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University of Dayton Business Plan Competition

University of Dayton Business Plan Competition. What makes for a good opportunity statement?. www. UDBPC . com. Good Opportunity Statements. Describe the product or service quickly Discusses benefits it provides to customers (your benefits emerge in the financial section)

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University of Dayton Business Plan Competition

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  1. University of Dayton Business Plan Competition What makes for a good opportunity statement? www.UDBPC.com

  2. Good Opportunity Statements • Describe the product or service quickly • Discusses benefits it provides to customers (your benefits emerge in the financial section) • Discuss some key attributes for the customer buying motivation • Highlight Customer demographics • Highlight any IPR protections available • Discuss the “hook” what makes this valuable • Why you should be the one to do this. We’ll write 1-2 sentence for our sample problem and then combine them at the end

  3. 1. Describe the product/ service quickly • Use affect words, but avoid Puffery! • Never say “Greatest product ever”. • The product reduces “X” problem by doing “Y” • In the Business Model section, we discuss how to get this to market. “The Accue Safety stem cap replaces your car’s current stem cap with one that changes colors when tire pressure drops more than 5 psi below where it should be. “

  4. 2a. Discuss benefits it provides customers • How does this save them time/money/space? How much does it save Accue stem caps alert you when it is time to add air to your tires. Just glance at them once a day and you’ll know when it is time to add air. It takes about 30 seconds to swap out your stem caps—if you’ve added air to a tire, then you know you can do it! We price them cheap—they pay for themselves in less than six months.

  5. 2b. Discuss benefits it provides other stakeholders Provide insights on why others want you to sell this product/Service and why “Retailers love this high margin low cost impulse buy”. It doesn’t take much shelf space and it encourages customers to increase their buying.

  6. 3. Customer Buying Motivation • Customers want an easy to use product • Customers want a quick to use product • Customers want a cheap to use product “Accue stem customers are not car mechanics—they want a solution they can do themselves cheaply and quickly”

  7. 4. Highlight Customer Demographics • How many target customers are there, and how much will they spend? • Use a “profiler” approach—what are they thinking? • VALS are good shortcuts to description “Accue Stem caps appeal to professionals who are wary of “miraculous fuel efficiency” products. Improving fuel efficiency for the sake of saving money appeals to their sense of cleverness; but the appearance of sophistication this product provides is even stronger. VALS demographics indicate these customers are achievers, roughly $10 million Americans willing to spend $5 billion annually on aftermarket car products”.

  8. 5. IPRs (Intellectual property Rights) • This is a benefit for investors—IPRs mean they are more likely to get a return on their investment • Why? By blocking some competition, your margins should remain healthy.

  9. 6. What’s the hook—the secret sauce, what makes it clever? • Don’t give away the secret sauce, just let the judges sample it. • Indicating you have a beta/prototype/trial sales validates it well “Accue Stem caps are as quick as visual inspection and as reliable as a tire gauge inspection. We’ve put 10,000 on the road and customers love them!”

  10. 7. Why should you be the one to do this? • Never say “I should do this because X”. • Better to describe your experience in the industry and the expertise you provide. “I’ve spent ten years in this industry, and know what it takes to sell these stem caps”

  11. Putting all this together The Accue Safety stem cap replaces your car’s current stem cap with one that changes colors when tire pressure drops more than 5 psi below where it should be, alerting you when it is time to add air to your tires. It takes about 30 seconds to replace your stem caps—if you’ve added air to a tire, then you know you can do it! We price them cheap—they pay for themselves in less than six months. Retailers love this high margin low cost impulse buy”. It doesn’t take much shelf space and it encourages customers to increase their buying. Accue stem customers are not car mechanics—they want a solution they can do themselves cheaply and quickly” Accue Stem caps appeal to professionals who are wary of “miraculous fuel efficiency” products. Improving fuel efficiency for the sake of saving money appeals to their sense of cleverness; but the appearance of sophistication this product provides is even stronger. VALS demographics indicate these customers are achievers, roughly $10 million Americans willing to spend $5 billion annually on aftermarket car products”. “Accue Stem caps are as quick as visual inspection and as reliable as a tire gauge inspection. We’ve put 10,000 on the road and customers love them!” “I’ve spent ten years in this industry, and know what it takes to sell these stem caps”

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