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The Business Plan : Go To Market Strategy

The Business Plan : Go To Market Strategy. David Brenner Mike Reardon. Statement of the Obvious. You can’t write a business plan ….without a plan for your business. Statement of the Obvious. You can’t write a business plan ….without a plan for your business

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The Business Plan : Go To Market Strategy

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  1. The Business Plan:Go To Market Strategy David Brenner Mike Reardon

  2. Statement of the Obvious You can’t write a business plan ….without a plan for your business

  3. Statement of the Obvious You can’t write a business plan ….without a plan for your business Which naturally demands a clear understanding of the prospective customer’s needs and expectations

  4. A Key Misconception Invention = Innovation

  5. Distinction Invention=Creation of a new idea Innovation = Transforms new idea into value, commercial or otherwise Business Plan = Written explanation how value will be realized in the chosen market

  6. Marketing’s “Perfect Storm” Convergence of relevant market facts, observations, hunches, etc. about the potential of a new innovation in an emerging market in relevant commercial action steps

  7. Customer-Centric Marketing: Start at the End – With Your Customer – and Work Backwards Economic Buyers End- Users Your Business Distribution Channels Influencers

  8. Customer-Centric Marketing: The “Solution Selling” Approach* • Who is your customer • What is your customer’s unmet need (their “pain”)? • Surface your customer’s pain and its impact on them • Help your customer develop a vision for addressing their pain (“What if you had the ability to………….?”) • Describe your solution that matches the vision (the “whole product”) • Bargain for the order (“If I can prove to you……”) • Provide proof (customer testimonials, demos, etc.) • Book the order! Business Plan Operating Plan *Derived from Solution Selling by Michael T. Bosworth

  9. Customer-Centric Marketing: The “Solution Selling” Approach* 100% of Addressable Market 100% (all theoretical potential customers) TOTAL POTENTIAL MARKET (in units or $) Expected Rate of Market Penetration Your Market Share YEAR *Derived from Solution Selling by Michael T. Bosworth

  10. Customer-Centric Marketing: The “Solution Selling” Approach* 100% of Addressable Market 100% (all theoretical potential customers) TOTAL POTENTIAL MARKET Don’t fall into the “1%” market share trap! (in units or $) Expected Rate of Market Penetration Your Market Share YEAR *Derived from Solution Selling by Michael T. Bosworth

  11. Competitive Alternatives • How does the customer problem get solved now? • What impact on customer acquisition? • Any likely impact on pricing or channel strategy? • Other impediments?

  12. Market Segmentation? Large vs Small Geographic Public vs Private Demographic Military vs Civilian Pyschographic By Industry Sector Business vs. Consumer Professional vs Amateur

  13. Stage of Market Development? Are you selling to risk-taking “Early Adopters”? ….or are you selling to conservative “Pragmatists” (the vast majority of potential customers)? Total Market Revenue Early Majority Late Majority THE CHASM Early Adopters Innovators Laggards Derived from: Crossing the Chasm, by Geoffrey A. Moore

  14. Exactly by what means do you sell your product or service to your customers? Where Are You Selling? End- Users Distribution Channels • Direct Sales? • Retail? • Distributors? • Resellers? • Combination?

  15. How Do You Make Money? The Question of Business Model • Extracting Fair Economic Value for your product or service • Pricing Strategy • Sell vs. rent/lease • Up-front sale vs recurring revenue • Bundling products • Quantity discounts • Making it easy to buy • Building customer loyalty and future business

  16. How Do You Make Money? The Question of Business Model • Extracting Fair Economic Value for your product or service • Pricing Strategy • Sell vs. rent/lease • Up-front sale vs recurring revenue • Bundling products • Quantity discounts • Making it easy to buy • Building customer loyalty and future business More next week on Business Models…………….

  17. Key Take-Aways…. • Always start at the end: With your customer • The purpose of marketing is to sell…”Solution Selling” • Know what questions to ask • Business model and pricing are strategically linked • Competitive alternatives • Impact on pricing, business model and channel strategy

  18. Additional Information and Reading • Art of the Start,by Guy Kawaski • Solution Selling, by Michael T. Bosworth • The 22 Immutable Laws of Marketing, by Al Ries & Jack Trout • Crossing the Chasm: Marketing and Selling High Tech Products to Mainstream Customers, by Geoffrey A. Moore • Inside the Tornado, by Geoffrey A. Moore • High Tech Startup, by John L. Nesheim

  19. Dialogue & Questions David Brenner Mike Reardon

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