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Your Market Analysis and Marketing Plan. Presented by: Cynthia Franklin Senior Associate Director, Berkley Center. What’s the Difference?. Market Analysis Describes Targets (Who & Why). Marketing Plan Describes Tactics (How). Customers Competition Competitive Advantage

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Your market analysis and marketing plan

Berkley Center for Entrepreneurial Studies

Your Market Analysis and Marketing Plan

Presented by: Cynthia Franklin

Senior Associate Director, Berkley Center


What s the difference
What’s the Difference?

Market AnalysisDescribes Targets (Who & Why)

Marketing PlanDescribes Tactics (How)

  • Customers

  • Competition

  • Competitive Advantage

  • Critical Success Factors

  • Critical Risks

  • Potential Sales/Market Share

  • Product Positioning

  • Price

  • Placement

  • Promotion

  • Sales Process

  • Partnerships

Berkley Center for Entrepreneurial Studies


Why segment the market
Why Segment the Market?

  • All firms have limited resources. They can’t be all things to all people. They must decide where to focus their limited time, money and human capital so that they yield the greatest return.

  • That means identifying “right-sized” pieces of the market to go after.

Berkley Center for Entrepreneurial Studies


What makes a market segment promising
What Makes a Market Segment Promising?

  • Measurable: possible to determine size

  • Significant: large enough to be profitable

  • Recognizable: distinct enough so that you can identify its members

  • Compatible: with your venture’s mission, strengths, ability

Berkley Center for Entrepreneurial Studies


Ways to target the market
Ways to Target the Market

  • Geographic

    • local, regional, national, international

  • Demographic

    • B2C: gender, age, income, education, ethnicity

    • B2B: revenues, # employees, industry

  • Psychographic

    • values, lifestyles, hobbies

  • Behavioral

    • benefits sought, usage rate

Berkley Center for Entrepreneurial Studies


Tips for identifying market segments
Tips for Identifying Market Segments

  • Secondary Research

    • Databases & Reports

    • Newspapers & Magazines

    • Trade publications and Trade shows

  • Ask

    • Industry players

    • Potential customers

    • Suppliers

  • Observe

Berkley Center for Entrepreneurial Studies


Make sure your product is compelling
Make Sure Your Product Is Compelling

  • What problem will you solve? What need/desire does your product address?

  • How will your product make their lives better, easier, happier?

  • Know what your customers are currently doing:

    • Going to the competition

    • Using another solution

    • Nothing

  • Know how satisfied they are with existing options.

  • How hard will it be to get them to change what they’re currently doing?

Berkley Center for Entrepreneurial Studies


Who is my competition
Who Is My Competition?

Competition = everybody who’s after the same consumer dollar you are.

  • Direct Competitors

  • Indirect Competitors

  • Possible New Entrants

Berkley Center for Entrepreneurial Studies


How stiff is the competition
How Stiff Is the Competition?

  • Analyze your competition.

  • Look for marketplace gaps you can fill.

  • Develop a competitive matrix.

Berkley Center for Entrepreneurial Studies


Your competitive landscape
Your Competitive Landscape

Berkley Center for Entrepreneurial Studies


Creating a competitive advantage
Creating a Competitive Advantage

Having a Sustainable Competitive Advantage allows you to distinguish your product from the competition’s. It’s what gives you a significant edge. The basis of your SCA must not be able to be duplicated or imitated and is not substitutable.

Berkley Center for Entrepreneurial Studies


Creating a competitive advantage1
Creating a Competitive Advantage

  • Tangible Items

    • Intellectual property rights

    • Exclusive license

Berkley Center for Entrepreneurial Studies


Creating a competitive advantage2
Creating a Competitive Advantage

  • Intangible Items

    • Superior Product/Brand

      • Quality

      • Selection

      • Availability

    • Operational Excellence

    • Innovation Leadership

    • Intimate Customer Relationships/Experiences

    • Cost Advantage

Berkley Center for Entrepreneurial Studies


Your critical success factors
Your Critical Success Factors

CSF = What absolutely must happen in order for you to be successful. In other words, “If I don’t do X, then my venture will fail.”

  • Identify five or fewer CSFs.

  • CSFs will be driven by your industry, business model, target markets, etc.

Berkley Center for Entrepreneurial Studies


Critical risks
Critical Risks

  • Investors aren’t looking for risk-free businesses; there is no such thing.

  • What they are looking for is evidence that you know where potential trouble lies and that you’ve thought of contingency plans.

  • Be forthright in your assessment of risk.

Berkley Center for Entrepreneurial Studies


Examples of common critical risks
Examples of Common Critical Risks

  • Competitor response to your entry into the market.

  • Sales projections below expectations.

  • Unable to find suppliers.

  • Inability to find a distributor.

  • Inability to get shelf space.

Berkley Center for Entrepreneurial Studies


The marketing plan
The Marketing Plan

Your Go-to-Market Strategy

Berkley Center for Entrepreneurial Studies


Your product
Your Product

  • Core Product: Primary benefit

  • Tangible Product: Features

  • Augmented Product: Enhances purchase exp.

  • Communicated Product: Branding

Berkley Center for Entrepreneurial Studies


Pricing
Pricing

  • How much can you charge?

  • Will your products be bundled?

  • Will you be offering discounts, leasing, financing, coupons, etc.?

  • Avoid competing on price—for most, it’s not a winning strategy. Customers who shop based on price tend not to be loyal.

Berkley Center for Entrepreneurial Studies


Placement getting it to the customer
Placement: Getting It to the Customer

  • Direct to your customer

    • Online

    • Own physical location

  • Indirect to your customer

    • Through retailers

    • Through wholesalers

Berkley Center for Entrepreneurial Studies


Promotion getting their attention
Promotion: Getting Their Attention

  • Common Tools

    • Advertising (print, broadcast, online)

    • Direct mail

    • Email/website

    • Social networking

    • Trade shows/events

    • Cold calling/telemarketing

    • Face-to-face

    • Public relations

Berkley Center for Entrepreneurial Studies


Choosing your marketing mix
Choosing Your Marketing Mix

Factors to consider

  • Choose media your target segments use most.

  • Take into account how complex your sale is (big ticket, new technology, multiple decision makers).

  • Use media appropriate for your product.

  • Target your message so that your customer receives it when they’re most receptive.

  • Use an assortment of tactics to send a unified message.

  • Be focused.

Berkley Center for Entrepreneurial Studies


What happens when customers raise their hands
What Happens When CustomersRaise Their Hands?

  • What systems do I need in place to handle customer inquiries and process orders?

    • Fulfillment

    • Shipping

    • Brochures/Sales literature

    • Website

Berkley Center for Entrepreneurial Studies


Partners
Partners

  • Seek out partners for all phases of the Go-To-Market Strategy.

  • Collaborate with potential “competitors”.

Berkley Center for Entrepreneurial Studies


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