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Is there a market for my new product nf programme 2012 mirc athlone

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Is there a market for my new product nf programme 2012 mirc athlone

  1. 1. New Frontiers Programme MIRC, Athlone 3rd July 2012.Is There A Market For My New Product? MARKET RESEARCH & VALIDATION WORKSHOPS Greg Byrne
  2. 2. The Ventures Journey | Business Growth StagesPUSH PHASE PULL PHASE1. Venture Market 6. Brand Position Analysis 7. Key Account Management2. Pitch 8. New Product Development3. Personal Selling4. Promotion5. PR
  3. 3. Is There A Market For My New Product?Purpose of Market Research & Validation for a Start Up1)develop the ‘business model’ for how the new company and newproduct creates, delivers and captures value and then2) test that business model in the market place to proof its operabilityand profitability.
  4. 4. Is There A Market For My New Product?Purpose of Market Research & Validation for a Start UpBusiness Model – Information, Insight, Data to be sourced, analysed andtested...1. The New Product•The ‘good bits’, the ‘bad bits’ and ‘improve its’ in qualitative research•The ‘interest’, ‘believability’ and ‘purchase intention’ in quantitative research2. The Buyer•Who are they? Profile them.•Where are they?•What job do they want to get done?•How many of them are there?
  5. 5. Is There A Market For My New Product?Purpose of Market Research & Validation for a Start UpBusiness Model – Information, Insight, Data to be sourced, analysed andtested...3. The Value Proposition•For (define the target audience and industry) who have (define the bigproblem) we have (solution description-what we offer) that delivers (thisbig advantageous benefit –over and above competitor solutions)•Here is our track record/credentials (why you should believe us)4. The Channels•How do buyers want to be reached (made aware) and interacted with(information, advice, service and sales)?5. Customer Relationship•What relationship are you establishing with each segment – personal,automated, acquisitive, retentive, etc?
  6. 6. Is There A Market For My New Product?Purpose of Market Research & Validation for a Start UpBusiness Model – Information, Insight, Data to be sourced, analysed andtested...6. Revenue Streams•What are buyers really willing to pay?•Transactional? Recurring?7. Key Resources•What competencies, assets and resources underpin your Business Model?8. Key Activities•What key activities do you need to perform well?•Which ones are crucial?
  7. 7. Is There A Market For My New Product?Purpose of Market Research & Validation for a Start UpBusiness Model – Information, Insight, Data to be sourced, analysed andtested...9. Key Partners•Who do you need to rely on to operate your business model?•Who can leverage it?10. Cost Structure•What is the resulting cost structure of your business model?•What key elements drive your cost structure?
  8. 8. Is There A Market For My New Product?Market Research & Validation in 7 Steps and 2 Stages
  9. 9. Is There A Market For My New Product? SStage 1 Secondary Market Research. Steps 1-5 Company Context Product Concept Business Model Competitor Collaborator Customer
  10. 10. Is There A Market For My New Product? SStage 1 Secondary Market Research. Steps 1-5 Company Context Key Company Industry , Markets, Resources, Products Assets, Product Concept Drivers Competencies Business Model Challenges Projections Competitor Collaborator Customer Who are they? The supply chain Their products partners Strengths Who are they? Weaknesses Buying objectives Buying criteria, process
  11. 11. Is There A Market For My New Product? S Stage 2 Primary Market Research Steps 6 & 7 Company ContextType of company Target Market(s)Key competenciesBrand Proposition, Brand values Product Concept Product Categories RevenuesOrganisation Structure Business Model ChannelsCost Drivers Competitor Collaborator Customer Key Partners Differentiated offering Target Audience(s) Relationship requirements WTP
  12. 12. Is There A Market For My New Product?Step 1: define your Business competencies and your New Product & Business Model (concept)COMPANY1. Business and Competencies2. Product Concept &3. Business Model (version 1).
