PRIME Meghalaya recently wrapped up its highly successful 3rd Bootcamp for Cohort 3, focusing on the topic of “Go to Market.” The event took place on the 13th and 14th of July, 2023, at the PRIME Startup Hub, in Shillong. The main objective of this two-day bootcamp was to equip entrepreneurs with the necessary knowledge and insights on how to effectively reach their target customers and develop robust marketing strategies.
The two – day sessions was taken by the two resource person from the IIMCIP, Shri. Sanjoy Sen and Shri. Pankaj Baruah.
During the bootcamp, participants engaged in a series of interactive sessions, workshops, and activities designed to enhance their understanding of the go-to-market process. They gained valuable insights into various aspects, including customer identification, market research, product positioning, pricing strategies, distribution channels, and promotional techniques. The bootcamp aimed to provide entrepreneurs with a comprehensive understanding of the entire marketing ecosystem and empower them to make informed decisions when it comes to reaching their customers and promoting their products or services.
The Day 1 of the Bootcamp on the 13th July, 2023, the knowledge session was taken by Sanjoy Sen, he talked about:-
HOW DO I (ENTREPRENEUR) REACH MY CUSTOMER?
- How will the entrepreneur communicate with the customer?
- Make the customer aware of her/his needs/pain point.
- How your product/service can take care of that need/pain point better than other.
Communication with your customer
- Direct communication with your customer
- Through social media, it should be depend on the customer touch points (media) that customer sees most (Advertising : TV, Magazine, Outdoor : Hoarding, banner)
- A combination of all
These will increase the customer awareness level.
To know about the customer expectation, engage with them and do customer evaluation methods, these will help companies/organization understand customer satisfaction levels, measure the effectiveness of their products or services, identify areas for improvement, and make informed business decisions.
The second session on 14th July, 2023 was taken by Pankaj Baruah on:-
MARKETING STRATEGIES
- If it is in a New Market – Entrepreneur should focus on a target segment, curated packages, introductory pricing, digital and offline marketing.
- If it is New Product – Entrepreneur should focus on target segment (reluctant tenants), product, budget pricing, digital marketing and local manufacturing (for easy & fast delivery).
- Entrepreneur should also know about the right product fit.
PRICING STRATEGIES
Objective of pricing strategy:-
- Maximize sales
- Maximize revenue
- Maximize profit
- Improve cash flow
- Increase Market share
- Beat competition
He also talked about Factor affecting prices
PRICE –
- Cost
- Channel
- Customer
- Competition
Few popular models
- Cost based pricing
- Skimming pricing
- Premium pricing
- Competitive pricing
- Penetrative pricing
- Psychological pricing
- Dynamic pricing
- Captive product pricing
- High-low pricing
- Bundle pricing
- Freemium pricing
- Geographical pricing
Revenue model
- Direct sales
- Markup sales
- Subscription
- Licensing
- Commission
- Freemium
- Transactional
- Advertising
- Pay per user
The two-day session program concluded with activities in which the entrepreneurs from Cohort 3 were divided into groups. They had the opportunity to discuss and present their ideas, as this activity aimed to train these entrepreneurs to be ready for pitching their ideas and businesses in the future.



