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Target market

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Info e tips about pitching, some questions that could be used as a track. …

Info e tips about pitching, some questions that could be used as a track.
How to find the right market, possibly segmenting it with demographics and psychographics, considering country specific constraint (and issues related to export).
SWOT analysis for target market. How to narrow a market.
Business to business versus business to consumer markets.

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  • 1. Find your marketFrieda Brioschifrieda.brioschi@gmail.comIEDLesson 8
  • 2. Course program1. Italian Startups2. Set up a startup in Italy3. Ive got an idea. And now?4. Value analysis5. Business model6. Communicate, communicate, communicate7. Being net8. Find your market9. Funding: venture capital, business angel and otherways of financing10. Pitch
  • 3. Todays table of content1. Pitch2. Target market
  • 4. Being net: quick recapDuring last lesson we discussed the launch of yourproduct/company in term of communication,analyzing Robert Scoble’s recipe.“What you want to do is have a story that travels tothe people who are most likely to need your product.It all starts with a story.”
  • 5. Being net: quick recapThen we went through a startupper advise, GiulianoIacobellis list of interesting and useful websites:• startup directories• tech magazines• magazines in your field/market
  • 6. Being net: quick recapWe started discovering on/off line resources,discussing what is an incubator and what are certifiedincubators and which characteristics have public,private and university incubators.Then we approached a new way to work – coworking- with its italian examples and finally we listed somenetworking recurring events.
  • 7. Pitch
  • 8. A (very) short speech.http://mindyourpitch.com/blog/what-is-an-elevator-pitch/What is an elevator pitch?
  • 9. 1.Be short (less is more!)2. Wow effect (6-10 seconds to generate curiosity)3. Who (add some info about you)4. KISShttp://www.ninjamarketing.it/2011/10/25/lelevator-pitch-larte-di-comunicare-unidea-in-modo-efficace-e-in-pochi-secondi/Tips
  • 10. 1. Concise2. Clear3. Compelling4. Credible5. Conceptual6. Concrete7. Customized8. Consistent9. Conversationalhttp://elevatorpitchessentials.com/essays/ElevatorPitch.htmlThe nine Cs of an effective elevatorpitch
  • 11. 1. What is your product or service?2. Who is your market?3. What is your revenue model?4. Who is behind the company?5. Who is your competition?6.What is your competitive advantage?http://www.businessknowhow.com/money/elevator.htmSix question you must answer
  • 12. • Volunteers (you’ll earn 2 extra points!)• one pitch one person (but we can discuss this)• present your project, if you’ve one or• you can present an existing product/company• slide format: pdf, ppt, Prezi (online)Our rule
  • 13. Target market
  • 14. Who are your customers? Who will buy yourproduct?People purchase products or services for three basicreasons:• To satisfy basic needs.• To solve problems.• To make themselves feel good.http://sbinfocanada.about.com/cs/marketing/a/targetmarket.htmTarget market
  • 15. 1. Look at your current customer base2. Check out your competition3. Analyze your product/service4. Choose specific demographics to target5. Consider the psychographics of your target6. Evaluate your decisionhttp://www.successdesigns.net/articles/entry/how-to-define-your-target-market/Definition
  • 16. •Age: children, teens, young, middle, elderly•Location•Gender: male, female•Education: high school, college, university•Income: low, medium, high•Marital status: single, married, divorced•Ethnic and/or religious background•Occupation•Family life cycle: newly married, married for 10 – 20years, with or without children.http://sbinfocanada.about.com/cs/marketing/a/targetmarket_2.htmSegmentation by demographics
  • 17. •Personality•Values•Lifestyle: conservative, exciting, trendy, economical•Social class: lower, middle, upper•Opinion: easily led or opinionated•Activities and interests: sports, physical fitness,shopping, books•Attitudes and beliefs: environmentalist, securityconscious.•Behaviourhttp://sbinfocanada.about.com/cs/marketing/a/targetmarket_2.htmSegmentation by psychographics
  • 18. •import barriers•import quotas and currency restrictions•taxation•health regulations•CE marking for exports to most European nations•safety regulations•environmental standards•accreditation issues•how you will be paid for your exported products orservices•legal agreements.Challenges to exportinghttp://www.nzte.govt.nz/en/export/starting-to-export/identify-your-target-market/
  • 19. •tariffs or duties•industry regulations•political instability•business laws•intellectual property protection•product to market logistics•quarantine and regulatory requirements.Country specific constraintshttp://www.nzte.govt.nz/en/export/starting-to-export/identify-your-target-market/
  • 20. •target audience•SWOT•marketing goals•positioning•pricing•distribution•marketing strategies•communication stratefy•media plan•schedule•budget•tracking and evaluationResearch and analysis
  • 21. Strengths could include:•personal and flexible customer service•special features or benefits that your product offers•specialist knowledge or skillsWeaknesses could include:•limited financial resources•lack of an established reputation•inefficient accounting systemsSWOT/1http://www.infoentrepreneurs.org/en/guides/create-your-marketing-strategy/
  • 22. Opportunities could include:•increased demand from a particular market sector•using the Internet to reach new markets•new technologies that allow you to improve productqualityThreats could include:•the emergence of a new competitor•more sophisticated, attractive or cheaper versions ofyour product or service•new legislation increasing your costs•a downturn in the economy, reducing overalldemandSWOT/2http://www.infoentrepreneurs.org/en/guides/create-your-marketing-strategy/
  • 23. Here’s the problem with target markets: They’re toobig.
  • 24. "Companies that try to be all things to all customersare sure to fail.”• The Dangers of Being Unfocused• Become an Expert in one Area (Starbucks!)• Do the Market Research• Tweak your Marketinghttp://www.inc.com/guides/201104/how-to-narrow-your-target-market.htmlNarrowing your target market
  • 25. http://www.educationbusinessblog.com/2007/07/target_market_selection_1.html?p=42Matter of balancing
  • 26. Product Vs MarketAccording to Steve Blank:• new product new market• new product existing market• "existing" product segmenting an existing market,acting on cost• new product segmenting an existing market, creatinga nicheThey differ for consumers, needs, perfomances,competitors and risks.http://blog.nicolamattina.it/2011/03/i-quattro-tipi-di-startup-sencondo-steve-blank/
  • 27. Kinds•B2B•B2Chttp://plantostart.com/how-to-define-target-market-product/
  • 28. B2BYour business model is to make a product or serviceand charge other companies for using it. Theadvantage of this model is that companies havemoney and they are willing to spend it on aproduct/service, which improves their daily operations,helps them sell more or communicate better. Google,Cisco, MySQL and others are using this model.http://thelaukaitis.wordpress.com/2013/04/18/starting-your-business-2-business-model-and-target-market/
  • 29. B2CYour business model is to make a product or serviceand charge consumers for using it. Even though mostpeople think this is a very profitable model, most oftencompanies need to have at least hundreds ofthousands of users in order to earn enough money tomaintain and expand the business. This model isbeing used by Starbucks, McDonald’s, Amazon andothers.http://thelaukaitis.wordpress.com/2013/04/18/starting-your-business-2-business-model-and-target-market/
  • 30. Next weekFunding.(with Emma Tracanella)

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