  13. 13. Is There A Market For My New Product?Step 1: define your Business competencies and your New Product & Business Model (concept)1.Business and CompetenciesCOMPANY1. Draw your flower, depicting the core competence, the product applications and markets for those applications. Rank the markets/applications , specifying 1,2 and 3. Pages 10 and 11 of Guide
  14. 14. Is There A Market For My New Product?DRAW YOUR ‘FLOWER’ POWERWrite your ‘product’ down on the first petal…then forget What is it that you/team have or do really well…skill…- Write it down in the centre of your flower- Fill the other petals with other applications that could be made with your core- Now rank the petals according to these factors: - importance of competency to application market - growth rate of application market - competitive intensity and competitors - resource requirement- Prioritise the petals- List the top 10 buyers in each priority application market. FLOWER EXERCISE TEMPLATE PAGE 30
  15. 15. Is There A Market For My New Product?Step 1: define your Business competencies and your New Product & Business Model (concept)2. Product Concept (version 1)Title/name - XXXXXXXXXXWho? – The Target Buyer; who will buy, influence?Why? - Motivation for purchase/use. Why will it be bought and used?When and where? - Usage Occasion. Time and location; relative to other events?Buyer Insight- What is the penetrating buyer understanding driving the idea? (The “Aha!”)What is it?- Idea description, Proposition, Benefit. What it is, what it does, and how does it improve the life of the buyer?RTB- Reason to believe the benefitPackaging Format- Format, size, material, function, (e.g. opening, drinking, dispensing, resealing, reusing, stacking, disposing, etc)Other Notes ................................................. Pages 12- 13 of Guide
  16. 16. Is There A Market For My New Product?WHY BUSINESSES BUY•Provide their own goods or services more cost effectively•Save money•Cement relationships•Position themselves strategically•Improve public relations•Solve problems More rational, logical
  17. 17. Is There A Market For My New Product?Why Consumers buy•Meet biological needs•Increase security•Gain status or recognition – to belong•Live out fantasies•Reduce anxiety or other strong emotions•Save time or money•Solve problems can be irrational, more emotional
  18. 18. Is There A Market For My New Product?Step 1: define your Business competencies and your New Product & Business Model (concept)3. Business Modeldescription of how your venture ‘creates, delivers and captures value’:• The customers / segments you will serve• The value proposition you offer them• The channels through which you will reach and interact with them• The relationships you will establish with them• The revenue stream(s) of what customers are willing to pay , once off / recurring• The key resources and assets that underpin your venture and business• The key activities that are crucial to operate• The key partners / collaborators you need to rely on• The cost structure and key elements that drive costs
  19. 19. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterCONTEXT4. Source Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...5. Draw the ‘product category map’6. Identify PEST trends that could / will impactCOLLABORATOR7. Who else is needed to make, distribute, fund, approve, install, sell, service products in the market?
  20. 20. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterCONTEXT4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...Secondary Market Research is where you start a start up!Secondary research means using published information such as industry profiles, trade journals, newspapers, magazines, census data, and demographic profiles and talking to people who know about the industry, markets and products you are considering.This type of information is available in public libraries, industry associations, chambers of commerce, from vendors who sell to your industry, and from government agencies .
  21. 21. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...Available, current known facts about your industry, market, products, providers and customers:eg• What is the total size of your market?• Current demand in target market.• Trends in target market—growth trends, trends in consumer preferences, and trends in product development.• Provider profiles• Product features, positionings• Customer profiles and buying behaviours• Business models
  22. 22. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...SOURCES OF SECONDARY MARKET RESEARCH - INDUSTRY /TRENDS ANALYSIS• Listed Companies ‘form 10K & 10Qs’ from their websites• http://www.magportal.com/c/bus/ind/ (search engine for magazine articles)• Marketresearch.com (Aggregated multi-sourced industry and markets analysis)• Researchandmarkets.com (world’s largest market research resource)• Mintel.com (consumer, media and market research)• Keynote.co.uk (business and market intelligence)• BizJournals.com (industry specific trends)• Companiesandmarkets.com (400,000 market reports, company reports and company financials)• Aberdeenreport.com (benchmark industry and process reports)• Strategy-business.com (industry and issue research and analysis) APPENDIX 3 Page 32
  23. 23. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...SOURCES OF SECONDARY MARKET RESEARCHMARKET RESEARCH DATABASES• Analysys –Billing & Customer Care, Service & Delivery Platform Strategies, CSP Operator Strategies, Telecoms Software Strategies. http://www.analysysmason.com/• BCC Research www.bccresearch.com Multisector with emphasis on materials, food, enviro, electronics, pharma, etc• Business Insights www.globalbusinessinsights.com. Reports covering the healthcare, food, technology and energy sectors.• Datamonitor www.datamonitor.com . Multisector, in-depth market research news and reports covering pharmaceuticals, energy, financial services, etc.
  24. 24. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...SOURCES OF SECONDARY MARKET RESEARCHCOMPANY DATABASES• Kompass www.kompass.com Global database of companies by sector, including manufacturers, distributors and services• FoodLine Web source of information for the food and drinks industry. They include Market, Science and News journals, books & patents.• MEED Projects www.meedprojects.com Project pipeline information covering the Middle East• OneSource http://www.onesource.com/ US company directory and financials. Also Freedonia market profiles for US on a number of sectors.• Emerging Medical Technologies Database http://lifescienceintelligence.com/emt.php Database only.• BioPharm Insight http://www.biopharminsight.com/ includes the entire drug discovery and development pipeline, approved drugs, licensing deals, pharmaceutical sales/projections, medical devices, management contacts and more.
