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NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
NC State - Entrepreneur Presentation
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NC State - Entrepreneur Presentation

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A presentation about what marketing is and what marketing isn\'t to the NC State EEP cohort in 2009.

A presentation about what marketing is and what marketing isn\'t to the NC State EEP cohort in 2009.

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  • Transcript

    1. MARKETING IN A STARTUP Ron Carson - VP Marketing Innovation Asset Group March 18, 2009
    2. ABOUT ME • ~10 Years in Silicon Valley, ~5 Years in RTP • Companies: Tandem, Compaq, Digital, HP • Startups: patent troll and a B2B software company • Industries: Healthcare, e-commerce, Pharmaceuticals, Telecommunications, Banking, Biotech, Supply Chain, Intellectual Property • Roles: Business Development, Sales and Marketing • Currently: VP of Marketing with a strong bias to market strategy, business development and customer acquisition
    3. WHAT I WANT TO SHARE • Marketing vs. marketing • Some start-up reality perspectives • Things I would have wanted to know • What I do, why I do it and how I do it • I hope it helps
    4. TODAY’S ECONOMY • Angel Investors: • “I’ve just lost 50% across my entire investment portfolio. Why would I invest with a high risk, early-stage company when I could invest in beaten-down, highly liquid stocks like GE or Apple?”“ • Can you be cash-flow positive in 6 months?” • Venture Capitalists: • IPO market is dry. M&A market is tight. No easy exit. • May just let you die if you’re already in the portfolio. • Only funding truly stunning business plans, preferably with revenue already flowing • Customers: • “So, if I buy this, who can I fire?” • Payback must be (way) less than one year. ROI almost does not matter. Spending is close to frozen.
    5. MARKETING "...Because its purpose is to create a customer, business has two -- and only two functions: Marketing and innovation. Marketing and innovation produce results, all the rest are costs." -- Peter Drucker
    6. MARKETING IS NOT: • Advertising • Search Engines • Tradeshows • Press Releases • Collateral • Lead Generation • Websites • T-shirts • Blogging • Coffee Mugs • Twitter • Strategic Partnerships • Channel Development
    7. MARKETING “There will always be need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits them and sells itself.” — Peter Drucker
    8. MARKETING Strategic Marketing Tactical Marketing - Market Analysis - Lead Generation - Market Sizing - Advertising - Market Segmentation - Promotion - Target Segments - Awareness - Unmet Needs - Websites - Competitive Analysis - Collateral - ... - ... Have to get this right... ...for this to work. Alignment is Key
    9. IF YOU GET IT WRONG... • In this economy, you are dead. You Bonehead! You’ve wasted your investors’ money • Wasted time and your business is dead in the water. • Wasted money • Wasted credibility • I learned hard lessons: • Secure Electronic Transaction • Electronic Health Record It’s Not OK • Intellectual Property Management • Others I continue to observe…
    10. HOW TO GET IT RIGHT Know Your Customer To Know: • To have knowledge or information concerning. • To be absolutely certain or sure about something. • To be aware of through observation, inquiry, or information.
    11. Your opinion, while interesting, is irrelevant. - Pragmatic Marketing
    12. GETTING TO “KNOW” Information Insufficient Examples Useful For Source Because Broad trends, market sizing, growth rates, Superficial, academic, in- Industry Analyst Reports Forrester, Gartner segmentation, actionable intelligence. Third party validation Usually too focused on TD Ameritrade, Motley Trends, growth rates, Financial Analyst Reports near-term investment Fool competition. metrics. Hot Topic Issues. Identify Editorial calendars Industry publications (incl. IP Law & Business companies, people and necessarily shift. Hype Blogs) topics of relevance. sells - possibly misleading. Broad trends, current The readers digest Business Publications BusinessWeek, Forbes events. General version. education. Personal Conversations Danaher, Analog Devices, Dose of reality - needs, with 30 prospective John Deere, Biomet, pains, barriers, Risk of short-term bias. customers Cephalon, etc. opportunities
    13. TALK TO YOUR CUSTOMERS The phone is your friend.
