Commercialising Your Idea Andrew Corcoran © Blueberry Training Limited

Assess people’s purchase motivations Judge potential client benefits Identify potential target markets Appraise various routes to market Devise an IP protection plan Plan for a pipeline of new work Today’s learning objectives

Why do people buy? © Blueberry Training Limited

Why do people buy? © Blueberry Training Limited Make money Save money Save time For recognition For security and peace of mind For convenience and comfort For flexibility For personal pleasure For status For health

What could I sell? © Blueberry Training Limited Ask a friend or your family Experience - check your CV What annoys, inconveniences, irritates you? A year round business? Law – emerging standards An existing business, only better Wouldn’t it be great if... ? How do you want to work?

6 If you’re stuck - SWOT Analysis © Blueberry Training Limited StrengthsWeaknesses Internal elements OpportunitiesThreats External elements Convert Match

7 What does your business SWOT look like? StrengthsWeaknesses Customer base Increased penetration Podcasting IKT accreditation Publication Focus on opportunities Scaling up on staff OpportunitiesThreats US and Canada Social media On demand learning No-one’s written the book Other IKT accredited AURIL framework Blueberry Press Idea Workshop HE funding © Blueberry Training Limited

Evaluating your idea © Blueberry Training Limited Would you buy it? Would they buy it? Who already does it? Does no competitors mean no market? Been mystery shopping? Ask a stranger Check your instinct – does it feel right or are you seeking evidence to support an emotional wish?

Features and Benefits Feature WHICH MEANS THAT Benefit Carries two tonnes More deliveries possible per day Covered Less goods spoiled in transit Diesel engine Lower fuel costs, more economical Weighs less than 7.5 tonnes You don’t need a truck driving licence White paintwork Easy to fix promotional vinyls Satellite navigationDriver never gets lost © Blueberry Training Limited

Features and Benefits (Room Hire) © Blueberry Training Limited Feature WHICH MEANS THAT Benefit Accessible campus (car parking; road, rail and bus access) Cost efficient and safe Modern learning spaces Improved communication Smart boardsCapturing of learning Campus services (accommodation, catering, leisure) Comfortable, relaxed and productive delegates. Convenience and cost

11 Your product’s Features and Benefits Feature WHICH MEANS THAT Benefit © Blueberry Training Limited

Who will buy from me? © Blueberry Training Limited

Who might buy? © Blueberry Training Limited

Your audience and their behaviours ConsumerIndustrial/Organisational Age, sex, race Income Family size Life cycle stage Location Lifestyle Industry (SIC 2003) Location Size Technology Profitability Management © Blueberry Training Limited

Blueberry’s top 3 segments Segment 1 UK Higher Education Knowledge Transfer Offices n = ~ 130 Segment 2 UK Higher Education Enterprise Educators n = ~ 130 Segment 3 US and Canada Higher Education Knowledge Transfer Offices n = ~ 2400 © Blueberry Training Limited

Exercise: describe your top 3 target segmentations Segment 1 Segment 2 Segment 3 © Blueberry Training Limited

17 Routes to Market Manufacturer Wholesaler Retailer / Merchant Customer Agent Licensee / Franchisee © Blueberry Training Limited

18 Intellectual Property © Blueberry Training Limited Identify Protect Exploit Defend

Examples of Intellectual Property © Blueberry Training Limited Reported research results Inventions Designs Software Audio/video tapes Books and publications

20 Protecting Intellectual Property © Blueberry Training Limited Reveal the “what” but never the “how” Contract for Services Knowhow - Confidentiality of Disclosure Agreement Agree ownership in advance (IDF) Copyright © Trademark ™ before registration ® on registration Registered Design Patent

21 Exploiting Intellectual Property © Blueberry Training Limited Consultancy Licence (one-off, royalty, combination, entirety or part) Joint venture Spin-off / Start-up Consider the resources and skills needed to capitalise on the opportunity

22 Common Intellectual Property issues © Blueberry Training Limited Background/foreground IP Ownership Exploitation Revenue share Publication v. prior disclosure Commercial confidentiality

23 Reaching potential customers © Blueberry Training Limited StageObjectiveWhat 1 Who’s in the market (SIC code and area)? Name, address (inc. post code), telephone, company number. 2Who can I deal with?Employees, revenue, profitability. 3Who will I target?Larger/local companies 4Who uses my product?Telephone call. Identify contact. 5 Who would buy from me? Introduction letter. Meeting to discuss needs.

24 Developing a pipeline of new work 24 aware of your organisation 6 discussing ideas 1 customer 2 discussing detail 1:3 1:4 1:2 © Blueberry Training Limited months

25 To maintain a pipeline of business To ensure you’re picking the right customers To build loyal repeat business (80:20 rule) To account for lost of business (new customers cost 20 times more to get than to maintain existing customers) To understand how many leads you need to cultivate to achieve the right levels of business To measure your effectiveness at picking customers and securing orders from them Importance of the Sales Platform © Blueberry Training Limited

Assess people’s purchase motivations Judge potential client benefits Identify potential target markets Appraise various routes to market Devise an IP protection plan Plan for a pipeline of new work Today’s learning objectives