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If You Don't Know Where You're Going, You Can't Get There From Here. The 1st Marketing Function = A business plan!It should quantify and defineIndustry
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1. Section 3Marketing and Selling Your Stuff Intro/transition for moderator or speaker: Weve just finished talking about the ways in which you can try to validate your idea to make sure that it can be turned into a real business. Now we are going to enter an arena in which many technologists feel very uncomfortable: marketing and sales. So buckle your seat belt as we discuss the ways you can help real customers decide to buy the stuff you make and pay you real money for the privilege.
Intro/transition for moderator or speaker: Weve just finished talking about the ways in which you can try to validate your idea to make sure that it can be turned into a real business. Now we are going to enter an arena in which many technologists feel very uncomfortable: marketing and sales. So buckle your seat belt as we discuss the ways you can help real customers decide to buy the stuff you make and pay you real money for the privilege.
2. If You Dont Know Where Youre Going, You Cant Get There From Here The 1st Marketing Function = A business plan!
It should quantify and define
Industry & Market Segment
Business objectives/costs
Your audience (target market)
Their pain & their language
The value of what you have to offer them
Who/what influences their buying decisions
Where and how they buy Without a market, there is no product
Without a market, there is no product
3. What you dont know can kill you The difference between advertising & marketing
The dynamics in your industry
Your competition
The decision maker
Whether the timing is right
4. Getting to the Place Youve Identified Critical Requirements
Well defined business objectives/costs
Knowledge your audience is and how they are influenced (personification)
Description of your business or product that answers their pain in their language
Plan of action and methods for monitoring success
What you dont necessarily need
Deep marketing expertise
Lots of money Thorough understanding of your audience
Profile your audience
Identification of best ways to reach them
What they read
Where they go for guidance on what they buy
How they use the Web to find and buy products like yours
Thorough understanding of how the industry works
Profile the industry and the dynamics
Get a grasp on the processes and parties involved
Know what you compete with
How you are differentiated or answer the problem better
Solid positioning of your product that addresses all the above
Thorough understanding of your audience
Profile your audience
Identification of best ways to reach them
What they read
Where they go for guidance on what they buy
How they use the Web to find and buy products like yours
Thorough understanding of how the industry works
Profile the industry and the dynamics
Get a grasp on the processes and parties involved
Know what you compete with
How you are differentiated or answer the problem better
Solid positioning of your product that addresses all the above
5. Marketing Spending Decisions Weigh by what they will return in:
Company/product awareness
Sales revenue or proof of concept
Partnership opportunity
Investor visibility
Without history some will be guesses
Dont try too many things at once What counts most when you are getting started:
Low cost / high return
Measurable
Actionable
Opportunity to refine
Message
Pricing
Product/Service features
Differentiation
What counts most when you are getting started:
Low cost / high return
Measurable
Actionable
Opportunity to refine
Message
Pricing
Product/Service features
Differentiation
6. The Basics Phone number and address
Basic Corporate ID Package
Reusable Components (copy, graphics, etc)
A Domain Name
Simple Brochure
Starter, but Professional Looking Website Phone: Services like AccessLine Virtual Office (www.accessline.com)
Images and copy that are reusable across a variety of media
Domain and email: Spend the small amount to get a real one
Avoid using AOL or Yahoo especially for email addresses
Simple Brochure
Dont say too much
Everything you have to say initially WILL change
Website
Hosting plans are inexpensive
Including tracking
Referrals, where users go on your site, how long they stay
Probably dont need an agency unless youve got plenty of cash and a very well defined go-to-market strategy
Agencies operate on some formulas
A startup may not be well-defined enough for the formulas to apply in the same way
You will be expected to know your market and their needs
Youll end up spending the same dollar again
You dont have time or resource to make a lot of these mistakes
Web Offers Numerous Resources for inexpensive work
Design Outpost (www.designoutpost.com)
Logo Works http://www.logoworks.com/Logo-design-pricing.html
Guru (www.guru.com)
Phone: Services like AccessLine Virtual Office (www.accessline.com)
Images and copy that are reusable across a variety of media
Domain and email: Spend the small amount to get a real one
Avoid using AOL or Yahoo especially for email addresses
Simple Brochure
Dont say too much
Everything you have to say initially WILL change
Website
Hosting plans are inexpensive
Including tracking
Referrals, where users go on your site, how long they stay
Probably dont need an agency unless youve got plenty of cash and a very well defined go-to-market strategy
Agencies operate on some formulas
A startup may not be well-defined enough for the formulas to apply in the same way
You will be expected to know your market and their needs
Youll end up spending the same dollar again
You dont have time or resource to make a lot of these mistakes
Web Offers Numerous Resources for inexpensive work
Design Outpost (www.designoutpost.com)
Logo Works http://www.logoworks.com/Logo-design-pricing.html
Guru (www.guru.com)
7. And What About the Web
8. Momentum maker the internet Use your website
Press releases
Case Studies
White papers
Testimonials
35% of journalists say they use blogs as a source of information
Google adwords are a great way test your message and your audience
