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Market information training for spinno 2011 03
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Market information training for spinno 2011 03


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  • Markkinajatoimiala
  • The simultaneous pursuit of Differentiation or Low Cost
  • Transcript

    • 1. Market Information training
      8.3.2011 at Innopoli, Espoo
      Juhani Polkko | San Francisco Oy
    • 2. Objectives
      Define market and industry
      Understand positioning and differentiation
      Know about basics of Blue Ocean Strategy
      Learn about methods for market validation
      See 10 free tools for market intelligence
      Create market monitoring plan & process
      Discuss about challenges and solutions
    • 3. Instructor background
      8 years in consumer electronics/games
      2004-2006 in Silicon Valley
      2006-2007 U.S. startup
      2008-2009 Nokia Interactive
      2009-2011 Offerium
      2009- Freespee AB
      MBA (intl. finance) Aalto/HSE EE
    • 4. Participant introductions (1 min)
      What does your company do?
      In what industry you operate in?
      Who are your customers at the moment?
      Are they in Finland or international?
      Do you have a product/service in the market?
      What kind of market research have you done?
    • 5. Define market and industry
      What market should we be in? How does it fit different industries?
    • 6. Market segments
      Industry sectors
      The ultimate solution for a well-defined, painful problem
      Best entertainment in the market, following the latest consumer trends
      Business Model
    • 7. Market or Marketplace
      Market = potential customers (prospects)
      Whose problems does your innovation solve?
      Segment your market into different types of customers (by common characteristics)
      Makes sales and marketing easier
      e.g. in B2B: company size, industry sector, maturity
      e.g. in B2C: consumer behavior, demographics
      Define in which industries your market belong to
    • 8. Industry boundaries
      Our market
      What industry you believe you are in?
      What industry you should be in?
    • 9. Understand positioning and differentiation
      What’s our place in the value chain? How do we differentiate from competitors?
    • 10. STP model
    • 11. Value chain example
      User Value
      • Should I focus on one part or several (vertical integration)?
      • 12. Where are my competitors? Should I be in the same place?
      • 13. Who is the driver in the value chain (demand creator)?
      • 14. Select Push or Pull sales strategy?
    • How prioritize market segments
      Source: Chasm Institute / Embrase
    • 15. Positioning = Perceived Value
    • 16. Simple positioning matrix
      Closed network
      Open network
      Windows Live Messenger
      Habbo Hotel
    • 17. Differentiation variables
      Source: Marketing Management: Kotler, Philip
    • 18. Know about basics of Blue Ocean Strategy
      How to make competition irrelevant?
    • 19.
    • 20.
    • 21. Making competition irrelevant
      Source: Adapted from Blue Ocean Strategy, page 18
    • 22. Value Innovation
      Lower Costs
      Value Innovation!
      Higher Value
      Source: Blue Ocean Strategy, page 16
    • 23. The Four Actions Framework
      Eliminate factors that are no longer relevant.
      Reduce features and simplify offering
      Create factors the competition does not offer
      Raise the demand by discovering the value sources
      Source: Blue Ocean Strategy, page 29
    • 24. Examples of Blue Ocean strategies
    • 25. Why most still choose Red Ocean
      Red Ocean is proven market.
      Marketing/sales can be hard in Blue Ocean.
      Blue Ocean often requires more capital.
      Differentiation is usually relatively simple.
      Red Ocean strategy is easier to plan and predict.
      Competition is never perfect.
      No strategy is black or white.
    • 26. Learn about methods for market validation
      Process to learn about market demand and customer aspirations
    • 27. 1. Create the positioning pitch
      Source: Embrase Business Consulting
    • 28. 2. Find the pain
      Find 3-5 decision makers within your target segment
      Agree on short interviews (ask for opinion, do not sell)
      Interviews should be done by company founders
      If possible; Only exception is language issues
      Make sure the person understands product/market
      Most important questions
      “What keeps you up at night?”
      Test your positioning pitch
      Plans for investing in the space (short or long term)
      Operational contacts within the organization
      Source: Infrasystems (adapted)
    • 29. 3. Test assumptions/hypotheses
      Market/customer problem
      Value proposition
      Target market segment
      Core product features
    • 30. 4. Analyze the results
      Were the questions open-ended enough to create a dialog?
      Is this the right target market segment?
      Did we ask the right questions?
      Were the answers aligned?
      How did the answers compare to our assumptions?
      Do we need to make changes to our product strategy?
      Continue until confident you are on right track.
      If results are negative, try adjusting the pitch or change segment.
      Source: Infrasystems (adapted)
    • 31. Discussion points
      What about consumer products/services?
      When should I buy external research services?
      How to deal with foreign markets?
      Should I sell first or develop first?
      Who should talk to the customers/prospects?
      How much is enough validation?
    • 32. See 10 free tools for market intelligence
      I can’t afford to buy research reports – what can I do myself?
    • 33. Tool #1: Google Advanced
      Results filtering
    • 34. Tool #2: Google Reader & RSS
      RSS subscriptions
    • 35. Tool #3: Google Alerts
      Automatic keyword alerts by email or RSS
    • 36. Tool #4: Efficient email
      Email filtering and data mining
    • 37. Tool #5: Google Trends
      Keyword comparison and trends
    • 38. Tool #6: Ad Preview Tool
      Find AdWords ads in other countries
    • 39. Tool #7: Keyword Spy
      Find out which keyword competitors use
    • 40. Tool #8: Vertical search
      Not everything can be found with Google
      Example (SEC):
      Others listed at (companies, trademarks, patents, etc)
    • 41. Tool #9:
      Get alerts for any website changes
    • 42. Tool #10: Google Apps (bonus)
      Free email and collaboration suite
    • 43. Create market monitoring plan & process
      How do we do continuous market intelligence efficiently?
    • 44. Pitfalls and warnings
      Monitoring can easily steal a lot of time
      Set up rules how much employees can use work time
      More important to decide what not to follow
      Always decide what you want to get from the process
      Usually the only good reason for market intelligence is to create foresight and make shift changes
      Don’t worry too much about the competitors.
    • 45. Simple implementation plan (1/2)
      Decide on the resources and tools
      Preferably only founders should follow the market
      Select keywords
      Influencers, competitors, prospects, industry terms
      Select followed channels
      RSS feeds, newsletters, websites
      Setup tools and stick with it
      Make a decision how often you change them
    • 46. Simple implementation plan (2/2)
      5. Create a schedule for monitoring (max. once/day)
      Preferably outside office hours
      Save new resources but add them to the used tools for example once a week
      If you have open marketing strategy, actively engage in online discussions or appoint a person to do so
      Analyze and discuss findings once a month and decide on action plans for marketing/sales/develop.
    • 47. REMEMBER!
      The amount of information is unlimited.
      98% of information cannot be found online.
      Most valuable source is your personal network.
    • 48. DISCUSS about challenges and solutions
      What challenges have others faced and how to overcome them?
    • 49.
    • 50. Top lessons learned
      Find the customer pain.
      Simplify your pitch.
      Reiterate fast enough.
      Prepare for long sales cycles.
      Focus on yourself, not others.
    • 51. Contact info
      San Francisco Oy
      Fredrikinkatu 61, 6th Floor
      FI-00100 Helsinki
      Juhani Polkko, CEO
      +358 40 543 0825 / Skype: jpolkko