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AdWords Workout

AdWords Workout. Designing your Business Canvas. Work on your Semester Project . Start from a clean sheet of paper Do Not Choose a Product or Service! Do Not Talk about Product or Service ! Do Not Think about Product or Service ! Until you have started on Workout #4

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AdWords Workout

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  1. AdWords Workout

  2. Designing your Business Canvas

  3. Work on your Semester Project • Start from a clean sheet of paper • Do Not Choose a Product or Service! • Do Not Talk about Product or Service! • Do Not Think about Product or Service! • Until you have started on Workout #4 • A product or service should not be mentioned in workouts #1, #2 and #3

  4. Workout Objectives • Framing Challenge (What is the Real Business?) • Potential customer set & e-Marketing business opportunity, • Features / attributes that will be profitable with these customers • Channels (consumption chain & conversion cone) appropriate for these customers • Venture Capital Challenge (What is the Business Value?) • What is your business worth, and why? • You compete in two markets: consumer & financial • Consumers look for narrative • Financiers want to tie that narrative to numbers: • activities, operations and products? • competitive forces outside management control • Net Present Value of future activities • Communication Challenge (Why should I listen to you or give you money?) • ‘Lead in’ which will ‘hook’ your listener (the elevator pitch) • Consider most important features of business model • Fast & fulfilling (the 25 second pitch)

  5. Workout #1: Customer • Identify your customer • What are their ‘needs’ When? How? • Distill this information into a set of Features • And locate them on a feature map • Why do they purchase? • Do Not Mention any Product or Service!

  6. Workout #1: Identify the 3 most important features • Specify the particular customer choices you are offering • Identify the discriminators and energizers • What differentiates you from competitors’ in the customer’s minds? • List the three features that are important to the target customer, and rank them from most to least important.

  7. Workout #2: Channels • Identify potential channels for the feature set • Where do customers purchase? Why? • What is the conversion rate at each step? • Can you improve conversion rate through proper management of each step? How? • Do Not Mention any Product or Service!

  8. Workout #3: Channels • Determine the main steps in consumption • Each step on the consumption chain has an attribute map • You should only list the 3 or 4 most important steps • These will determine whether the potential customer proceeds to the next step (good) • Or leaves the consumption process (not good)

  9. Workout #3: Market Entrance • What are the major competitive forces molding managerial strategy which add to, or take away from ‘Value’? • What ‘levers’can management pull to influence customers’ perceived value added? • What are the major technologies relevant to managerial strategy which add to, or take away from ‘Value’? • Where does the Internet fit in? • Do Not Mention any Product or Service!

  10. Workout #3: Competitors? • State how you categorize potential competetors • Usually because of their market power, the coreness of the product to their capabilities, and their interest in this market

  11. Workout #4: Choose a Profitable Product or Service • Select a Product or Service that you are interested in marketing via Internet business models • This is mainly about determining your Core Capabilities • Capabilities =Assets + Competences • Money is important • Explain why this is the product that you defined in the first three workouts

  12. Workout #4: Choose a Profitable Product or Service • Define how you will measure the usefulness or attractiveness of each of these features to the target customer. • This performance metric should be a numerical measure • Draw a value map describing your companies proposed business model, and • provide some indication of the costs and revenues that will flow into and out of the business. • Define your top competitor in each of these 3 features • Are these companies profitable? • How big (approximately) is their business? • Why is your product better? • Think: Low-costor Differentiated Products?

  13. Workout #5 The Venture Capital Challenge • What is your business worth, and why? • How will you tie this to your business model • tying narrative to numbers • What are the activities, operations and products? • What are the significant environmental influences? • major competitive forces outside management control • How does value flow through your business model? • What is the Net Present Value of future activities

  14. Workout #6: AdWords • Setup your AdWords Campaign for this Business • Show how Channels are tied to Campaigns • Show how Customers and Features are tied to Keywords • Show how your Business Model is tied to Bid Prices for those Keywords • What is your estimated AdWords budget as a % of: • Revenues? • Gross Margin? • ≈

  15. Workout #7: The Communication Challenge • Provide a ‘lead in’ which will ‘hook’ your listener • Provide a brief ‘sales pitch’ • Consider what parts you most want to emphasize about the business • Answer your investors’ question: • Why should I give you My money?"

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