Post on 05-Jan-2016
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. Acquiring intimate knowledge of the industry
2. Proving you have something that fulfills a need
3. Demonstrating a competitive advantage
4. 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. Ecological forces 2. Technological forces3. Socio-demographic forces4. Political/legal forces5. Economic forces6. Competitive forces7. Event forces
Government
Library Reference Desk
Market Research firms
Industry Associations
Industry journals/publications
SEC Filings/Investment Bankers
Right from your customers
Provide credible statistics
List 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
VALUEBuyer Seller
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
Credibility
LegitimacyBranding
Consistency
product price
promotion place
POSITIONING
4. Articulating the story effectively
1. Images/illustrations/ models2. Market validation3. Font usage/page layout4. Packaging the plan5. A compelling story that is
desirable to read – and that sells the reader
Billy Bob Teeth$40 million in sales to date
1. Acquiring intimate knowledge of the industry
2. Proving you have something that fulfills a need
3. Demonstrating a competitive advantage
4. 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.