Market Validation. Summary ï· Stage 1:Validation of Market Opportunity ï·...

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Transcript of Market Validation. Summary ï· Stage 1:Validation of Market Opportunity ï·...

  • Slide 1
  • Market Validation
  • Slide 2
  • 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
  • Slide 3
  • Stage 1:Validation of Market Opportunity
  • Slide 4
  • 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?
  • Slide 5
  • 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
  • Slide 6
  • Stage 2: Selection of Target Market Segments
  • Slide 7
  • Target Market Segments defined by product/service customer profile geographic location other relevant criteria
  • Slide 8
  • 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.
  • Slide 9
  • Stage 3: Detailed Market Segment Analysis
  • Slide 10
  • 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
  • Slide 11
  • Stage 4: Define the Customer Value Proposition
  • Slide 12
  • Stage 4: Develop a Customer Value Proposition Required for effective messaging Skills Required assistance of an experienced sales specialist
  • Slide 13
  • Stage 5: Validation of Sales and Marketing Plan
  • Slide 14
  • Stage 5: Sales and Marketing Plan Pricing Model Selling process Sales projections
  • Slide 15
  • Stage 5: Sales and Marketing Plan Pricing Model Determine pricing model by: benchmarking against similar products; customer testing. Skills Required experienced sales specialist
  • Slide 16
  • 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
  • Slide 17
  • 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.
  • Slide 18
  • Stage 6: Market Testing
  • Slide 19
  • 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