of commercialization process and the survival of the company. 100% of businesses surveyed believe that marketing is important/ very important for the company. However, the number of startups carrying out planned marketing activities only accounts for 72.7%, which does not reflect the previous result found (see Table 1.). The reason was shown clearer via in-depth interviews, pointing out to financial shortage which hinders firms to invest in marketing strategy and activities. In terms of marketing strategy, only 42% of startups have a separate marketing strategy. The rest (59.9%) has misconception about marketing strategy as they mistake marketing strategy as business strategy. This is the reason why the marketing activities of many companies are not effective, even leading
5. 650 HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA to the failure of startups. The authors also find that this misconception causes businesses more difficulties when obtain loans from banks or investment from investors as having a clear, feasible marketing strategy is one of the criteria approved for loans or investments from investors/investment funds. Table 1. Perspective of entrepreneurs on the importance of Marketing Criteria Quan. % 1. Importance of marketing to startups Not important 0 0 Important 38 83,4 Very important 6 13,6 2. Carry out Marketing activities Yes 32 72,7 No 12 27,3 3. Have Marketing strategy Yes 18 40,1 No 26 59,9 When comparing between loss-making and profit generating startups, it is found that 66% of profit- generating businesses have their own marketing strategy or planned marketing activities, compared to 23% of loss-making startups (see Table 2.). The number of profit generating businesses with marketing departments and trained staffs (80% and 62%) is also higher than the loss making businesses (20% and 37%). Thus, it can be seen that startups that are well planned when it comes to marketing have more probability to generate better income and profit. Table 2. Comparing between profit making and loss making startups Startups Criteria Quan. Profit-making: 18 Loss making: 26 Quan. % Quan. % Carry out Marketing activities - Yes 32 18 56,3 14 43,7 - No 12 0 0 12 100 Build separate Marketing strategies - Yes 18 12 66,7 6 23,1 - No 26 6 23,1 20 76,9 Marketing department - Yes 10 8 80 2 20 - No 34 10 29,4 24 70,6 Trained Marketing staffs - Yes 8 5 62,5 3 37,5 - No 36 14 38,9 23 61,1 Most startups do not carry out all five steps of marketing strategy planning, focusing mainly on setting objectives and marketing mix design. The authors then analysed each marketing strategy of 18 startups (42%) that have their own marketing strategies. With limited knowledge and human resources for marketing, the contents of marketing strategies of these companies are inadequate. Only 6 out of 18 companies (33.3%) carried out all five steps of marketing strategy (internal and external environment analysis, identify objectives of the strategy, marketing mix design, implementation, and control). Majority
6. INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION 651 of the businesses (52%) carried out the three steps: internal and external environment analysis, identify objectives of the strategy, and marketing mix design. According to the survey results, there are only 10 out of 18 startups (55%) conducting internal and external environmental analysis. In contrast, setting objectives for the strategy is one step that our companies all take during the strategy planning. However, only 3 companies have long-term goals such as gaining market share of 23% in 5 years, entering the stock market in the next 10 years, or turnover reaching VND 30 billion by 2020. Most of the targets are on revenue and profit, of which only 10 companies set specific goals with numbers and milestones. Similarly, designing the marketing mix was implemented by all 18 companies. In order to assess effectiveness of the marketing mix, authors analyse the use of the media that the enterprises used and its effectiveness. Website is the most popular media used by startup businesses (66.7%), the new and more effective media like search engine optimization (33%), social network (38%), online advertising are also preferred. In addition, the mix of a variety of media is very few as most companies use two types of media in their marketing strategy. About the budget for marketing strategy, 64% of the budget is with the first P (product) of marketing, regarding product research and development, advertising activities account for 28% and other (8%). This shows that startup focus more on developing their ideas into products than the marketing activities in commercialization process. Finally, relating to test and control activities, only 3 out of 18 startups (16%) carry out the test marketing step, however, not frequently. None of these companies ever adjusted their marketing strategies. 3.4. Analysis of result The above result comes from the following reasons: • Mistaken marketing strategy as business strategy: Although most startups consider marketing activities to be important, only few (18/44) develop a marketing strategy that is separate from the general strategy of startups. The entrepreneurs or the founding members of startups undertake many tasks at the same time: finance, human resources, marketing, with not enough specified knowledge of marketing strategy planning and activities. • Lack of trained marketing staffs: Startups have limited number of employees (52.3% of them have fewer than 10 employees), many do not have their own marketing departments but only employees. Moreover, the number of businesses with staff trained in marketing is very low (18.2%). • Marketing strategy and activities mainly focus on setting objectives and marketing mix design: Most of startups only focus on 3 contents: analysis of internal and external environment, identify the objectives of the marketing strategy, and marketing mix design, without paying attention to implementation of these activities, and testing and adjusting strategies accordingly. • Each step of the strategy was implemented in an unambiguous manner: as the objectives of the strategy are not specific and clear, not measureable and no milestones, very few companies have long-term goals. Strategic planning did not focus on optimal methods, cost savings while budget is a big problem causing difficulties for enterprises. There was no method to analyze the effectiveness of media use, the reach to customers, or any adjustment for improvement.
