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New Product Marketing 101

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This is a crash course in new product marketing. In less than 30 slides you'll learn how to develop a new product concept, build a business plan to turn this concept into a reality, as well as how to craft a marketing plan to help you sell this product. You'll find these step-by-step slides easy to understand and, by the end, be in a better position to launch your idea to the world.

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New Product Marketing 101

  1. 1. New Product Marketing 101 Marco Muzzi, Marketing Director, linkett 1
  2. 2. My Backstory • Started first business at 16 (ecommerce), second at age 20 (marketing consulting) • Named one of Canada’s Top 20 Future Entrepreneurial Leaders by Profit Magazine at 24 (2012) • Previous start-up grew from 7 people to 70, plus $10MM IPO • Current start-up working to close first major round of funding 2
  3. 3. today’s presentation • I’m going to share “growth hacks” to launching a new product. • There are 3 phases we’ll cover: 1. Product Development 2. Business Model Development 3. Marketing the Product 3
  4. 4. PRODUCT DEVELOPMENT HACKS 4
  5. 5. one simple product development philosophy: 5 WHAT IS THE CONSUMER TRYING TO DO?
  6. 6. Opportunity Identification: 5 C’s 1. Problem Identification [Circumstance] - create a matrix of consumer problems and possible solutions (products or services) 2. [Stalking] Context Immersion - observe a consumer as they attempt to solve a particular challenge 3. Barrier Crushing - understand why consumers aren’t solving a problem, especially if there are obvious solutions 4. Compensating Behaviours - identify if the consumers are using alternative, yet unrelated, products or services to achieve their desired outcome 5. Criteria Development - determine how consumers assess possible solutions and how to build these into your product or service 6Repurposed from: https://hbr.org/2012/10/the-five-cs-of-opportunity-identi/
  7. 7. bootstrap market validation: 3 steps 1) Build a customer profile Using the information gathered from your opportunity identification, create a detailed “ideal customer” profile [i.e. who is most likely to buy this?]; leverage industry association contacts as soundboards. 2) Build a market profile Use secondary research to quickly assess the viability of the market you've identified; infographics, research reports, books and news articles will provide you with more than enough data. 3) Assess your market Once you're reasonably confident a market has potential, sit down with a handful of prospective customers, or people with experience, and ask pointed questions about how to penetrate the market and reach your desired audience. 7Repurposed from: http://www.entrepreneur.com/article/71816
  8. 8. Product Development: MVP • Everyone needs an “MVP”: • A Minimum Viable Product is the smallest thing you can build that delivers value to your customer, while also generating revenue for your business. • Why? 1. Market research 2.0 - get real-world feedback quicker 2. Identify evangelists - start engaging early adopters sooner, building a groundswell for forthcoming launches 3. Generate revenue (today!) - MVP revenue contributes to covering costs of product development and growing the business to it’s next iteration 8Repurposed from: http://leanstack.com/minimum-viable-product/
  9. 9. Product Development: bring it to life • At the highest level, there are two methods to building a product: “DIY” and Licensing. • DIY [Do it Yourself] - building the product from scratch, in-house • Licensing - using non-internal inputs to create the product (in whole or in part) 9
  10. 10. Building The Business Model 10
  11. 11. The Business Model Challenge • Food-on-the-table vs. Pie-in-the-sky dilemma: Early-stage companies often wrestle with building a business that makes money vs. creating the business they’ve envisioned in their minds (or that fills a long- term market opportunity). • The challenge rests in needing to establish a sustainable business that meets consumer needs today and tomorrow, but with exceptionally limited resources. • Examples - LINKETT + AcuityAds 11
  12. 12. The Answer: All Of The Above • You’ll want to start by putting food on the table & building for the long term at the same time: • Short term model - easy to use/consume, habit building, address primary consumer needs at an adequate level, delivers immediate revenue • Long term - potentially more involved usage/consumption process, build on previously established habits or form new ones, over delivers on primary needs and addresses tertiary needs 12
