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BEN Investability Greville Commins
 

BEN Investability Greville Commins

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    BEN Investability Greville Commins BEN Investability Greville Commins Presentation Transcript

    • BEN Investability 2011 Sales & Marketing Greville Commins
    • Overview What is Marketing?  Marketing content in the business plan Developing your Marketing Strategy & Marketing Plan  How will you take you product to market?  What does a marketing plan look like?  What mix of activities should you define in your marketing plan?  What should you look out for when investing? Developing your sales activity  Definition of the sales process – for your marketplace  What sales methodologies can you consider?  How does a well defined sales process help the investment decision?
    • What is Marketing? Finding profitable things Checking the product has; to do  What product?  Untapped potential  Where?  Disruptive influence  Who?  Competition that are not ready  When?  A route to market  How much ?  Barriers to entryEntrepreneurs Investors focus here focus here
    • Why is Marketing important? To discover and define a need or problem a customer has To research and quantify markets with potential customers To promote the product in the eyes of your customer….to generate demand Good marketing is needed by all businesses…..and investors
    • Make sure you do some market research Talk to/survey potential customers Research the web, dig deep Analyse announcements from potential competitors Gather information from independent sources Don’t forget your experience, of the market, is valuable too You will always learn something of value from research Enables the building of a well defined target market.
    • Choosing the right attractive market Markets where:  profit potential is high  No company is in market control  At right point in the life cycle  Growing  the right price (profitable) is possible  Route to market Defining an attractive market is a key component of your business plan.  You need evidence to validate your choice of market  Update your data regularly, the world changes all the time Investors are often looking for a market in excess of $1Bn before they get interested.
    • Product price position in market… Formulation of price/value positioning  Examine similar products  Study/analyse competition  Look at customers behaviour and buying power  Define price that reflects the value delivered….not a cost of delivery Who appropriates value out of the product…  Assess value to end customer (what will they pay?)  Value added by others  Customer vs Consumer Consider costs of different levels of distribution  Direct sales, Distributors, Wholesalers, Retailers  Internet sales, Mail order
    • Understanding the competition• The competition: SWOT analysis  Who are they?  Their size & market share?  What do you have that’s better?  Where are their weakness’, what are yours?  How can they be beaten?  Which customers are using the competition? Where are there opportunities that you can win?  Your advantages and disadvantages?  For example, price, quality, performance, brand, customer loyalty.  Why will customers buy your product or service instead? Investors deeply sceptical about markets with no competition
    • Marketing strategy (How will you deliver the business) The Marketing Strategy is how the company will  Go to market and establish a position Only  Build a brand identity  Target customers THREE!  Define products and prices Leadership,  Promote products Differentiation  Sell through which channels or Focus  Define Objectives & Measure results Porter (1980) Investors: If a company cannot clear define HOW they will deliver the business – you should pass!
    • Strategy influencing factorsMany factors in your business influence your strategyReputation Brand recognition/reputation Good & Trust will Differentiation Problem importance Customer & Sales channels MarketKnowledge Future Market/Application/problem knowledge Team skills and experience RoadmapTechnology & Product h/w and/or s/w invention, patents Skills Financial stability, funding, profits
    • Developing your Marketing plan (The strategy in action) Marketing strategy is “HOW”, Marketing plan is “WHAT,WHEN,WHO”. A good marketing plan, inside the business plan, builds confidence that you know HOW you will drive demand  The marketing plan is your strategy in action. What mix of activities should be defined in the marketing plan to achieve marketing objectives?  Create awareness of a problem or need  Build awareness of the solution (your product) and Brand recognition  Sales lead generation activities (and customer acquisition costs) Key investor questions  How to win customers, cost of getting each customer, cycle time to business
    • Marketing communications (what you say and how you say it) Various activities  Brand building, Logos, market positioning  Web presence – targeting who?  Social networking plan, blogs / Facebook / Twitter  More in skill session 3, Social Media for marketing, 1 st Nov Product and/or Brand launch plans  Launch timing/location  analysts meetings, briefings before launch  press launches, stimulate articles  PR (Press release) activities Sales tools, flyers, brochures, datasheets  Support sales demand
    • Developing your Sales strategy The sales strategy is how the business objectives are delivered in sales terms  Sales leads generated by Marketing activities or Sales activities  Selling brings in todays orders  To which targeted customers (your focus of efforts)  Who will you contact first?  Why should they buy?  How will they buy?  How will you support them?  Through which sales channels  Direct, Distributors, Tele sales, Web/internet, mail order
    • The sales “Hopper” Sales leads All businesses have a sales pipeline (“Hopper”)  Depends on the nature of your business,  your sales cycle time  your success rate  Sales leads feed your pipe line to achieve your sales targets.  The Marketing plan defines how leads will be generated  Ongoing sales activity generates leads too Sales orders
    • Selling is a process In Business to Business selling  as opposed to retail sales Rarely (maybe never) does anyone in business buy at the first meeting. Need to understand your customer(s) buying behaviour  Large companies / organisation structures take time  Counterparts have different roles & responsibilities  Personalities & Behaviours  Experience (of you and them) Even web sales need to observe a sales process Investors need to understand each companies sales process, it affects cost of business, growth, profitability, risk, return….
    • Understanding the Sales Process You need to define the sales process for your business Closing Prospecting Supporting Relating Advocating Discovery Create solution
    • What do we do with this process? Need to understand each stage in the selling process  It’s all about them NOT you! Define what key messages to convey at each stage  Prospecting Relating, etc Marketing tools support each stage of the process  Assisting in transitions between stages Track the process  use feedback to fine tune to suit your marketplace How you will sell to customers needs to be defined in your business plan
    • Conclusion: Focus on What, When, Who, How In your business plan Sales & Marketing section be clear and specific about;  What you will do  How you will do it  When will you do it  Who will be responsible
    • Thank You