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Marketing in a Start-Up

Marketing in a Start-Up. Spring Faculty Boot Camp. Creating the Marketing Plan. Process. What is Marketing?.

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Marketing in a Start-Up

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  1. Marketing in a Start-Up Spring Faculty Boot Camp

  2. Creating the Marketing Plan Process

  3. What is Marketing? • Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. • (AMA Definition 2007) Awareness Brand Company Position Lead generation Customer Acquisition

  4. Marketing Begins at Company Inception Company inception Product Development Soft launch Product launch Revenue Ramp AFT Solid initial Customers Generateprospect list AFT Develop pipeline & close business Establish Partnerships Business Goals (#’s/$$$) Acquire Funding & Talent (AFT) AFT Identify & secure first customers Investors Employees Early adopters Investors Employees Prospects Customers Investors Employees Prospects Customers Partners Investors Employees Audience

  5. Developing an Effective Marketing Plan Business Goals Marketing Objectives and Strategy (Positioning and Messaging) Refinement Marketing Plan Measurement Customer Acquisition Cost

  6. Relating Business Objectives to Marketing Objectives The End Game Business Objectives Marketing Objectives • Acquire customers • Trial customers (alpha/beta) • Revenue customers • Subscribers • Acquire partners • Enter new markets • technology • geographic • customer segment • Introduce new products • Establish a position (near term and long term goals) • Market education • Credibility and validation • Create awareness • Drive positive opinion • Communicate value • Generate sales leads • Subscriber growth * Establish * Achieve * Generate * Expand * Change * Evolve * Reinforce *

  7. Creating the Marketing Plan

  8. Positioning Pay Attention!

  9. Company and Product/Brand Positioning • The foundation for all marketing activities • The magic ingredient in Exit valuation • Key considerations • Where do you want to be in 1, 3, 5 years? • What credible position can you stake out today? • Where do you have an opportunity for a market leadership position? • Who are you talking to? • How do you differentiate yourself from the competition? Don’t start the conversation until you know what you want to say!!!

  10. The Starting Point: Understand your Universe Prospective Customers You Market Environment Media Industry Experts Competition

  11. Is This Differentiable? Enabling mobile access to any content, on any device, on any network, at any time • Competitor 1: Your Video Anywhere • Competitor 2:Discover, create and share anytime. Experience anywhere. • Competitor 3:Engage your consumers anytime anywhere

  12. Creating a New Market Category • “A rose by any other name would smell as sweet” – William Shakespeare 1594 • Unless you have something that is completely new this should be a last resort option • Category creation: • Requires buy-in from customers, analysts and the press • Is a time consuming and distracting process, requires a great deal of investment in market education • Is potentially high risk (you don’t want to be in a category of 1) • Won’t work if it is just a marketing game

  13. Company Identity • Name • Can you pronounce it? • Can you spell it? • Is it unique? • Is the domain available? • Does it work globally? Equipe Doink Vuuch

  14. Taglines: This is Not You!

  15. Product Nomenclature • Socializing a brand name takes time and money • Does it make sense for your business to try and socialize two brands at once? • Company • Product • Chances are your audience will only internalize one brand at a time – which is more important to you? • Keep it simple! ADOBE  Acrobat The Barking Dog Ltd. 

  16. Leading with the Product Brand

  17. Aggghhhh

  18. Launch Strategies & the Marketing Mix

  19. Remember this……. • There is no magic formula!!!!!!!! • Always ask • Does this program serve my business objectives? • Can I afford to do this? Does the expected return justify the cost? • Is this right for my company?

  20. Elevator PitchMay 2011 Ian MashiterExecutive-in-Residence

  21. The Elevator Speech • What Is It? • Video • Why Is It Important? • How Do You Develop?

  22. What Is An Elevator Speech? • Imagine You Get on an Elevator • …With an Important Person… • What Is Your Objective? • What Do You Say? • Example

  23. Must Be Clear, Concise, Engaging • They Should Understand Your Business Concept • They Should Become Interested • They Should Want to Hear More • Example Video

  24. Why Is This Important? • Sometimes, Your Only Chance • Average Investor Listens for Only 90 Seconds • Process Forces You to Clarify Your Concept • Usually You Understand More Clearly

  25. How to Develop? • Describe the Business • Ask Yourself “What Must They Remember?” • Answer the Key Questions • What’s the Problem? • How Will You Solve It? • Can You Do It? • Will They Make $ By Helping You? • Practice!!

  26. Elevator Pitch Components • The Hook: Grabs the listener's attention • The Connection: Make a connection • The Benefit: What’s in it for them • The Ask: Request for next step

  27. Try This Sample • Let me introduce to my company______ We do __________We solve the problem of__________(Hook) • We have put together a team that includes ____ and _____, who have ______. Our Advisory Board includes ______. • Your background in ______ would be ideal as an ________. (Connection) • We have raised _____ thus far and are now seeking _____ to finance _______. (Benefit) • Would you be interested in meeting to discuss this in greater detail? (Ask)

  28. Key Ingredients • It’s Not Just the Words! • Don’t Forget: • Eye Contact • Pace & Voice • Body Language • You Want to Convey Confidence and Passion!

  29. Preparing the Pitch Ian MashiterExecutive-in-Residence Lecturer, Strategy & Innovation

  30. Making your pitchThe Goal • To Make Your Points… • Clearly • Professionally • Memorably • Which requires… • Thoughtful Planning • Careful Preparation • PRACTICE! • Video

  31. Preparation • Know your audience • Technical or Not • Known vs. Unknown (to You) • Why are they here? • Define your purpose • To Inform? • To Entertain? • To Motivate? • To Persuade? • What Would Be a Good Outcome? • Consider time • Understand your constraints • Be respectful & appreciative of audience’s time

  32. My Outline • What is your business? • Elevator Pitch • Why would anybody need it? • How are you going to market and sell it? • How are you going to make money • Business model • Why is this team qualified to do it? • How much investment is needed? • What are the deal terms?

  33. Measure Time Run Chart Variable B Variable A Scatterplot Frequency Measurement Histogram Presentation DOs and DON’Ts This . . . NOT this . . .

  34. PRACTICE! • Review for Clarity • Review for Flow • Review for Impact • Manage Pace / Timing • Prepare for Q&A • Dress Rehearsal

  35. Style - Be Professional • Dress & Appearance • Know Your Audience • Try to Match Their Dress Code or dress better • Definitely Match Each Other • Language • (Avoid “Ummm” and “Ya Know”)

  36. Role of the executive summary • Important document to distribute • E.g. email • Make sure it looks visually stimulating • Magazine not term paper • One or 2 pages

  37. What Now? • Networking • Boston as a great entrepreneur eco system www.greenhornconnect.com • linkedin • Use a mentor (s) • BU now has the excellent Kindle mentoring program • Enter Business Plan competitions • BU has 1k and 50K competitions • More info on bu.edu/ITEC

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