try doing searches on your own to see how words and word combinations are used by your target audience, then spend $5 with Google to set up an account and bid on those words or word combinations. The going bid
Monitor and Measure results
35% of journalists say they use blogs as a source of information
Google adwords are a great way test your message and your audience
try doing searches on your own to see how words and word combinations are used by your target audience, then spend $5 with Google to set up an account and bid on those words or word combinations. The going bid
Monitor and Measure results
9. Tried & True, Traditional methods Winning Friends and Influencing People In a Business to business world Editors
Analysts
SMEs
Recommenders/specifiers
Press
Editors
Writers
Reviewers
Analysts
Industry Analysts both independent and large firms
Financial analysts
SMEs
Those who speak on the topic
Those who write on the topic
Industry organizations/associations
Find the people who serve on committees related to your product and youll find SMEs
Get actively involved yourself
Press
Editors
Writers
Reviewers
Analysts
Industry Analysts both independent and large firms
Financial analysts
SMEs
Those who speak on the topic
Those who write on the topic
Industry organizations/associations
Find the people who serve on committees related to your product and youll find SMEs
Get actively involved yourself
10. Example: Concrete Countertop Manufacturer Local Market Size = ~ $200M/Y in natural stone countertops
Market Dynamics
Consistent growth in high-end residential use of natural stone
Regional shifts in design trends for more subtle, less shiny materials
Clear relationship for high-end in use of interior and kitchen designers
Natural stone fabricators/installers rely on recommendations
Competition
Low-Cost = Corian/other man-made solid surfaces
High-Cost = Granite/marble/exotic stone
End-Customer = Home Owner, interior designer, or builder
Recommender = Interior designer, kitchen designer/cabinet provider, architect
Marketing Audience
Designers
Kitchen Showrooms
Plumbing fixture showrooms
11. Methods/Investment Website
Professional photography
ASID Membership
Designer presentations
Showroom Displays/Sample boards
Participation in high-end designer show houses
Regional design mags; Local lifestyle magazine coverage
Listings on Internet directories
Direct Mail to those requesting information
Total Expenditures 3% of revenue
Sales/marketing staff of 1.5 FTEs
CAGR 122% for 3 year old company to $600K per year Website $25 p/m hosting, Template $50, Microsoft FrontPage $249
Professional photography Bartered for countertop cost to produce $2000, retail value $4500
ASID Membership $350 per year includes meetings and membership directory listing
Designer presentations About $500/year in Quiznos sandwiches or cookies
Showroom Displays/Sample boards Cost to produce custom displays in 10 locations avg $1600 ea.
Sample boards = $20 ea
Participation in high-end designer showhouses Most for custom work at cost
National Street of Dreams $5000 advertising fee including booth
2200 people registered for giveaway
Regional design magazines Local lifestyle magazine coverage Frequent writer/editor contact and press releases = free
Listings on Internet directories Free
Direct Mail to those requesting information Postcard printing cost $1200
In-house printing of back for specific uses
Total expenditures over 3 years 3% of revenue to generate 100% year on year growthWebsite $25 p/m hosting, Template $50, Microsoft FrontPage $249
Professional photography Bartered for countertop cost to produce $2000, retail value $4500
ASID Membership $350 per year includes meetings and membership directory listing
Designer presentations About $500/year in Quiznos sandwiches or cookies
Showroom Displays/Sample boards Cost to produce custom displays in 10 locations avg $1600 ea.
Sample boards = $20 ea
Participation in high-end designer showhouses Most for custom work at cost
National Street of Dreams $5000 advertising fee including booth
2200 people registered for giveaway
Regional design magazines Local lifestyle magazine coverage Frequent writer/editor contact and press releases = free
Listings on Internet directories Free
Direct Mail to those requesting information Postcard printing cost $1200
In-house printing of back for specific uses
Total expenditures over 3 years 3% of revenue to generate 100% year on year growth
12. Example: Video Professor Computer Software Training CDs
Free for the cost of shipping
Money-back guarantee
Broadly advertised on TV
but not always
1980s in computer as DOS VHS for $9.99
1990s Expanded to CD-ROM
Today major market share in software training @ $4.99
13. Timing can be everything
14. Marketing Spending Decisions Wrap Up Weigh by what they will return in:
Company/product awareness among customers
Sales revenue or proof of concept
Partnership opportunity
Investor visibility
Without history some will be guesses
Test, measure, and do it again
Dont try too many things at once What counts most when you are getting started:
Low cost / high return
Measurable
Actionable
Opportunity to refine
Message
Pricing
Product/Service features
Differentiation
What counts most when you are getting started:
Low cost / high return
Measurable
Actionable
Opportunity to refine
Message
Pricing
Product/Service features
Differentiation
15. Section 3Marketing and Selling Your Stuff Intro/transition for moderator or speaker: Weve just finished talking about the ways in which you can try to validate your idea to make sure that it can be turned into a real business. Now we are going to enter an arena in which many technologists feel very uncomfortable: marketing and sales. So buckle your seat belt as we discuss the ways you can help real customers decide to buy the stuff you make and pay you real money for the privilege.
Intro/transition for moderator or speaker: Weve just finished talking about the ways in which you can try to validate your idea to make sure that it can be turned into a real business. Now we are going to enter an arena in which many technologists feel very uncomfortable: marketing and sales. So buckle your seat belt as we discuss the ways you can help real customers decide to buy the stuff you make and pay you real money for the privilege.