7. 652 HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA 4. LESSONS FROM SUCCESSFUL STARTUP COMPANIES IN THE UNITED STATES OF AMERICA 4.1. Google Google is an Internet company based in the USA, founded in 1998. Its main product is Google search engine, widely regarded as the most useful and powerful search engine on the Internet. Google headquarters is “Googleplex” in Mountain View, California, USA. Google is considered one of the examples of the most successful startup business in the world. Starting with USD 100,000 worth of investment from Andy Bechtolsheim, co-founder of Sun Microsystems, the number of employees under 10, the data centre is located in a 5-square-meter, rent-a-room motel. But after only a year of operation, the capital of the company was raised to 25 million, the number of employees went up to 50 people. The year 2000 marked Google’s index of more than 1 billion web pages and officially became the largest search engine in the world, the number of employees to 150 people. In 2001, Google began to make profits, revenue reached USD 86.4 million, profit USD 6.99 million, the number of employees jumped to about 250 people. In the following years, Google has always achieved impressive figures in terms of revenue, profit, staffing. In 2002, revenue reached USD 439 million, profit of USD 99 million, human resources of about 500 people, sales growth of 409%. In 2003, revenue reached USD 1.47 billion, profit of USD 106 million, human resources of about 1,300 people, sales growth of 234%. By 2016, revenue reached USD 90 billion, profit USD 12.6 billion, employees about 60,000 employees (Google, 2016) The success of Google comes from the below reasons: • Google studied the market very carefully, the strengths and weaknesses of competitors, opportunities and threats. They discovered the downside of the search software at the time, such as Alta vista, Yahoo, and Netscape. The search engines AltaVista and Excite only notice the text, without regard to other signals. This leads to unrelated search results. Google developed a page rank algorithm that aggregates multiple signals to display search results so it is faster and more accurate. In addition, the search engine of another company is difficult to use, only people with computer skills can use it. Some companies also require users to pay to use the search engine. • Outline specific goals for each stage and focus on fewer goals. Instead of putting too many goals for the start, they begin by focusing entirely on the goal of becoming the world’s leading search engine. It was not until six years later that Google launched Gmail - its email system. • The company’s marketing-mix strategy is an example of how well-designed strategies are. Google’s marketing-mix is ​an effective combination of product strategy, consistent pricing strategy and segmentation. Popular products, along with promotion strategies. With a simple, easy-to-use search engine product, display exactly what the user is looking for. “Why pay for a hard-to-find search engine while you can use an easy- to-use search engine “without paying for it?”. Google takes advantage of the popularity of the Internet to maximize the company’s efficiency in delivering digital products in a short time. With the optimal product, the company determines the minimum cost for advertising. They name a great amount of money for research and development or product development. With this two-year marketing strategy, Google acquired the market, destroying the competing company, and growing into a global leader in search engine optimization. 4.2. Uber Uber’s full name is Uber Technologies Inc, founded by Travis Kalanick and Garrett Camp. This is a transportation company based in San Francisco, California and operates in cities in many countries.
