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.