Enterprise Ireland Presentation
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Transcript Enterprise Ireland Presentation
Market Validation
Summary
Stage 1: Validation of Market Opportunity
Stage 2: Selection of Target Market Segments
Stage 3: Detailed Market Segment Analysis
Stage 4: Define the Customer Value Proposition
Stage 5: Validation of Sales and Marketing Plan
Stage 6: Market Testing
Stage 1:
Validation of Market Opportunity
Stage 1: Validation of Market Opportunity
Objectives
Validation of Customer Requirements
Requirements as perceived by customer?
Are alternative options adequate?
Measurement of Market Readiness
evidence of market acceptance?
evidence of change from current solutions?
It this an early adopter market?
Competitive Analysis
Access to cost effective distribution?
Stage 1: Validation of Market Opportunity
Methodology
Primary and Secondary Research
Interviews with Qualified Prospects and Industry experts.
Sample of adequate size
Secondary Research focus on sector v global information.
Questionnaire / Information Requirements
clearly defined / relevant
Skills Required
assistance of experienced sales and marketing specialists
Stage 2: Selection of Target Market Segments
Stage 2: Selection of Target Market Segments
Target Market Segments defined by
product/service
customer profile
geographic location
other relevant criteria
Stage 2: Selection of Target Market Segments
Criteria
the market environment
company resources/capability
ROI
Customer Demand, Market Readiness
Competitive Environment, access cost effective
distribution
Skills Required
experienced marketing and business planning
specialists.
Stage 3: Detailed Market Segment Analysis
Stage 3: Detailed Market Segment Analysis
Objectives
to further validate the market opportunity;
develop a ‘Value Proposition’
identify potential reference sites;
information required for Sales and Marketing plan.
Methodology: interviews with 10-20 qualified
prospects in each market segment
Skills Required
assistance of experienced Sales, Market Research /
Business Planning specialists
Stage 4: Define the Customer Value Proposition
Stage 4: Develop a Customer Value Proposition
Required for effective messaging
Skills Required
assistance of an experienced sales specialist
Stage 5: Validation of Sales and Marketing Plan
Stage 5: Sales and Marketing Plan
Pricing Model
Selling process
Sales projections
Stage 5: Sales and Marketing Plan
Pricing Model
Determine pricing model by:
benchmarking against similar products;
customer testing.
Skills Required
experienced sales specialist
Stage 5: Sales and Marketing Plan
Selling Process
Defining the process
method and cost of lead generation;
prospect conversion rates
conversion lead times.
Selling Costs
cost of achieving an average sale for each target market
segment.
Skills Required
experienced sales specialist
Stage 5: Sales and Marketing Plan
Sales Forecasts
completed for the first three years of operation;
provided by value and by number of units for each
Target Market Segment;
supported by prospecting, lead time, conversion and
costing schedules.
Stage 6: Market Testing
Stage 6: Market Testing
Process
Commence initial selling to develop as sales pipeline.
Establish reference customers
Review the sales and marketing plan based on the
outcome of the initial sales activity.
Skills Required
Sales and Marketing Team