8. INTERNATIONAL CONFERENCE STARTUP AND INNOVATION NATION 653 Uber was founded in 2009 with the original name of Ubercab, which started operations in 2010 with a few vehicles and a few employees. Uber has achieved impressive success in recent years. By 2014, Uber services were available in 53 countries and over 200 cities worldwide, and the company was valued more USD 40 billion. Uber has risen to become the most influential global taxi company in 2016, valued at USD 60 billion, with more than 6,000 employees in more than 300 cities in 58 countries, and more than 1 billion drivers cooperating. Uber’s success has a lot to do with the effectiveness of its marketing strategy. • Understanding of the market: Understanding the discomfort of customers for regular taxi services like call center, long wait, high prices, taking advantage of opportunities brought about by the development of technology, Uber has launched a good business model and service, solving the problems of passengers and drivers. For customers, through the mobile app, they can find the nearest driver, directly call for the car reservation, get the location of driver, and get the information about the amount of money to be paid. As for the drivers, Uber brings them the ability to relax and move on many new roads. • Attractive pricing strategies: Not only good service but Uber’s pricing policy is also very attractive. Uber can offer cheaper rates by utilizing idle power. • Good communication plan: Even though Uber never burn money into advertising or public relations but by word of mouth, Uber is still widely known. Uber chose the first place as San Francisco, the technology city, where there are people who always look out for problems and find ways to improve quality of life. They are a community that actively shares new knowledge, new and influential experiences on social networks, newspapers and blogs. Uber sponsors moving vehicles for technology events, investment connections, and press conferences. Starting from a small but influential community, Uber is more commonly known by word of mouth. Uber creates “catalysts” that make the process faster and more powerful. Users are encouraged to share Uber with their friends by submitting an invitation via the app. Lessons for startups in Vietnam for the commercialization process: firstly, one needs to understand the market’s needs, whether the needs are satisfy by the competitors, and the problems of competitors can become advantage of the company. Secondly, the company needs a marketing strategy with clear objectives, giving priority to few smaller objectives before expanding to the whole market. Thirdly, the company can take advantage of the internet and the information revolution to offer products/services at a lower and more attractive price to customers. And finally, there is no need for a gigantic communication plan but rather clear and creative messages targeting the right audience using the tools that the audience is most familiar with. 5. SOLUTIONS TO INCREASE THE EFFECTIVENESS OF COMMERCIALIZATION PROCESS FOR STARTUPS IN VIETNAM Based on the research results and lessons from successful startups in the US, several solutions are offered to increase the effectiveness of commercialization process for startups in Vietnam: • Raise awareness of entrepreneurs and companies founders regarding marketing strategy planning and importance of marketing activities: Aside from having the right perspective relating to marketing, companies need to have trained knowledge and skills relating to marketing strategy planning and implementation. The authorities or incubators can help by offering workshops for entrepreneurs relating to marketing, offering human resources and help relating to marketing. From the company, they need to develop their own marketing department with trained and experienced marketing staffs. • Startups need clear and thorough understanding of the market, the competitors, and the customers via market research activities: Research activities analyzing the internal and external environment of the
9. 654 HỘI THẢO KHOA HỌC QUỐC TẾ KHỞI NGHIỆP ĐỔI MỚI SÁNG TẠO QUỐC GIA company need more attention. Examples from Google and Uber show how these companies succeed via good understanding of their competitors’ strengths and weaknesses and customers’ needs and wants. Some model could be used like SWOT analysis, Porter Five Force analysis, and many others could be used to analyze the strengths, weaknesses, opportunities, and threats of the companies in the market. • Companies need to develop clearer short-term objectives before moving on to long-term ones: Long term objectives for marketing activities planning and implementation can serve as direction for future growth but the most important ones are short-term objectives. Both Google and Uber have very clear short- term objectives which are measurable, achievable, and with clear milestones. • A effective mix of four elements in marketing mix is needed rather than just focus on product development and advertising: Google and Uber also focus very much on product and concept development, but together with effective implementation of other factors, for examples, reasonable and flexible pricing strategy, mix of marketing media to reach target audience, the use of other less expensive methods of media such as word-of-mouth marketing. • Clear sets of criteria to measure the effectiveness of marketing activities with regular adjustments to the marketing plan: There was no method to analyze the effectiveness of media use, the reach to customers, or any adjustment for improvement. 6. CONCLUSION Startups in Vietnam are facing many difficulties in the commercialization of business ideas and concepts and reaching target customers. Most of these difficulties coming from failure of startups to effectively plan and implement marketing strategy. The reasons come from misconceptions of businesses relating to marketing strategy, lack of knowledge and skills to plan and carry out marketing plan, and lack of trained human resources with experience in marketing. The paper has drawn out some solutions both for the companies and the startups supporting system from analysing some successful startups like Google and Uber in the United States. The solutions hope to increase the effectiveness of the commercialization process for startup companies in Vietnam. Further study regarding specific criteria to evaluate the effectiveness of the strategies and offers solutions based on these criteria could contribute more to the topic. 7. REFERENCES • Books • Cach M. Ngo and Thanh T. M. Dao (2010), Marketing Management, Finance publishing house, Academy of Finance. • Journals • Dale S. Rogers, Douglas M. Lambert, A. Michael Knemeyer (2015), The Product Development and Commercialization Process. • Joshua S. Gans and Scott Stern (2012), The product market and the market for ideas: commercialization strategies for technology entrepreneurs, Research Institute of Australia, October, 2012. • Hoa V. Đinh (2013), Phát triển thêm nhiều doanh nghiệp để công nghiệp hóa, hiện đại hóa đất nước, 2/2013, Tạp chí Lý luận Chính trị. • Ljiljana Stankovi and Suzana Djuki (2004), Problems of measuring success of a new product, Economics and Organization, Vol. 2, No.2, pp. 101 – 110. • News
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