Marketing Roundtable - March 12th, 2013

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Learn customer identification and positioning strategies from real world case studies. Whether you’re a startup looking for angel money, or a mature company trying to grow, you will find value in the concepts and stories discussed during the hour-long presentation. Find out how to use customer personas to make better marketing decisions that deliver bottom-line results. Leave with a clearer understanding of who your customer is, who your customer isn’t.

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Marketing Roundtable - March 12th, 2013

  1. 1. Marketing Roundtable:Who is your Customer? March 12th, 2013 © Ann Arbor SPARK
  2. 2. Today’s panelists• Jeff Mason, Director of Sales & Marketing Chelsea Rhone, LLC• John Eaton, Principal PinPoint Planning, LLC• Linda Fingerle, Principal & CFO EDF Ventures• James Gutierrez, Principal Red Eyed Moose Technologies
  3. 3. The story of JoeJeff Mason, Director of Sales & MarketingChelsea Rhone, LLC
  4. 4. Meet Joe:• Joe runs ABC a small business that provides claim adjusting services to the insurance industry• Joe is a hard worker and always thinking about his business• Joe had a good idea about a decade ago & turned it into a business• His revenues are shrinking• What will Joe do?
  5. 5. Joe has a problem:Revenue is shrinking, and ABC is projected to lose lots of moneyover the next few years unless something changesPro forma income statement, in $1,000s Actual Actual Forecast Forecast ForecastFiscal Year End 2011/12/31 2012/12/31 2013/12/31 2014/12/31 2015/12/31Sales (Net) $ 2,203 $ 1,998 $ 1,798 $ 1,708 $ 1,623Cost of Goods Sold (606) (548) (486) (461) (438)Gross Profit 1,597 1,450 1,313 1,247 1,185R&D Expense 0 0 0 0 0SG&A Expense (1,553) (1,434) (1,409) (1,346) (1,346)EBITDA 44 16 (96) (99) (162)Depreciation & Amortization (19) 0 (13) (11) (10)EBIT 25 16 (109) (110) (172)Net Interest Expense (42) (45) (11) (31) (30)Non-Operating Income (Loss) 31 41 0 0 0EBT 14 12 (119) (141) (201)Net Income Before Ext. Items 14 12 (119) (141) (201)Net Income (available to common) $ 14 $ 12 $ (119) $ (141) $ (201)
  6. 6. Joe likes social media a lot• Social media “gets his message out”• Social media is “cheap”• Social media is “innovative”• He likes to call social media “new media”
  7. 7. Joe has an idea: he redeploys customer service staff to focus on new mediaRecent email announcement from Joe:“I am pleased to announce that Gizelle Montcalm willstep into a new role with ABC effective immediatelyas our Director of New Media. Gizelle will promoteABC services via Facebook, Twitter, and LinkedIn.”
  8. 8. Joe isn’t thinking about his customerJoe is thinking about Joe
  9. 9. Who Joe thinks his customer is: Name: Fiona Facebook Description: Loves all things social Needs: Photos, comments, Farmville
  10. 10. Who Joe’s customer really is: Oh I love insurance Name: Ingmar Insuranz Description: Insurance company middle manager Needs: Reliable service, reporting tools, expertise
  11. 11. When you don’t think about your customer, bad things happen: Copyright Roger J. Best, 2012
  12. 12. Don’t be Joe
  13. 13. 6° OF SEGMENTATIONJohn Eaton, PrincipalPinPoint Planning LLC
  14. 14. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT
  15. 15. 6° OF SEGMENTATION DON’T GUESS IF YOU CAN HELP IT go big, then go “home” informed intuition We never do what we say
  16. 16. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE
  17. 17. 6° OF SEGMENTATION PIVOT vs. ITERATE  market surveillance  managing sunk costs  lean ethos
  18. 18. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE3. BIG DATA, SMALL SOLUTIONS
  19. 19. 6° OF SEGMENTATION BIG DATA, SMALL SOLUTIONS  demographics are broad strokes  assumptions often suck  profiles & personas
  20. 20. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE3. BIG DATA, SMALL SOLUTIONS4. CUSTOMERS-R-US
