Finding Your Target Market - MassChallenge - 07122014

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Presentation made by Stephen Davis on July 21, 2014 at the MassChallenge Accelerator in Boston …

Presentation made by Stephen Davis on July 21, 2014 at the MassChallenge Accelerator in Boston

Many start-ups have great ideas but struggle when it comes time to bring the product to market and have difficulty in selecting a market to focus on. Defining your optimal target market and identifying the ideal prospect will help you streamline the effectiveness of your marketing, shorten the sales cycle and close more business.
In this program we’ll cover:

• Comparing mass marketing to target marketing
• How segmentation can improve your market position
• Practical ideas to segment and prioritize market opportunities
• Developing detailed customer profiles that will improve sales
• Learn the stages of the customer buying process
• How incorporate target marketing into your overall strategy

Stephen N. Davis, Principal and Founder of The CXO Advisory Group (http://www.cxoadvisorygroup.com/about-us/Stephen-Davis.htm), advises businesses on how to optimize and improve operations, accelerate sales and profits, and seize the most attractive growth opportunities. Steve has worked with companies in North America, Europe and Asia to assist them in establishing US market operations, strategic alliances, joint ventures, business development and sales management. He has also assisted clients with due diligence and preparation for venture financing.

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Transcript

  • 1. 2000 – 2014 ©CXO Advisory Group FINDING YOUR TARGET MARKET Stephen N. Davis “Partnering With Clients to Drive Sustainable Profitable Growth”
  • 2. Start-ups Fail 2000 – 2014 ©CXO Advisory Group
  • 3. Start-ups Fail 2000 – 2014 ©CXO Advisory Group
  • 4. That is Why Start-ups Fail 2000 - – 2013 2014 ©©CXO CXO Advisory Advisory Group Group
  • 5. Start-ups Wait Too Late to Find Customers 2000 – 2014 ©CXO Advisory Group
  • 6. Focus on Customers & Markets From Day 1 2000 – 2014 ©CXO Advisory Group
  • 7. Get Out and Talk to Potential Customers 2000 – 2014 ©CXO Advisory Group
  • 8. “If I had asked people what they wanted, they would have said faster horses.” Henry Ford 2000 – 2014 ©CXO Advisory Group
  • 9. Who Should You 2000 – 2014 ©CXO Advisory Group Sell To?
  • 10. You are NOT The Customer 2000 – 2014 ©CXO Advisory Group
  • 11. “The most important strategic decision is targeting—nail this and everything else falls into place.” 2000 – 2014 ©CXO Advisory Group Phil Kotler, Northwestern University
  • 12. If You Get on the WRONG Train Every Stop is WRONG 2000 – 2014 ©CXO Advisory Group
  • 13. Don’t Focus on ALL Potential Buyers 2000 – 2014 ©CXO Advisory Group
  • 14. Do You Believe Market Size is Best Criteria to Target a Market? 2000 – 2014 ©CXO Advisory Group
  • 15. Market Size Isn't the Only Path to Success 2000 – 2014 ©CXO Advisory Group
  • 16. Evaluate Attractiveness of Each Segment 2000 – 2014 ©CXO Advisory Group
  • 17. Segment Size & 2000 – 2014 ©CXO Advisory Group Growth
  • 18. What are the Threats? 2000 – 2014 ©CXO Advisory Group
  • 19. 2000 – 2014 ©CXO Advisory Group Who are Your Competitors?
  • 20. Ease of Market Entry? 2000 – 2014 ©CXO Advisory Group
  • 21. What are Your Strengths & Weaknesses? 2000 – 2014 ©CXO Advisory Group
  • 22. What Resources Do You Need? 2000 – 2014 ©CXO Advisory Group
  • 23. Customer Acquisition 2000 – 2014 ©CXO Advisory Group Costs
  • 24. Are There Government Regulatory Issues? 2000 – 2014 ©CXO Advisory Group
  • 25. 2000 – 2014 ©CXO Advisory Group Establish a BEACHHEAD
  • 26. Find Passionate 2000 – 2014 ©CXO Advisory Group Customers
  • 27. Brand Ambassadors 2000 – 2014 ©CXO Advisory Group
  • 28. 2000 – 2014 ©CXO Advisory Group
  • 29. 2000 – 2014 ©CXO Advisory Group Build the Buyer’s Profile
  • 30. People Don’t Strive for 2000 – 2014 ©CXO Advisory Group the Unknown
