Developing an Effective Marketing Strategy November 12, 2008

According to a survey of U.S. Senior Executives, marketing will be the most important area of expertise for the next generation of leaders

 50% of new businesses fail within the first 5 years  In some industries, 50% of new businesses fail within 2 years  Over 60% of products fail in the introduction phase

PROOF OF CONCEPT!

How do you effectively convey your passion and story, and have the judges’ believe that this is something that will sell?

1. Acquiring intimate knowledge of the industry 2. Proving you have something that fulfills a need 3. Demonstrating a competitive advantage 4. Articulating the story effectively

1. Acquiring intimate knowledge of the industry

1. Are you aware of the barriers to entry? 2.Do you understand all of the market forces impacting the industry? 3.Have you assessed the market characteristics? 4.Do you really know the market size? 5.Have you clearly identified your target market? 6.Are you familiar with the direct/indirect competition?

1. Ecological forces 2. Technological forces 3. Socio-demographic forces 4. Political/legal forces 5. Economic forces 6. Competitive forces 7. Event forces

 Government  Library Reference Desk  Market Research firms  Industry Associations  Industry journals/publications  SEC Filings/Investment Bankers  Right from your customers

 Provide credible statistics  List source citings  Increase market validation with proven industry growth or trends that are providing opportunity

2. Demonstrating you have something that fulfills a need

Why will your product/service be accepted by the target consumer?

Exchange Relationship VALUE Buyer Seller

productprice promotion place

3. Demonstrate a competitive advantage

Is there a weakness in your competition? Is there a need by consumers that is not being filled? How can you win over customers, and demonstrate you’re products/services have greater value?

The process to create an image or identity in the minds of the target market compared to the competition.

Am I: An educator/expert in field A product innovator Specialize in exceptional customer service Specialize in superior products Specialize in offering product depth or breadth

Credibility LegitimacyBranding Consistency

productprice promotion place POSITIONING

4. Articulating the story effectively

1. Images/illustrations/ models 2. Market validation 3. Font usage/page layout 4. Packaging the plan 5. A compelling story that is desirable to read – and that sells the reader

Billy Bob Teeth $40 million in sales to date

1. Acquiring intimate knowledge of the industry 2. Proving you have something that fulfills a need 3. Demonstrating a competitive advantage 4. Articulating the story effectively

It is most likely marketing that will determine the level of success any business will have.

Make your Executive Summary / Business Plan stand out from all the others – invest in building a solid case.