The Business Plan : Go To Market Strategy
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Transcript of The Business Plan : Go To Market Strategy
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The Business Plan:
Go To Market Strategy
David BrennerMike Reardon
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Statement of the Obvious
You can’t write a business plan
….without a plan for your business
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Statement of the Obvious
You can’t write a business plan….without a plan for your business
Which naturally demands a clear understanding of the prospective
customer’s needs and expectations
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Invention = Innovation
A Key Misconception
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Distinction
Invention = Creation of a new idea
Innovation = Transforms new idea into value, commercial or otherwise
Business Plan = Written explanation how value will be realized in the chosen market
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Marketing’s “Perfect Storm”
Convergence of relevant market facts, observations, hunches, etc. about the potential of a new innovation in an
emerging market in relevant commercial action steps
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Customer-Centric Marketing:Start at the End – With Your Customer – and Work
Backwards
Your Business
Distribution
Channels
Economic Buyers
Influencers
End-
Users
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Customer-Centric Marketing: The “Solution Selling” Approach*
•Who is your customer
•What is your customer’s unmet need (their “pain”)?
•Surface your customer’s pain and its impact on them
•Help your customer develop a vision for addressing their pain (“What if you had the ability to………….?”)
•Describe your solution that matches the vision (the “whole product”)
•Bargain for the order (“If I can prove to you……”)
•Provide proof (customer testimonials, demos, etc.)
•Book the order!
*Derived from Solution Selling by Michael T. Bosworth
Business Plan
Operating Plan
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Customer-Centric Marketing: The “Solution Selling” Approach*
*Derived from Solution Selling by Michael T. Bosworth
100%100% of Addressable Market
(all theoretical potential customers)
TOTAL POTENTIAL
MARKET
YEAR
Expected Rate of Market Penetration
Your Market Share
(in units or $)
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10
Customer-Centric Marketing: The “Solution Selling” Approach*
*Derived from Solution Selling by Michael T. Bosworth
100%100% of Addressable Market
(all theoretical potential customers)
TOTAL POTENTIAL
MARKET
YEAR
Expected Rate of Market Penetration
Your Market Share
(in units or $)
Don’t fall into the “1%” market share trap!
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Competitive Alternatives
• How does the customer problem get solved now?
• What impact on customer acquisition?
• Any likely impact on pricing or channel strategy?
• Other impediments?
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Market Segmentation?
Geographic
Demographic
Pyschographic
Business vs. Consumer
Large vs Small
Public vs Private
Military vs Civilian
By Industry Sector
Professional vs Amateur
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Stage of Market Development?
Total Market
Revenue
InnovatorsEarly
Adopters
TH
E C
HA
SM
Early Majority
Late Majority
Laggards
Are you selling to risk-taking “Early Adopters”?
….or are you selling to conservative “Pragmatists” (the vast majority of potential customers)?
Derived from: Crossing the Chasm, by Geoffrey A. Moore
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Where Are You Selling?
Distribution
Channels
Exactly by what means do you sell your product or service to your customers?
•Direct Sales?
•Retail?
•Distributors?
•Resellers?
•Combination?
End-Users
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How Do You Make Money?
The Question of Business Model
Extracting Fair Economic Value for your product or service
Pricing Strategy• Sell vs. rent/lease• Up-front sale vs recurring revenue• Bundling products• Quantity discounts
Making it easy to buy
Building customer loyalty and future business
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How Do You Make Money?
The Question of Business Model
Extracting Fair Economic Value for your product or service
Pricing Strategy• Sell vs. rent/lease• Up-front sale vs recurring revenue• Bundling products• Quantity discounts
Making it easy to buy
Building customer loyalty and future business
More next week on Business Models…………….
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Key Take-Aways….
• Always start at the end: With your customer
• The purpose of marketing is to sell…”Solution Selling”
• Know what questions to ask
• Business model and pricing are strategically linked
• Competitive alternatives
Impact on pricing, business model and channel strategy
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Additional Information and Reading•Art of the Start, by Guy Kawaski
•Solution Selling, by Michael T. Bosworth
•The 22 Immutable Laws of Marketing, by Al Ries & Jack Trout
•Crossing the Chasm: Marketing and Selling High Tech Products to Mainstream Customers, by Geoffrey A. Moore
•Inside the Tornado, by Geoffrey A. Moore
•High Tech Startup, by John L. Nesheim
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Dialogue & Questions
David Brenner Mike Reardon