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Market Engagement Seminar Nicta Bootcamp 11112008


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Seminar delivered to NICTA research teams on invention evaluation and market research/engagement strategies.

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Market Engagement Seminar Nicta Bootcamp 11112008

  1. 1. Researching and Engaging your Market <ul><ul><li>Cindy M. Reese </li></ul></ul><ul><ul><li>Business Development Manager </li></ul></ul><ul><ul><li>Lighthouse Business Innovation Centre </li></ul></ul>
  2. 2. Epicorp Limited <ul><li>300 Applications </li></ul><ul><li>19 Companies </li></ul><ul><li>Highly diverse portfolio </li></ul><ul><li>From spin-out to exit </li></ul>
  3. 3. <ul><li>‘ Investor-ready’ coaching </li></ul><ul><li>Referrals to service providers, mentors, appropriate sources of funding </li></ul><ul><li>Investor support and education </li></ul>
  4. 4. Market Engagement <ul><li>“ Because its purpose is to create a customer, the business enterprise has two and only two functions: marketing and innovation”. </li></ul><ul><li>-Peter Drucker </li></ul>
  5. 5. Agenda <ul><li>Understanding the Market Opportunity </li></ul><ul><li>Market Research </li></ul><ul><li>Case Studies </li></ul><ul><ul><li>Simmersion Holdings </li></ul></ul><ul><ul><li>Locata Corporation </li></ul></ul>
  6. 6. The Marketing Process <ul><li>Discovering what product, service or idea customers want. </li></ul><ul><li>Producing a product with the appropriate features and quality. </li></ul><ul><li>Pricing the product correctly. </li></ul><ul><li>Promoting the product </li></ul><ul><li>Selling and delivering the product into the hands of the customer. </li></ul>
  7. 7. The Marketing Process <ul><li>Discovering what product, service or idea customers want. </li></ul><ul><li>Producing a product with the appropriate features and quality. </li></ul><ul><li>Pricing the product correctly. </li></ul><ul><li>Promoting the product. </li></ul><ul><li>Selling and delivering the product into the hands of the customer. </li></ul>
  8. 8. Sales <ul><li>Process of ‘moving’ existing product </li></ul><ul><li>emphasis is ordinarily upon helping the customer determine if they want the product, or a variation on it, that is already being offered by the company </li></ul>
  9. 9. Early Market Engagement Mitigates Risk <ul><li>The leap from an idea to market entry complex, costly and time consuming. </li></ul>
  10. 10. IDEAS <ul><li>Aimed at early assessment when there is little tangible data available </li></ul><ul><li>Focuses on what you already know about related products </li></ul><ul><li>Lack of detailed early assessment is extremely costly </li></ul>
  11. 11. Early Opportunity Assessment <ul><li>Potential Demand </li></ul><ul><li>Market Acceptance </li></ul><ul><li>Competitive Position </li></ul>
  12. 12. Windlab Systems <ul><li>Complex Terrain Modeling (CSIRO) </li></ul><ul><li>Wind resource assessment </li></ul><ul><li>Early-stage risk mitigation—site selection </li></ul><ul><li>Wind farm developers/financiers </li></ul>
  13. 13. Potential Demand <ul><li>What is the relative size of the potential market? </li></ul><ul><li>Is the trend of demand increasing or decreasing? </li></ul><ul><li>Is demand likely to be stable or unstable? </li></ul><ul><li>What potential is there for related products, processes or services? </li></ul>
  14. 14. GP Sports Systems <ul><li>GPS/Heart Rate/Accelerometer </li></ul><ul><li>Elite athlete performance and content syndication </li></ul><ul><li>Assimulation/management of data to improve coaching/training outcomes. </li></ul><ul><li>Sports Clubs </li></ul>
  15. 15. Market Acceptance <ul><li>Is the idea compatible with existing attitudes and patterns of use? </li></ul><ul><li>What degree of learning is required to consume or use it? </li></ul><ul><li>What level of needs is fulfilled or utility provided? </li></ul><ul><li>How visible are the benefits and what degree of promotion is needed to create customer awareness </li></ul><ul><li>How difficult and/or costly will it be to establish distribution channels? </li></ul>
  16. 16. Mediaware International <ul><li>MPEG image and signal processing (CSIRO) </li></ul><ul><li>Numerous broadcast and Defence applications </li></ul><ul><li>Management of vast amounts of digital content </li></ul><ul><li>Multinational Systems Integrators </li></ul>
  17. 17. Competitive Position <ul><li>How different is the idea from similar products, processes or services? </li></ul><ul><li>How will its perceived value compare with equivalent products, processes or services? </li></ul><ul><li>Is it vulnerable to the bargaining power of customers or suppliers? </li></ul><ul><li>Is it vulnerable to existing, potential, direct or indirect competitors? </li></ul>
  18. 18. Workshop Activity <ul><li>Mapping Your Market Opportunity </li></ul>
  19. 19. Mapping Your Market Opportunity <ul><li>Scoring: </li></ul><ul><ul><li>A=5 </li></ul></ul><ul><ul><li>B=4 </li></ul></ul><ul><ul><li>C=3 </li></ul></ul><ul><ul><li>D=2 </li></ul></ul><ul><ul><li>E=1 </li></ul></ul>
  20. 20. Assessing Your Score <ul><ul><li>Score greater than 45 is considered a ‘good’ opportunity </li></ul></ul><ul><ul><li>Ideal Score for each of the three sections is around 15 or higher </li></ul></ul><ul><ul><li>Visualize the Assessment by plotting the scores, paying close attention to the areas that fall into the ‘Area of Concern’. </li></ul></ul>
  21. 21. Market Research <ul><li>Quantitative </li></ul><ul><li>Qualitative </li></ul><ul><li>Secondary </li></ul><ul><li>Primary </li></ul>
  22. 22. Primary <ul><li>Talk to Prospective and Existing: </li></ul><ul><ul><li>Customers </li></ul></ul><ul><ul><li>Go to Market Partners </li></ul></ul><ul><ul><li>Suppliers </li></ul></ul><ul><ul><li>Staff </li></ul></ul><ul><ul><li>Advisors </li></ul></ul><ul><ul><li>Professional </li></ul></ul><ul><ul><li>Govt Grants personnel </li></ul></ul><ul><ul><li>Investors </li></ul></ul>
  23. 23. Cohda Wireless <ul><li>Industry Conferences </li></ul><ul><li>Trade show exhibitions </li></ul><ul><li>Academic Papers </li></ul><ul><li>White papers </li></ul><ul><li>PR Marketing </li></ul>
  24. 24. How will you be engaging your target market?
  25. 25. Morning Tea
  26. 26. Market Engagement Case Studies <ul><li>Simmersion Holdings </li></ul>
  27. 27. Lessons Learned--Simmersion <ul><li>Low hanging fruit </li></ul><ul><li>Worked with local government as early-adopters </li></ul><ul><li>Establish basic functionality set </li></ul><ul><li>Early customer establish company value </li></ul>
  28. 28. Market Engagement Case Studies <ul><li>Locata Corporation </li></ul>
  29. 29. Lessons Learned—Locata Corporation <ul><li>Focused on their critics—very targeted marketing </li></ul><ul><li>Substantial academic press while protecting IP </li></ul><ul><li>Allowed reference clients to do the marketing </li></ul>
  30. 30. Summary <ul><li>Importance of frank assessment process </li></ul><ul><li>Draw your customers in to your commercialization process early </li></ul><ul><li>Listen carefully to the feedback you receive </li></ul>