Presents: Finding Your Niche Students to Start-Ups Entrepreneurial Skills Workshop Series By Tom Patty Center for Entrepreneurship and Innovation

Why Should You Listen to Me? What I learned – 21 Years at Chiat/Day  (Apple)importance of single strong benefit  (Nike)importance of understanding target  (Pepsi-co)importance of growing business  (Yamaha)importance of market segments  (Nissan)importance of purchase process

Other Learning  Wolfgang Puck Food Company  World Point (dot com)  Island Side of Life

Two Part Process I.Workshop / Learn Principles II.Counseling/application to your business Principles apply to both Products (Purchased) and Services (Performed)

How to create a successful company 1.Create a product or service that solves a problem or fulfills a need in some market segment. 2.Identify the specific target audience for whom product or service is most beneficial 3.Create a compelling benefit statement for this target audience 4.Using all the tools in marketing toolbox, differentiate from competition 5.Create awareness for product/service in terms of specific benefit for target audience

How to create a successful company (continued) 6.Continue to provide appropriate information as customers move thru purchase process 7.Create incentives to make sale 8.Create incentives to reward customers for repeat business 9.Using marketing tool box, create ways to grow business (more new customers—more frequency of use)

What is Marketing?  Getting and Keeping Customers  Creating Customers

Most important marketing reality  Different people  Want different things  For different reasons

Marketing Golden Rule  Do unto others  As THEY want to be done unto

Why is good marketing so rare?  Marketing requires a different perspective  Think like a customer

6 Things you need to know 1.Know your market 2.Know your customer 3.Know your competition 4.Know how to grow your business 5.Know how to use differentiate 6.Know how to create awareness

1.Know Your Market  What is the size of market?  What are the market segments?  What segments are growing, shrinking?  What is seasonality?  What is the purchase process?

I don’t know about it I’ve heard of it I’ll consider it I’ll buy it SOLD Love it Hate it Neutral Repurchase Shopping Owning Purchase Process

2.Know your Customers  Who are they? (Demographics)  Who are they? (Psychographics)  Where are they?  What do they want, what are they buying?  What purchase triggers exist?

3. Know your competition  Who is competition? (direct and indirect)  Where is competition? (domestic or abroad)  What products/services at what price?  How do customers feel about competition?  Strengths and weaknesses

4. Know how to grow your business  How to get more NEW Customers *new products (new concepts) *new distribution (new markets)  How to get more $ from EXISTING customers? *increase frequency of use *increase price

5. Know how to differentiate  How to use Marketing Tool Box Product Price Packaging Place (distribution) Promotion

6. Know how to create awareness  Word of mouth (signage)  Publicity (stunts)  Internet (gorilla marketing)  Direct marketing  Paid media (internet, newspapers, etc)

Summary: What you need to know 1.Know your market 2.Know your customer 3.Know your competition 4.Know how to grow your business 5.Know how to differentiate 6.Know how to create awareness

Examples of creating a customer  Barnes & Noble  Apple (IPOD)  UPS  Ace  Baja Fresh

Additional Resources  Books The Marketing Imagination by Theodore M. Levitt Management: Tasks, Responsibilities, Practices by Peter F. Drucker Crossing the Chasm by Geoffrey A. Moore Inside the Tornado by Geoffrey A. Moore The Innovator’s Dilemma by Clayton M. Christensen

Additional Resources  Web SCORE Orange County (click on “Business Library” Creating a Competitive Advantage (free online workshop) Researching Your Market Business Toolkit More links at and

Additional Resources  Small Business Solutions CD from SCORE OC

Additional Resources  People UCI Center for Entrepreneurship and Innovation SCORE Orange County

UPCOMING WORKSHOPS February 7 th March21 st Demystifying Financial StatementsDriving Growth Through Distribution Channels and Sales Management February 21 st April 4 th Sure-Fire Secrets to Entrepreneurial Nuts & Bolts of Business Structure Success and Licensing March 7 th April 18 th Finding Start-Up Capital Refine Your Unique Value Proposition RSVP Students to Start-Ups Entrepreneurial Skills Workshop Series

Next Steps  Sign up for future “Student to Start Up” workshops  Decide what specific area of your business (raising money, distribution, marketing, etc) would benefit from counseling  Contact UCI Center for Entrepreneurship and Innovation to arrange no-cost counseling from SCORE