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






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Market information training for spinno 2011 03 Market information training for spinno 2011 03 Presentation Transcript

  • Market Information training
    8.3.2011 at Innopoli, Espoo
    Juhani Polkko | San Francisco Oy
  • 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
  • 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
  • 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?
  • Define market and industry
    What market should we be in? How does it fit different industries?
  • 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
  • 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
  • Industry boundaries
    Our market
    What industry you believe you are in?
    What industry you should be in?
  • Understand positioning and differentiation
    What’s our place in the value chain? How do we differentiate from competitors?
  • STP model
  • Value chain example
    User Value
    • Should I focus on one part or several (vertical integration)?
    • Where are my competitors? Should I be in the same place?
    • Who is the driver in the value chain (demand creator)?
    • Select Push or Pull sales strategy?
  • How prioritize market segments
    Source: Chasm Institute / Embrase
  • Positioning = Perceived Value
  • Simple positioning matrix
    Closed network
    Open network
    Windows Live Messenger
    Habbo Hotel
  • Differentiation variables
    Source: Marketing Management: Kotler, Philip
  • Know about basics of Blue Ocean Strategy
    How to make competition irrelevant?
  • Making competition irrelevant
    Source: Adapted from Blue Ocean Strategy, page 18
  • Value Innovation
    Lower Costs
    Value Innovation!
    Higher Value
    Source: Blue Ocean Strategy, page 16
  • 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
  • Examples of Blue Ocean strategies
  • 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.
  • Learn about methods for market validation
    Process to learn about market demand and customer aspirations
  • 1. Create the positioning pitch
    Source: Embrase Business Consulting
  • 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)
  • 3. Test assumptions/hypotheses
    Market/customer problem
    Value proposition
    Target market segment
    Core product features
  • 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)
  • 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?
  • See 10 free tools for market intelligence
    I can’t afford to buy research reports – what can I do myself?
  • Tool #1: Google Advanced
    Results filtering
  • Tool #2: Google Reader & RSS
    RSS subscriptions
  • Tool #3: Google Alerts
    Automatic keyword alerts by email or RSS
  • Tool #4: Efficient email
    Email filtering and data mining
  • Tool #5: Google Trends
    Keyword comparison and trends
  • Tool #6: Ad Preview Tool
    Find AdWords ads in other countries
  • Tool #7: Keyword Spy
    Find out which keyword competitors use
  • Tool #8: Vertical search
    Not everything can be found with Google
    Example (SEC):
    Others listed at (companies, trademarks, patents, etc)
  • Tool #9:
    Get alerts for any website changes
  • Tool #10: Google Apps (bonus)
    Free email and collaboration suite
  • Create market monitoring plan & process
    How do we do continuous market intelligence efficiently?
  • 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.
  • 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
  • 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.
    The amount of information is unlimited.
    98% of information cannot be found online.
    Most valuable source is your personal network.
  • DISCUSS about challenges and solutions
    What challenges have others faced and how to overcome them?
  • Top lessons learned
    Find the customer pain.
    Simplify your pitch.
    Reiterate fast enough.
    Prepare for long sales cycles.
    Focus on yourself, not others.
  • Contact info
    San Francisco Oy
    Fredrikinkatu 61, 6th Floor
    FI-00100 Helsinki
    Juhani Polkko, CEO
    +358 40 543 0825 / Skype: jpolkko