Assessing the Market for Your Product

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Assessing the Market for your Product...On a Budget!

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  • See http://en.wikipedia.org/wiki/Product_lifecycle_management#Benefits
  • See Steve Blank, The Startup Owner’s ManualConsider “new Coke”
  • See http://www.stanford.edu/class/e140/e140a/handouts/ProductMgmt.txt - “Good Product Manager/Bad Product Manager”The “story” includes marketing collateral, presentations, FAQs, etc.
  • See http://www.inc.com/karl-and-bill/test-your-new-business-concept-8-questions.html
  • www.pcicomplianceguide.orghttp://guides.lib.umich.edu/content.php?pid=36144&sid=269615Payment Card Industry (PCI) Data SecurityNational Fire Protection AssociationUnderwriters Laboratories (UL)American Natl. Standards Institute (ANSI)American Society for Testing & Materials (ASTM)Intl. Organization for Standardization (ISO)
  • www.ftc.govwww.fcc.govFederal Trade Commission (FTC)Privacy ActsFederal Communications Commission (FCC)Children’s TV programming rules, CAN-SPAM ActExport Administration Regulations (EAR)Import/export of encrypted softwareFood & Drug Administration (FDA)Clinical trials, food safety
  • www.uspto.govEngage a IP counselPatent and Trademark Protection; SEC Filings; D&B Listings; Yahoo Finance
  • Sources:http://www.entrepreneur.com/article/217388These are portal sites that provide access to a wealth of more detailed information available.
  • Action Items to address the understanding of the market place (Slides 3-13); Actionable Goals (big/small) to apply the data gathered; leverage strengthshttp://premium.docstoc.com/article/153259413/Starting-a-Business-The-Great-Big-Checklist-of-Everything?utm_source=email&utm_medium=email&utm_campaign=222&utm_content=5098&alt=2b0fadaf-ad58-4c7c-920c-1353469a6731
  • Action Items to address the understanding of the market place (Slides 3-13); Actionable Goals (big/small) to apply the data gathered; leverage strengthshttp://premium.docstoc.com/article/153259413/Starting-a-Business-The-Great-Big-Checklist-of-Everything?utm_source=email&utm_medium=email&utm_campaign=222&utm_content=5098&alt=2b0fadaf-ad58-4c7c-920c-1353469a6731
  • Assessing the Market for Your Product

    1. 1. ASSESSING THEMARKET FOR YOURPRODUCT....On aBUDGET!
    2. 2. Defining Your Product ConceptWhen
    3. 3. Identify revenue opportunities, potentialMaximize pricing, unit sales, profitsGet to market more quicklyKeep upfront costs lowBuild something of qualityWHY: Define the Product
    4. 4. WHEN: BEFORE BuildingWe don’t know what the customer wantsWe don’t know the features really neededA concept allows us to dialog with customersTrial/error easier, less costly with a conceptThis is true for: New enterprises New/expanding product lines Potential reworks of existing products/lines
    5. 5. WHO: The Product ManagerThe “CEO of the product” (Ben Horowitz)Knows the marketDefines the right product at the right timeRevenue-, margin-, quality-, value-focusedBuilds, tells the product “story”In a small company the PM could be YOU!
    6. 6. WHAT: The ConceptThe problem or opportunity to be addressedThe product/service descriptionThe advantage versus current alternativesThe ideal customerThe total cost to buy/maintain: money, timePotential barriers to entry
    7. 7. INDUSTRY STANDARDS BARRIERS
    8. 8. REGULATORY BARRIERSPrivacy ActsImport/export of encrypted softwareChildren’s TV programming rules, CAN-SPAM ActClinical trials, food safety
    9. 9. INTELLECTUAL PROPERTY BARRIERSFor new, useful, nonobvious idea/design/plantNon-infringement analysisFreedom-to-operate analysisProtect an original expression of an ideaAvoid access, similarity to copyrighted workOnline availability ≠ “public domain”Associate good/service with a sourceClearance analysis
    10. 10. WHERE: Assessing the MarketMarket Research GoalsGetting to know the marketCompleting an industry profileCompiling a competitive analysisSources:PrimaryDirect from the source (e.g. Potentialcustomers)SecondaryStatistics, reports, and studies
    11. 11. SOURCES & RESOURCES
    12. 12. PRIMARY SOURCES FEEDBACKEmployeesComment CardsFocus GroupsSurveysDigital ActivityMystery ShoppingCustomer Advisory GroupsCustomer LettersField FeedbackRating WebsitesSocial MediaPurchase Behavior
    13. 13. ThomasNetHarris InfoSourceU.S. Statistical AbstractSBA.govFedStats.govU.S. CensusAssociationsD&BKnowThis.comBizminers.comMarketResearch.comAmerican FactfinderYahoo! FinanceSECONDARY SOURCES FREE/LOW COST
    14. 14. UNDERSTANDING YOUR BRAND
    15. 15. FROM MARKET RESEARCHTO ACTION PLANDetermine key performance indicatorsGet free online trafficImprove SEOBuy online ads (Google AdWords, Facebook ads)Master social media marketing
    16. 16. Attend trade shows and conventionsPrint flyers, brochures or catalogsEmail current customersLaunch a public relations campaignGo mobile with app developmentFROM MARKET RESEARCHTO ACTION PLAN
    17. 17. ASSESS THE MARKET FOR YOURPRODUCT EARLY AND OFTEN!“...NO BUSINESS PLANSURVIVES FIRSTCONTACT WITHCUSTOMERS.”-STEVE BLANK AND BOB DORF, THE STARTUPOWNER’S MANUAL
    18. 18. Karen HermanGustie Creative LLCTEAM MEMBERSAlison TannerFlorida InstituteAndrew BurkiLife of PurposeTreatment CentersStephen ChakoffCHS Pharma Inc.Matthew KimVigilant Biosciences, Inc.

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