  • 31. People HATE Change 2000 – 2014 ©CXO Advisory Group
  • 32. They Protect the Status Quo 2000 – 2014 ©CXO Advisory Group
  • 33. 2000 – 2014 ©CXO Advisory Group What’s The Buyer’s Journey?
  • 34. Customer Demographics? 2000 – 2014 ©CXO Advisory Group
  • 35. What is Their PAIN? 2000 – 2014 ©CXO Advisory Group
  • 36. What do They FEAR? 2000 – 2014 ©CXO Advisory Group
  • 37. What Can They GAIN? 2000 – 2014 ©CXO Advisory Group
  • 38. What Do They Care About? Consumer Business 2000 – 2014 ©CXO Advisory Group Health Value Status Environmental Family Finance Convenience/Time Saver Usability Lower Risk Saving Money Productivity Customization Customer Engagement Market Penetration Competitive Advantage Increased Sales
  • 39. How Much Do They Value Various Features? 2000 – 2014 ©CXO Advisory Group
  • 40. How Do They Value Your Competitive Differentiation? 2000 – 2014 ©CXO Advisory Group
  • 41. Where Do You Find Them? 2000 – 2014 ©CXO Advisory Group
  • 42. 2000 – 2014 ©CXO Advisory Group Who or What Influences Them?
  • 43. How Do They Want to Engage and Buy? 2000 – 2014 ©CXO Advisory Group
  • 44. Who is Involved in the Purchase Decision? 2000 – 2014 ©CXO Advisory Group
  • 45. What Are the Sales Trigger Events? 2000 – 2014 ©CXO Advisory Group
  • 46. What Are Key Psychological Price Points 2000 – 2014 ©CXO Advisory Group
  • 47. What is Your MVP? 2000 – 2014 ©CXO Advisory Group
  • 48. Have You Defined A Sales Cycle? 2000 – 2014 ©CXO Advisory Group
  • 49. Buyer’s Cycle 2000 – 2014 ©CXO Advisory Group is the Key
  • 50. 2000 – 2014 ©CXO Advisory Group Fine Tune
  • 51. 2000 – 2014 ©CXO Advisory Group
  • 52. 2000 – 2014 ©CXO Advisory Group
  • 53. Driving Profitable Growth 2000 - 2012 © CXO Advisory Group
  • 54. 2000 – 2014 ©CXO Advisory Group Driving Profitable Growth We help companies optimize business development and marketing; accelerate sales; and seize the most attractive growth opportunities.
  • 55. CXO Advisory Group  CXO Advisory Group is a strategic operations advisory and management firm comprised of proven C-level executives with both breadth and depth of experience.  CXO Advisory Group Team members have achieved success in positions ranging from: President/CEO to COO, and VPs of Sales, Marketing, Corporate Development and Human Resources.  Has proven success in business development and in building US sales and distribution channels 2000 – 2014 ©CXO Advisory Group
  • 56. How Can We Help You? Business Strategy Services • Audit business practices and organization • Evaluate product and pricing strategies • Evaluate effectiveness of sales channel • Assess effectiveness of existing sales and marketing programs Market Entry Program • Analyze competitive landscape • Market launch strategy and plan • Channel strategy and programs • Establish sales channels • Generate sales and manage relationships • Identify and develop strategic partnerships 2000 – 2014 ©CXO Advisory Group
  • 57. Sales Channel Management • Review and revise sales channel strategies • Channel partner identification, prospecting and recruitment • Eliminate channel conflict • Channel contract development and negotiation Interim Management Resources • Interim CEO, COO, CMO, CSO • Interim VP of Sales and Marketing • Consultant on staff • Launch team coaches 2000 – 2014 ©CXO Advisory Group
  • 58. Venture Advisory Services • Fine tune operations, business strategy and market entry • Assist with due diligence • Strategic business assessment of portfolio companies 2000 – 2014 ©CXO Advisory Group
  • 59. Contact Information: Stephen Davis Interim COO/VP Sales & Marketing | Business Consultant | Sales Channel and Business Development Expert | Author & Speaker “Partnering With Clients to Drive Sustainable Profitable Growth” Phone: (508) 528-7571 Email: sdavis@cxoadvisorygroup.com Website: www.cxoadvisorygroup.com Linkedin: www.linkedin.com/in/stephendavis Twitter: twitter.com/stephendaviscxo