Transcript proof of concept! - Westminster College

Developing an Effective
Marketing Strategy
November 12, 2008
According to a survey of U.S.
Senior Executives, marketing
will be the most important area
of expertise for the next
generation of leaders
www.marketingtoday.com
50%
of new businesses fail within
the first 5 years
In
some industries, 50% of new
businesses fail within 2 years
Over
60% of products fail in the
introduction phase
PROOF OF CONCEPT!
How do you effectively
convey your passion and
story, and have the judges’
believe that this is something
that will sell?
1.
2.
3.
4.
Acquiring intimate knowledge of
the industry
Proving you have something that
fulfills a need
Demonstrating a competitive
advantage
Articulating the story effectively
1.
Acquiring intimate
knowledge of the industry
1. Are you aware of the barriers to entry?
2. Do you understand all of the market forces
impacting the industry?
3. Have you assessed the market
characteristics?
4. Do you really know the market size?
5. Have you clearly identified your target
market?
6. Are you familiar with the direct/indirect
competition?
1.
2.
3.
4.
5.
6.
7.
Ecological forces
Technological forces
Socio-demographic forces
Political/legal forces
Economic forces
Competitive forces
Event forces

Government

Library Reference Desk

Market Research firms

Industry Associations

Industry journals/publications

SEC Filings/Investment Bankers

Right from your customers
Provide
List
credible statistics
source citings
Increase
market validation with
proven industry growth or trends
that are providing opportunity
2.
Demonstrating you have
something that fulfills a
need
Why will your product/service
be accepted by the target
consumer?
Exchange
Relationship
Seller
Buyer
VALUE
product
price
promotion
place
3.
Demonstrate a
competitive advantage
Is there a weakness in your
competition?
Is there a need by consumers that
is not being filled?
How can you win over customers,
and demonstrate you’re
products/services have greater
value?
The process to create
an image or identity in
the minds of the target
market compared to the
competition.
Am I:
• An educator/expert in field
• A product innovator
• Specialize in exceptional customer
service
• Specialize in superior products
• Specialize in offering product depth or
breadth
Consistency
Branding
Credibility
Legitimacy
product
price
POSITIONING
promotion
place
4.
Articulating the story
effectively
1.
2.
3.
4.
5.
Images/illustrations/ models
Market validation
Font usage/page layout
Packaging the plan
A compelling story that is
desirable to read – and that
sells the reader
Billy Bob Teeth
$40 million in sales to date
1.
2.
3.
4.
Acquiring intimate knowledge of
the industry
Proving you have something that
fulfills a need
Demonstrating a competitive
advantage
Articulating the story effectively
It is most likely
marketing that will
determine the level of
success any business
will have.
Make your Executive
Summary / Business Plan
stand out from all the
others – invest in building a
solid case.