Transcript Slide 1
Students to Start-Ups Entrepreneurial Skills Workshop Series Center for Entrepreneurship and Innovation Presents: Finding Your Niche By Tom Patty Why Should You Listen to Me? What I learned – 21 Years at Chiat/Day (Apple)importance of single strong benefit (Nike)importance of understanding target (Pepsi-co)importance of growing business (Yamaha)importance of market segments (Nissan)importance of purchase process Other Learning Wolfgang Puck Food Company World Point (dot com) Island Side of Life Two Part Process I. II. Workshop / Learn Principles Counseling/application to your business Principles apply to both Products (Purchased) and Services (Performed) How to create a successful company 1. Create a product or service that solves a problem or fulfills a need in some market segment. 2. Identify the specific target audience for whom product or service is most beneficial 3. Create a compelling benefit statement for this target audience 4. Using all the tools in marketing toolbox, differentiate from competition 5. Create awareness for product/service in terms of specific benefit for target audience How to create a successful company (continued) 6. Continue to provide appropriate information as customers move thru purchase process 7. Create incentives to make sale 8. Create incentives to reward customers for repeat business 9. Using marketing tool box, create ways to grow business (more new customers—more frequency of use) What is Marketing? Getting and Keeping Customers Creating Customers Most important marketing reality Different people Want different things For different reasons Marketing Golden Rule Do unto others As THEY want to be done unto Why is good marketing so rare? Marketing requires a different perspective Think like a customer 6 Things you need to know 1. 2. 3. 4. 5. 6. Know your market Know your customer Know your competition Know how to grow your business Know how to use differentiate Know how to create awareness 1.Know Your Market What is the size of market? What are the market segments? What segments are growing, shrinking? What is seasonality? What is the purchase process? Purchase Process I don’t know about it Shopping I’ve heard of it I’ll consider it I’ll buy it SOLD Love it Hate it Neutral Repurchase Owning 2.Know your Customers Who are they? (Demographics) Who are they? (Psychographics) Where are they? What do they want, what are they buying? What purchase triggers exist? 3. Know your competition Who is competition? (direct and indirect) Where is competition? (domestic or abroad) What products/services at what price? How do customers feel about competition? Strengths and weaknesses 4. Know how to grow your business How to get more NEW Customers *new products (new concepts) *new distribution (new markets) How to get more $ from EXISTING customers? *increase frequency of use *increase price 5. Know how to differentiate How to use Marketing Tool Box Product Price Packaging Place (distribution) Promotion 6. Know how to create awareness Word of mouth (signage) Publicity (stunts) Internet (gorilla marketing) Direct marketing Paid media (internet, newspapers, etc) Summary: What you need to know 1. 2. 3. 4. 5. 6. Know your market Know your customer Know your competition Know how to grow your business Know how to differentiate Know how to create awareness Examples of creating a customer Barnes & Noble Apple (IPOD) UPS Ace Baja Fresh Additional Resources Books The Marketing Imagination by Theodore M. Levitt Management: Tasks, Responsibilities, Practices by Peter F. Drucker Crossing the Chasm by Geoffrey A. Moore Inside the Tornado by Geoffrey A. Moore The Innovator’s Dilemma by Clayton M. Christensen Additional Resources Web SCORE Orange County http://www.score114.org (click on “Business Library” Creating a Competitive Advantage (free online workshop) http://www.va-interactive.com/score/ Researching Your Market http://www.sba.gov/library/pubs/mt-8.pdf Business Toolkit http://www.toolkit.cch.com/BOToC.asp More links at http://www.score.org and www.sba.gov Additional Resources Small Business Solutions CD from SCORE OC Additional Resources People UCI Center for Entrepreneurship and Innovation [email protected] SCORE Orange County www.score114.org Students to Start-Ups Entrepreneurial Skills Workshop Series UPCOMING WORKSHOPS February 7th March21st Demystifying Financial Statements Driving Growth Through Distribution Channels and Sales Management February 21st April 4th Sure-Fire Secrets to Entrepreneurial Success Nuts & Bolts of Business Structure and Licensing March 7th April 18th Finding Start-Up Capital Refine Your Unique Value Proposition RSVP [email protected] Next Steps Sign up for future “Student to Start Up” workshops Decide what specific area of your business (raising money, distribution, marketing, etc) would benefit from counseling Contact UCI Center for Entrepreneurship and Innovation to arrange no-cost counseling from SCORE