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This presentation provides a basic understanding of marketing for technology startups. It can be applied though to any organization or even how you position yourself for a job.
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Market and Communications for
Tech Startups
Beyond the Bench
November 2012
Agenda
Introduction CBA
Objectives for tonight
Questions
Business Consulting, Marketing
We work with our customers on Envisioning new businesses and the products, services, marketing and route
to market. Creating the tools to market, communicate, brand and sell. Engaging organizations and people in dialogues that provide insights into their
needs and move past fears.
Background
Diverse industry experience: health, medical devices, telecom, environmental, sustainability,
kiosks, industrial,
Diverse projects: Market Assessment, Industrial Design, Product Development,
Product Management, Business Strategy, Communications, PR, Marketing, Sales
Diversity of business sizes and models: government, not for profit, private, public, startup, fortune 500
What really matters
Entrepreneurial Geeks, Science Guys Communicators, Engineer, DesignersCatalysts, connectorsAbility to see big picture and connect it to tacticsBeliever in the potential of technology and sustainability We are the guys who took the train set apart to see if we can make it go fasterWe are crazy about great design
Objectives
Basic understanding of what Marketing is Explanation of the three foundational elements to any marketing programExamples of how to establish Key Messages, Research, Target Markets
What gets marketed?
GOODS SERVICESEVENTS
EXPERIENCESPERSONS
PLACES
PROPERTIES ORGANIZATIONSINFORMATION
How can we identify and choose profitable market segments?
How can differentiate our offer from our competition?
Who is our competition and how big is the market?
How should we react to competitors?
What should our message and brand be?
How should we organize our public relations, advertising, social media, website,
Are we selling directly or is someone selling for us?
How much should we sell the product for?
Common marketing problems
Why is marketing important for a startup?
Because your company needs to be “loved” Parents always love you even when the don’t understand what the
heck you are talking about Investor love is conditional: only after they understand you, your
market, the product and how they can make money!
Because your company needs customers Parents will always show off your product to friends, even if it sucks Customers wont let you in the front door if you don’t have a good
value proposition, message, clear brand position
Marketing Definition
Marketing is the Art and Science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Philip Kotler
Terms
Communications plan
Marketing plan
Sales plan
Branding
Social media plan
Product strategy
Advertising plan
Product positioning
Common to all the terms
Target market: A group of people who will buy the product
Key Messages: how you describe the value your product and company offers
Value proposition: collection of reasons why a person or company benefits from buying something
Target Market
Pragmatic Questions Market opportunity
Size and location of market The market segment and its demographics Market and Sales Characteristics Distribution Channels barriers (trade, legislative) The trends technology The trend in applications
Competitive position Competing products in the market, what can we learn from them How does the solution compare to other offerings How does it compare to other organizations
Market assessment: opportunity
Where did the information come from (secondary sources)? Research Reports: Articles: Economist, Harvard Business Review, Popular Mechanics Annual Reports: Competitors Patents
What can you do with it Calculated the sales, in units, of the competitors Calculated the total market Calculated the price being paid for cells Determined future demand Determined where the patents were being held Created a customized SWOT
Market assessment: buyer characterization
Where did the information come from (primary sources)? Interviews with potential customers Interviews with competitors
What can you do with it Learned first hand what is needed to sell into market Understood the performance requirements Received input into how the competition sells, and its personality Received input on pricing Value proposition
Value Proposition
Collection of reasons why a person or company benefits from buying something. It is how firms differentiate and position their brands in the marketplace.
What “pain” does your product solve What will motivate them to buy your product? How much are they willing to pay for your product? Where do they get their information about the product? What are the risks to buying your product? How a customer positions your product versus your competitors
Key messagesKey messages are the core message you want your target audiences to hear and remember.
They create meaning and headline the issue. At a high level they are your elevator pitch They sum up your value proposition, company values and vision Criteria for key messages
Be believable — support with evidence Be understood — reflect stakeholders understanding Be distinctive — clear competitive awareness Be agreed — company strategy Drive your agenda Avoid negativity Be credible — know your stuff Enhance positively
Key Messages
Message 1 StoryFacts
Key Messages
Messaging Worksheet
A market-driven model for managing and
marketing technology products
Business
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Business
Market ProgramsPlannin
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© 1993-2010 Pragmatic Marketing, Inc. All rights reserved.
Follow a pragmatic model
Answers the common marketing questions. It is a set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market
Product: Variety, features, brand name, quality, design, packaging, and services.
Price: List price, discounts, allowances, payment period, and credit terms.
Place: Distribution channels, coverage, logistics, locations, transportation, assortments, and inventory.
Promotion: Advertising, sales promotion, public relations, and personal selling, online, offline
The Marketing Mix
Lessons learned
Product development and marketing is a contact sport The more contact you have with the market, potential competitors,
distributors etc, the better a chance you have succeeding Innovation does not always come from engineering, it comes from listening
to customer needs Don't make it a junior activity- they and your company will take a beating Always be open and honest on interviews
Resources Pragmatic Marketing Model Vancouver Public Library Harvard Business Review, The Economist Dunn and Brad Street Google, Gartner, Ipsos Reid, Marketresearch.com
Contact
Clay Braziller and Associates 604 961 6360 [email protected]
References
http://www.marketingteacher.com/powerpoint
Harvard Business Review Magazine
Ipsos for market studies
Vancouver Public Library for reports
Marketing as holistic system
Holistic Marketing Concept
Internal Marketing
Performance Marketing
Relationship Marketing
Integrated Marketing
CustomersChannel
PartnersSales Revenue
Brand & Customer Equity
EthicsEnvironmentLegal
Commodity
Communications
Products & Services
ChannelsMarketing DeptSenior Mgmt
Other Depts
Implications of marketing
Who are our existing / potential customers?
What are their current / future needs?
How can we satisfy these needs?
Can we offer a product/ service that the customer would value?Can we communicate with our customers?Can we deliver a competitive product of service?
Why should customers buy from us?
Market Segmentation and Targeting
Segmentation:
The process of dividing a market into distinct groups of buyers with different needs, characteristics, or behavior who might require separate products of marketing programs.
Targeting:
Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter.
Evaluating Market Segments
Segment size and growth:
Analyze current segment sales, growth rates, and expected profitability.
Segment structural attractiveness:
Consider competition, existence of substitute products, and the power of buyers and suppliers.
Company objectives and resources:
Examine company skills and resources needed to succeed in that segment.
Offer superior value and gain advantages over competitors.
Market Segmentation
Key segmenting variables:
Geographic
Demographic
Psychographic
Behavioral
Different segments desire different benefits from products.
Differentiation and Positioning
A product’s position is:
The way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.
Perceptual positioning maps can help define a brand’s position relative to competitors.
Evaluating Market Segments
Segment size and growth:
Analyze current segment sales, growth rates, and expected profitability.
Segment structural attractiveness:
Consider competition, existence of substitute products, and the power of buyers and suppliers.
Company objectives and resources:
Examine company skills and resources needed to succeed in that segment.
Offer superior value and gain advantages over competitors.
Differentiation and Positioning
A product’s position is:
The way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.
Perceptual positioning maps can help define a brand’s position relative to competitors.
Key Messages