    14. WHAT TO TALK ABOUT • Formulate hypotheses for: • The problem, the product/solution • Test hypotheses • Talk to prospective customers, present problem - listen • Incorporate into product/solution concept - test & listen • Refine (repeat as necessary) • Verify - problem, product, business model • Go/No Go
    15. CONCEPTS TO KEEP IN MIND (THINGS I WISH I LEARNED EARLIER) • Business Equation Concept • a.k.a. Ecosystem, value chain, life cycle, etc… • Bottom Line: track the flow of dollars through a market or company • Who is going to make money or save money? • Buying Processes • How will the purchase be made? Who will make it? • Competition • never under estimate. • Probe for alternatives. • Fast Fail - always look for this
    16. COLD CALL BASICS • Write down your objective • Script your opening pitch • List questions you want answered • Rehearse • Pick up the phone (don’t read your pitch) • Take notes • Request permission to follow up • Refine
    17. “WHO YOU GONNA CALL?” • You have a target market segment, a problem theory to test, a solution concept to bounce off of someone -- so who do you call? • Tap the local network. • Use tools success the ones below to find relevant people and their contact info: • DO NOT rent or buy lists!
    18. SOME STUFF WE DID Top-down and Bottom-up Named Companies Named Contacts Built Marketing DB Low Cost Marketing Tangible Results
    19. EXAMPLE Primary Target Market Sizing • Primary Target Market Top-down • Companies with a degree of IP complexity to be managed. • Number of companies with SIC codes which correspond • Complexity can come from the number of assets in the to IP-intensive industries: 46,000 portfolio, the number of incoming and outgoing obligations associated with the portfolio and from company specific IP • Estimated percentage in our primary workflow automation. target market: 10% • As a rule of thumb, we look for companies with more than • = 4,600 companies. 300 patents in their portfolios, and over $300M in revenue. • These are companies in need of an IP management solution, and with the financial resources to pay for one. Today: 2,500+ named companies and 5,500+ contacts that are candidates for one or more Decipher Modules: • Secondary Target Markets Innovation, Portfolio Management, Commercialization. • Medium sized companies with between 100 and 300 patents in their portfolios, and less than $300M in revenue. • These are companies who understand the strategic importance of IP and are actively seeking an integratd IP management solution. • Adding contacts from the target audience (5,500 and • We do not activley prospect in this segment at this time. growing) • Manually compiling list of named companies • Target Audience within our target market. (2,500 and growing) • Within the target market companies, we seek the person responsible for corporate intellectual property strategy. • Initial list of companies with more than 300 patents = 1000 companies (Calculated this list to be under estimated by a • Common titles include Chief IP Counsel, Vice President of factor of at least 2x-3x) IP. Bottom-up
    20. EXAMPLE CONTINUED • Marketing Foundation • New Website - describes solution in (mostly) terms the market used to describe their needs/wants. • SEO Optimized • Direct Marketing Infrastructure & automation -- track & measure everything. • ~3,000 target companies in marketing database • >10,000 contacts - multiple departments can influence sale • 40,000 lower quality contacts in newsletter DB
    21. METRICS New Leads Generated Growing Visbility IP Currents Conversions 90 35 120 Downloads, Demo Requests, Contact Us Raw Leads from Events, Datasheet 80 White Paper Downloads & Subscriptions 30 100 70 White Paper Downloads 25 60 and Call-ins 80 20 50 15 60 40 10 30 40 5 20 20 10 0 July Aug Sept Oct Nov Dec Jan 0 0 Nov'07 Dec'07 July'08 Aug'08 Sept'08 Oct'08 Nov'08 Dec'08 Jan'09 Month July Aug Sept Oct Nov Dec Jan Month Month Direct e-mail Campaign Performance Conversion Rate 10% •Multiple keywords on Google first page. 6% •SEO leads generated include multiple Industry Benchmark & Performance Fortune 500 companies. Target = 3% IPO CEO - MIT CTO- CIPC - Cost IAG- •Faster Sales Cycles Innovation Control Dennemeyer Cost Control
    22. COMMENTS? QUESTIONS?
    23. BACKUP SLIDES
    24. SWOT ANALYSIS TEMPLATE Strengths Opportunity Implications for my company • - • -- • Threat • - Weaknesses −

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