  21. 21. 6° OF SEGMENTATION CUSTOMERS-R-US common gripes share the experience (within reason) be authentic (brand)
  22. 22. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE3. BIG DATA, SMALL SOLUTIONS4. CUSTOMERS-R-US5. AUTOMATION vs. INTIMACY
  23. 23. 6° OF SEGMENTATION AUTOMATION vs. INTIMACY  change is constant  context is king  value social over media
  24. 24. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE3. BIG DATA, SMALL SOLUTIONS4. CUSTOMERS-R-US5. AUTOMATION vs. INTIMACY6. CALLING ALL CUSTOMERS
  25. 25. 6° OF SEGMENTATION CALLING ALL CUSTOMERS It’s the ecosystem, stupid Illustrative insights Share the solution…cautiously
  26. 26. 6° OF SEGMENTATION1. DON’T GUESS IF YOU CAN HELP IT2. PIVOT vs. ITERATE3. BIG DATA, SMALL SOLUTIONS4. CUSTOMERS-R-US5. AUTOMATION vs. INTIMACY6. CALLING ALL CUSTOMERS
  27. 27. Venture Capital Investing Targeting the Right CustomerLinda Fingerle, Principal & CFOEDF Ventures
  28. 28. VC Investment Characteristics• Innovative ideas• Intellectual Property Protection• Large Market Potential• Strong Management Team and Advisors• Serial Entrepreneur as CEO
  29. 29. Example VC Investment:• Orthopedic Medical Device• Minimally Invasive Procedure• Repair Broken Bones – Clavicle, Wrist
  30. 30. Segmenting – Targeting – Positioning• Segmentation is the process of classifying customers into groups which share some common characteristic• Targeting involves the process of evaluating each segments attractiveness and selecting one or more segments to enter• Positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of the consumer
  31. 31. Marketing Analysis - STP• Segmentation: Orthopedic Bone Repair Market• Targeting: Broken bones of the Clavicle and Wrist• Positioning: Hospitals & Private Practice Orthopedic Surgeons
  32. 32. Positioning Considerations• Replacing standard of care - plates and screws• Specialized insertion of the repair device• Orthopedic Surgeons generally not early adopters
  33. 33. Initial Positioning:1. Reach the most orthopedic surgeons2. Establish a direct sales force3. Sell throughout the USResults: Not specific enough Many Doctors using a few devices Expensive to maintain a sale force
  34. 34. Lessons Learned• Company is more valuable with more repeat users, leading to higher multiples• Specialized product is more expensive to sell• Be more specific identifying early adopters  Orthopedic surgeons practicing trauma bone repair vs. general orthopedic bone repair  Accept fewer, most robust early adopters  Select more targeted geographies  Burn less cash when sales force is more directed
  35. 35. The money is also your customerJames Gutierrez, PrincipalRed Eyed Moose Technologies
  36. 36. VistaLink Medical Communications 1996• Designed to help international patients get referrals to US medical centers• Existing method was primarily ad-hoc referral• Started in Houston – MD Anderson Cancer Center – Methodist Hospital System – Univ. of Texas Health Science Center
  37. 37. 1998• 12 US Medical Centers on board including: Cedars Sinai, Ochsner, Fox Chase Cancer Center• Functioning telemedicine system: video/voice chat, shared whiteboard, secure image storage/transmission, secure medical database, physician database• Presence in:  Mexico City  Dubai  Abu Dhabi  Buenos Aires  Santiago
  38. 38. Looking for funding• Proven technology, proven market• Some revenue• Needed to market and scale• Lots of funding opportunities that didnt progress• They all were stuck on one question
  39. 39. How many hits do you get??
  40. 40. VisionReality Narrative
  41. 41. HomeworkWe provide the crayons
  42. 42. Customer Name Ingmar Insuranz Description Middle manager at an insurance company Joe’sCustomer This customer’s needs: Reliability How we (can) meet these needs: 24-hour customer service hotline Detailed Reporting Industry -leading database Expertise Leading claim adjusters in biz
  43. 43. Next Marketing Roundtable: Advertising Isn’t Dead April 9th, 2013 © Ann Arbor SPARK

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