  13. 13. How Tell If It’s Working: SWOT • The best way to do this is to complete periodic SWOT’s on your business (and model): • Strengths - what have we done well; what were our biggest successes; what’s moving in the right direction? • Weaknesses - what didn’t work; what’s costing us money; what is moving in the wrong direction? • Opportunities - where is the market trending; what are our customers asking for? • Threats - what is the competition doing; what are governments doing? 13
  14. 14. Marketing 14
  15. 15. How to build a startup brand 1. Develop a relevant brand name [simple, easily pronounced, memorable] 2. Craft a unique tagline [5 words or less, focused on benefits] 3. Build detailed brand guidelines [objectify your brand] 15
  16. 16. How to Build Your Marketing Plan • Simple 4 step process (“4 M’s of Marketing”): 1. Motivations - identify the core needs you’ll focus on in your advertising 2. Messaging - craft messages that communicate your benefits based on the consumer’s need 3. Media - let the consumer’s behaviour and your message dictate which media you target (hint: it’s different for everyone) 4. Metrics - ensure you’ve developed simple, objective benchmarks to evaluate your performance 16
  17. 17. Secret Sauce: Growth hacking • How startups generate buzz with zero budget (priority order): 1. Content Marketing - provide content of value (i.e. answer questions, inform on new trends, etc.), use intelligent scheduling, distribute aggressively 2. PR - consistently tell a story, involve media early, build relationships with media or work with someone who has 3. Social Media - build a launchpad for your content marketing, pr, and business development 4. Retargeting - leverage advanced, yet accessible online advertising tools to create highly targeted campaigns 17
  18. 18. You’re Going to Need These • Early on, the 3 most useful digital marketing tools are: • The explainer video - explain your product in 2 minutes or less (benefits, benefits, key features) • Programmatic digital marketing - this is the most efficient and transparent way to invest marketing dollars early on (easily monitor and manage performance in real-time, hyper-target audience groups) • CRM Software - serves as the “data hub” for your sales staff, helping to automate customer relationships and unearth consumer behaviour trends 18
  19. 19. In The End 1. Build your product around helping consumers solve a problem. 2. Generate revenue from delivering value and understanding your market. 3. Develop a brand that is flexibly structured. 19
  20. 20. Thank You twitter: m_muzzi tenthousandcoffees.com/profile/marco-muzzi 20
  21. 21. Bonus 21
  22. 22. What working in a startup is really like • Crazy hours • Lots of fun or lots of pain - depends on culture • Not as financially rewarding as you expect 22
  23. 23. 3 tips for getting a job 1. Killer Resume - BlueSky Resume Course 2. Solid Digital Profile - Linkedin, Personal Website, etc. 3. Networking - attend industry events, conferences, or even volunteer time on different boards to raise your profile 23
  24. 24. Appendix 24
  25. 25. Opportunity validation [Product Selection] • How to prioritize the opportunities worth pursuing [research] • Summarize questions here (try to reduce the list): http://www.entrepreneur.com/ article/237983 • Ansoff Matrix https://en.wikipedia.org/wiki/Ansoff_Matrix • Set up transition into next slide (MVP) - i.e. “sell something…” 25
  26. 26. Pricing • Depending on your business model, there is a pricing approach which is very popular in the startup space [the Persona Approach]. Here’s how it works: 1. Segment your customer profile - what features/benefits do they care more about, what is their LTV and CAC, what will each group pay for what they want? 2. Bundle features - your profile segmentation will yield the most desirable features across all consumer groups - use this to build product feature bundles. 3. Determine your value metric - how are you going to charge the consumer (per unit, per user, % of sales, etc.)? 4. Determine your price - use your data to set a price point that delivers value (for everyone); don’t be afraid to check the competition’s price. 26Repurposed from: http://www.priceintelligently.com/blog/how-to-find-the-best-pricing-strategy-for-a-saas-product
  27. 27. Pricing Hacks • Emotion based purchase decision - use round price ($19 vs. $19.99) • Separate shipping and handling - $10 + shipping & handling • Smaller pricing font affects perception - it’s seen as being less expensive • Remove the dollar sign where possible - it triggers negative emotions 27Repurposed from: http://www.nickkolenda.com/psychological-pricing-strategies/#pricing-s2-t2

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