The 3rd Bootcamp for PRIME Meghalaya’s Cohort 4.0 conducted on the 22nd & 23rd August 2024, themed “Go to Market,” was a valuable two-day session aimed at preparing entrepreneurs to effectively launch and position their products in the market. Held under the expert guidance of Shri Debapratim Das and Shri Pankaj Baruah, experts and mentors from IIMCIP, the bootcamp covered essential elements of marketing, pricing, and financial management critical for any startup’s success.
One of the key discussions centered around understanding costs—specifically, identifying which costs are controllable and which are not. By grasping this distinction, entrepreneurs can more strategically manage their expenses, ensuring that every rupee spent contributes to the company’s growth. The session then moved into exploring profit-making techniques and formulas, giving participants a clear sense of how to calculate profitability and make financially sound decisions.
Effective pricing strategies were highlighted as fundamental to a strong go-to-market approach. By understanding the intricacies of pricing, entrepreneurs can not only ensure competitive positioning but also maximize revenue. The discussion further delved into the impact of pricing on promotion and distribution, two key pillars for reaching and attracting target customers. The trainers emphasized the importance of finding the right price point that balances value for the customer with profitability for the business.
Collaboration was another core focus. The mentors explained that by collaborating with others, whether in distribution channels or promotional efforts, startups can extend their reach, create synergies, and ultimately amplify their market presence. Staying aware of competitors and their offerings was also advised, as this knowledge can shape competitive pricing and positioning.
The bootcamp included a hands-on exercise where participants calculated gross margins—a fundamental metric for any entrepreneur to understand the profitability of their products. Additionally, they explored break-even analysis, learning how to find their break-even point and how this insight can guide product pricing decisions. Knowing the break-even point enables entrepreneurs to set prices that not only cover costs but also position their products effectively in the market.
In sum, the bootcamp provided entrepreneurs with practical tools and insights to approach the market confidently. From understanding costs to strategic pricing, promotion, and competition, the session underscored the importance of a comprehensive go-to-market strategy, arming participants with the knowledge to make informed decisions that drive their startups forward.
