搜索
E102:MarketingFundamentalsJanuary22,2003EntrepreneurialFellowshipProgram:RoderickDickIndustrialRelationsCenter:ChrisHalliwell2FundamentalMarketingQuestionsWhenEvaluatingaNewBusiness1.Haveyoufoundarealmarket,solvinganimportantandhighpriorityproblemforcustomerswillingtoinvestinsolvingtheproblem?2.Areyoudifferentiatedfromdirect/nearlydirectcompetitorsinawaythatjustifiesthehassleoflookingatanewvendorand/orthecostofswitchingtoanewtechnology/product?3.Howbigwillyourbusinessbein5years?Whatwillyouselltohowmanycustomersofwhattype,andwhatwillthesecustomerspayforyoureachofyourofferings?4.Whataretherequiredservices,resourcesandthirdpartyrelationshipsnecessarytoattract,sellto,andsupportthesecustomers?3HowtoSpeedDateaMarket???COMPLETETHEMARKETINGPLANDoInitialMarketAnalysisUsing(10Visionariesplusendusersurveyoption)1monthDraftTheMarketingPlanGeneratePlanDetailsThroughDialogWithTargetPartners&Customers2-3months4“That’sCool!”vs.“GottaHaveIt!”5Consumersvs.Channels6Competitorvs.Partner7FYI:MarketingPlanOutlineExecutiveSummaryMarketAnalysis–Trends:problemstobesolvedandhowthingsgetdonetoday,alternativetechnologies,marketstructureandinfluencers,segments,drivers/barriersforchangeandgrowth–Positioning:targetmarket/customer“map”,technologyvalue,differentiators,solutionrequirements/businessmodelopportunitiesCompetitiveAnalysis–Advantages/disadvantages:wholeproductSWOTanalysisandstrategytobeatdirectcompetitors,priceandbusinessmodelassumptions–TAM/SOM:Totalavailable,3-yrgrowthrates,andshareofmarketanalysisindollarsandunits8PlanOutline,continued…ProductStrategy–Coreproductdescription:Functions/featuresandmetricsrequiredtosupportendusevaluepoints,senseofproductlineextensionoptions–Ancillaryproductcontent:Relatedhardware/software,interfaces,tools,othercontentrequiredbybusinesspartnersandkeycustomers–SelectionoftargetpartnersanddefinitionofsupportrequirementsSalesStrategy–Purchaseprocess:economicbuyer,influencers,customer’sevaluation,design-inanddeploymenttasks–Salesprocess:targetcustomers,salescycledescriptionandmetrics,resourcecoverageandchannelmodel–Valueandnumberofcustomerwinsperperiodrequiredtomeetsalestargets9PlanOutline,continued…SupportStrategy–Pre-sales:Consulting,training,documentationneededtodrivecustomerevaluation,demonstrationandintegrationanalysis–Post-sales:Consulting,training,documentationneededtomeetsatisfactionmetricsforinstallation,deploymentandongoinguse–SelectionofpartnersanddefinitionofsupportrequirementsMarketingPrograms–Marketdevelopment:Activitiestocommunicatevalue,buildcredibilityandgenerateleadsamongprospectivecustomers,includinglaunchstrategy;definitionofcustomeracquisitionmetrics–Accountdevelopment:Activitiestodemonstratevalue,buildreferencesanddeveloprelationshipswithexistingcustomers;definitionofaccountgrowthmetricsQuarterlyMilestones,ResourceRequirements,Budgets10MarketAnalysis:Trends&IndustryStructureUseMajortrendsintechnology,standards,regulationsDriversandbarrierstogrowthBusinessmodeloptionsandkeyplayers(competitors/partners)ateachlayerofthefoodchainSizeofsegment,majorsub-segments/roughdistributionofmarketrevenues/units–NAMEofvisionaries/potentialearlyadoptingcustomersbysegmentForecastsorprognosticationsofrateofsegmentgrowth11CompetitiveAnalysis:Strengths&WeaknessesUse–Patentpositions–Pricingstrategy/businessmodel–Productstrategy,includingperformance/keyfeatures–Sales/supportstrategy–Targetmarketsandkeycustomers–Valueproposition–Marketshare–Industryperceptionsofthiscompetitor–PreparecompetitorSWOTchartfor3keyplayers12CompetitorSWOTAnalysisWeaknessesUniqueTechnology?IP?Engineering?Marketing(Positioning,Awareness…)?DistributionChannels?Availability?Training?Service?CustomerSupport?Financial/BusinessModel/Pricing?…StrengthsUniqueTechnology?IP?Engineering?Marketing(Positioning,KeyCustomers…)?DistributionChannels?Availability?Training?Service?CustomerSupport?Financial/BusinessModel/Pricing?…InternaltoCompetitorThreatsWhatthreatsdoesCompetitorseebecauseofCompetition?ReplacementTechnologies?Others(Government,Social…)?OpportunitiesWhatopportunitiesdoesCompetitorseewithchangingTechnology?EconomicEnvironment(QualifiedPeople,AvailabilityofCapital,etc)?Social(Expectationsofservice…)?PoliticalandGeographic(Regulations,Stability..)?ExternaltoCompetitorNegativesPositionsandTrendsPositivePositionsandTrendsCompetitor:__________13GenerateHypothesestoTestWithVisionariesWhatwillittaketogenerateword-of-mouthandbrandawareness?Whatkindofdistributionmodeldoesthebusinessmodelrequire?Whatsupportwillcustomersneedtoevaluateandusetheproduct?Whywillsolvingthisproblembeimportanttomorecustomersovertime?Whatwillcustomersbewillingtopay&whataretheimplicationsforyourbusinessmodel?Quantifytotalcostofadoption/switchingvs.currentmethodsoralternativesforeachtargetsegmentIsitworthittoacustomer?Quantifytheproblemyousolvevs.alternativesineachtargetsegmentByIndustryByApplication(Usetheproductto…)Byothersegmentvar