I have been working with a startup that has a breakthrough technology to move power through electronics more efficiently. It isn’t hard to imagine the impact that the company could have on the world if computers used electricity in a way that produced less waste and heat.

But don’t confuse vision with strategy. I can’t write an effective website until there’s a plan how the company will insert itself into the power electronics value chain—will they be a behind-the-scenes parts supplier? A consumer-facing brand selling finished products? Something in between?

Early-stage technology founders tend to think that their company story answers the question “What does the company do?” But to me the answer to the What question is the ‘quiet middle’ of the story. The inspiring part answers Why. The action part answers How, which I’ll focus on today. And like the Rice Krispies characters Snap, Crackle, and Pop, you need all 3 of Why, What, and How to make the startup magic happen.

Companies born from academic research often struggle the most with this, for several reasons: The inventions came from basic research and weren’t driven by specific market need; the technologies could be applied to a wide variety of use cases; and the founders often don’t know details of the industry they propose to tackle.

If this sounds like your startup, or a company you’re working with, let’s make sure your external-facing materials don’t just talk about What, but also capture Why and How.

The Why part of the story is exciting, sweeping, and becomes clear far earlier in the company’s development. You are revolutionizing IVF or semiconductor manufacturing or brain wave analysis. Capturing this Why vision most vividly is a discussion for a separate post. Let’s talk about How—where will you fit into your industry’s value chain?

The image conjured by the phrase “value chain” is flat and linear. But industries are better thought of as pyramids. Large amounts of raw or early-stage materials flow together to form fewer, higher-value products. Margins tend to increase as you go up the value chain, particularly if you can vertically integrate with the layers below. Where will you build your company within this pyramid? That’s a strategic question that affects your positioning, messaging, and calls-to-action.

You might not have a clear industry strategy at the beginning. That’s OK. Startups are like octopi searching for an opening in an underwater rock face: they slither about and stretch tentacles in various directions to (hopefully) find a crack in which they can establish themselves. The How messaging will change as the strategy clarifies.

To get a handle on your optimal industry strategy, ask yourself:

• Am I entering a dynamic (read: competitive) market? Are the market leaders sclerotic and outdated?

• Do I have horizontal or vertical ambitions? Is there opportunity in my industry for a new top player?

• How much money can I raise, or do I want to? How big an organization do I want to run?

• Are profits distributed across the value pyramid, or do I have to sell a branded product to capture decent economics?

• Does my technology create a platform? I see this frequently with healthcare startups. One technology can address many diseases or conditions, which suggests a horizontal supplier strategy.

• Who do I know, and what opportunities and inbound inquiries are presenting themselves?

The answer to these strategic questions shapes the active part of your story. In the case of the power electronics startup, there are lots of ways for the company to extract value: they could license their technology to manufacturers; they could manufacture transistors themselves; they could build and sell branded power electronics.

In each case, the company’s message is different, the audience is different, and the action you want that audience to take is different. The famous “Intel Inside” campaign was preceded by a very clear strategic decision to establish the company at the industry supplier level. Strategy begets message.

Long ago I learned from Professor (now friend and mentor) JD Schramm about the AIM framework: Audience, Intent, Message. You can’t create the Message until you’ve figured out what Audience you’re speaking to and what your Intent with them is. These considerations fundamentally shape how you present your startup to the outside world. How you’ll fit into your industry determines who you’re talking to, and about what, and together they determine your message.

By separating and clearly thinking through your company’s Why, What, and How, you’ll heighten the Pow of your startup story. And Pow, of course, is the long-lost friend of Snap, Crackle, and Pop. True story.