1. Welcome Dwain Reid, Entrepreneurship Project Manager
Finding customers
Welcome
Dwain Reid,
Entrepreneurship Project Manager

3. Join the conversation……… @BizBoardKU #KUENT Tell Everybody!!!

4. Get Involved! http://bizboard.kingston.ac.uk
The Year Ahead.
Get Involved!

5. The journey Accelerator
Workshops,
Masterclasses
Bright Ideas
Closes 2 Dec
Startup W/end Jan
Pitching, Prizes & Party 9 Feb
Celebrate Enterprise!
End of academic year celebration 23 March
Kingston Award
Participation in the Enterprise Programme contributes to the Award
Accelerator
Follow-on support for those starting something new

6. Workshops http://bizboard.kingston.ac.uk/workshops Wednesdays 4pm
*Idea generation
*Bright Idea’s Q’s
*PR
*Social Media

7. Every Month on a Thursday from 5.45pm
Insights
Every Month on a Thursday from 5.45pm
Guest speakers take you through their journey of success, Q&A and networking

8. “Everything begins with an idea”
Bright Ideas 2016/17
“Everything begins
with an idea”
NOT a business
Competition!
Open Now
Deadline:
2 December 2016

9. Next week.. Wed 19th Oct, 4pm PRJG1005
How can I test if I have a good idea
Sign Up NOW!

10. Getting money?
There are a few different models a company can adopt to get money from customers.
In your group come up with as many examples as you can with a real example for each

11. Finding Customers Dr David Stokes
Emeritus Professor of Entrepreneurship and
Visiting Entrepreneur

12. Professor David Stokes Visiting Entrepreneur, Kingston University
Finding customers
Professor David Stokes
Visiting Entrepreneur, Kingston University

13. Myths about finding customers
“Personal selling
is no longer
needed
because
of the internet”

14. Finding Customers is about SELLING
Two ways to sell:
In person
Through others
What makes a good
sales person?

15. Questioning and listening
The number one skill of the salesperson
Questioning and listening

16. Which type of selling do you need?
CUSTOMER EXPERIENCE High Relationship building Order taking PRODUCT High Low COMPLEXITY Consultative selling ‘Harder’ sales process Low

17. Myths about finding customers
“Social Media
Marketing
has changed
all the rules”

18. Recommendations or word of mouth (WoM) is still the number 1 method of finding new customers for small enterprise
Recommendations from customers is most popular method of acquiring customers in virtually all sectors and sizes of SMEs
Recommendations from other sources (non-customers) is often the second most popular method
Recommendations from customers is ranked as most effective method, including fast growth and most profitable firms

19. Word of Mouth to Word of Mouse
Face-to-face communications supplemented by internet and social media: Facebook, Twitter, YouTube

20. Word of Mouth communications process self-contained system that can be limiting

21. Word of Mouse communications process potential for faster, wider, viral messaging

22. Role of opinion leaders
10% of customers will strongly influence the other 90% - ‘hubs’ or ‘alphas’
Source of influence
Who they are
Who they know
What they know
Independent advice
from friends is more trusted
than expert recommendations

23. Seeding trials Combine opinion leaders with involvement of customers
Identify opinion leaders and involve them in product/service development
Richard Reed, Adam Balon
and Jon Wright, tested
Innocent Drinks at a music
Festival with a ‘yes’ and ‘no’
bin for empties

24. Word of mouth triggers
Involve clients with the business above normal commercial relationships
Tell true stories/news to act as reminders and reinforcements (e.g.case studies, newsletters)
Visual aids stimulate recommendations
Fast, generous complaint handling
Ask for referrals

25. Customer need for recommendations
CUSTOMER EXPERIENCE* High medium low PRODUCT High Low COMPLEXITY high medium Low
*Experience includes product and origin of supplier

26. Principles of Word of Mouth and Word of Mouse are the same
Power of impartiality – can be undermined
Power of opinion leaders
Triggers include involvement, stories and visual aids
Customer need for recommendations depends on experience and complexity of product/service

27. Extra rules for Word of Mouse
Ensure that social media marketing is suitable – are your customers users of social media?
Realistic integration – SMM most effective when used in conjunction with traditional marketing methods.
Monitor SMM very closely –social media can draw your attention to problem areas quickly; act immediately on negative comments
Maintain an appropriate tone – fine line between portraying values of your business and being too familiar or inappropriate

28. Evaluate your type of selling. Practice it!
Work out the Who, What, Why of your customer recommendations
How can you involve Word of Mouse in your Word of Mouth marketing
Reference: ‘From Word of Mouth to Word of Mouse’, Stokes and Nelson, 2013
(in ‘Entrepreneurial Marketing Global Perspectives’).

29. How will you move forward?
Feedback #KUENT
How will you move forward?

30. Next week.. Wed 12 Oct, 4pm PRJG1005
Defining and attracting your first customer
Sign Up NOW!