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On Entrepreneurial Marketing

On Entrepreneurial Marketing. MGT 709 New Venture Creation. Agenda. Adams Guest Speaker Icebreaker Keurig. Adams On Marketing. Advertising is remarkably ineffective for an early stage company It’s expensive Very low return on investment Why?. What is good marketing?.

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On Entrepreneurial Marketing

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  1. On Entrepreneurial Marketing MGT 709 New Venture Creation

  2. Agenda • Adams • Guest Speaker • Icebreaker • Keurig

  3. Adams On Marketing • Advertising is remarkably ineffective for an early stage company • It’s expensive • Very low return on investment • Why?

  4. What is good marketing? • Early stage marketing cycle • Customers->Market feedback • Market validation -> Product refinement • Products -> Publication relations • Buzz -> Customer acquisition • Interrelationships • Give sales the right messages and tools • Connect R&D with customers • Heighten market awareness of your company’s products

  5. Product definition • Defining the product is your #1 market priority • Its remains so continuously for every product release for the entire life of your company • Face out to market. Face in to development. • Rely heavily on alpha and beta customers

  6. Generate buzz • Two main targets • Public relations/press releases • Analyst relationships • Branding • Logo, website, folders, business cards • Professional, memorable, meaningful • Presence at conferences/trade shows/web • PR • Press briefings/releases, analyst meetings • Power of a PR agency – existing relationships • DIY options PR Web Video • Analysts give guidance and validation, too!

  7. Customer Acquisition • Pass hot leads to sales • Obtained from market validation efforts • Other ways to locate hot prospects • Direct-response mailing/Emails • Tele-prospecting – outsourcing possible • Trade shows • Websites • Google Adwords with SEO • Partnerships/Alliances • Dynamically change message in response to feedback • Integrate – web, direct mail, calls - critical

  8. Erika Fowler-DecaturFounder – Ithaca Fine Chocolates/”Art Bar” • Creator of the “Art Bar”, a Fair Trade, organic chocolate bar that features an art reproduction by a regional artist • Discusses challenges of running a not-for-profit business, ethics and social responsibility • Graduate of Hamilton College and SUNY Binghamton • Interview

  9. Icebreaker • What are the essential ingredients to Icebreaker’s success to date? • What is Moon’s model of adoption for American customers? • Why has distribution succeeded in Europe but failed in the US (to date)? • What should Icebreaker do to “cross the chasm” in the US?

  10. Keurig • How attractive is Keurig’s system to: • Distributors • Coffee Roasters • Keurig • Office Managers • Office Employees? • What actions should Keurig take to penetrate the office coffee service market (including dealing with suppliers)? How should they price the machine? How fast should they grow?

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