  25. 25. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...SOURCES OF SECONDARY MARKET RESEARCHKEY NEWSLETTERS• Clinica (World Medical Technology News) http://www.clinica.co.uk/home/• Scrip (World Pharmaceutical News) http://www.scripnews.com/home/• MedTech Insight www.medtechinsight.com (access to mag articles only, not reports)• AnimalPharm http://www.animalpharmnews.com/• Informa (2 newsletters Media + Comm)• MEED www.meed.com (Middle East business intelligence)
  26. 26. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...SOURCES OF SECONDARY MARKET RESEARCHGOOGLEKEYWORD SEARCHESGOOGLE ALERTS Pages 16 -17 of the Guide
  27. 27. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...EXAMPLE Wound care productGOOGLE SEARCHING ‘Wound Care’The Explosive Growth of the Wound Care MarketWe spoke with Nerac Analyst, Ron Sills, about the explosive growth we are seeing in the wound care market, the factors driving the growth, the latest products as well as how the medical and healthcare industries are attempting to reduce the costs associated with wound care.“Industry leaders like 3M, Johnson & Johnson, Convatec, Coloplast, Closure Medical, Smith & Nephew continue to develop innovative solutions for wound care as evidenced by their patent portfolios and product approvals”
  28. 28. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...FORM 10K INSIGHTSWound Care...physicians and nurses are critical to the adoption and use of advanced medical systems, a major element of the sales forces responsibility is to educate and train these medical practitioners in the application of our products, including the specific knowledge necessary for optimal clinical outcomes and reducing the cost of patient care....we employ approximately 200 specialists who consult with our customers regarding the often demanding and complex paperwork required by Medicare and private insurance companies. In fulfilling the paperwork requirements, these specialists enhance the overall productivity of our sales force.
  29. 29. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter4. Gather Information from the available industry reports, magazines, websites, form 10ks, IPO Documents, competitor websites...Form 10K - StratsysOur sales organization is responsible for the sale of our products on a worldwide basis and for the management and coordination of our growing network of authorized resellers. Our direct sales force consists of salespersons who work throughout North America, Europe and in parts of the Asia-Pacific region. Our application engineers provide professional services through pre- sales support and assist existing customers so that they can take advantage of our latest print materials and techniques to improve part quality and machine productivity. This group also leverages our customer contacts to help identify new application opportunities that utilize our proprietary processes and access to our parts printing service, 3DpropartsTM. As of December 31, 2010, our worldwide sales, application and service staff consisted of 159 employees.
  30. 30. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter5. Draw the ‘product category map’Product Market categories are created by needs, buying power, and products to satisfy needs.For each customer need, there are typically several products available NEED PRODUCT TYPE MARKETS BRANDS Pages 14-15 of the Guide
  31. 31. ‘ Is There A Market For My New Product? Step 2: draw up the ‘product category map’ for the market that you are going to enter Ocean Oil, Gas & Electricity Biomass Energy Displacement Geothermal Wind Viessman Solar PV Ritter Solar Thermal Day Light Thermal Thermo Photonics Energy Co.
  32. 32. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enter6. Identify PEST trends and changes that could / will impact• Change in Technology• Change in government regulations Demographic• Change in the Economy s• Change in your Industry• Change in Social and culture life (style, mores) Page 18 Mobilit Recession y Online
  33. 33. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterSOURCES OF PEST INFORMATION• Trendhunter.com• Trendwatching.com• Springwise.com (new ideas, products and businesses)• JWTintelligence.comFundamental changes and trends = change = opportunity
  34. 34. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterFundamental changes and trends = change = opportunity– Mobile Money: The digital wallet became a reality for more consumers in more markets,• although we’ll see more tech advances in 2011 that will help drive this trend further into the mainstream. In 2010, among other things, the practice of texting donations became widespread after the Haiti earthquake, an updated PayPal app allowed users to exchange money by bumping phones, and various new tools turned phones into credit card terminals.
  35. 35. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterFundamental changes and trends = change = opportunity75,000 babies...• That is the number of babies it’s expected will be born in Ireland this year. We have the highest fertility rate in Europe, and the number of families with young children is expected to grow continuously over the rest of the decade.• Ireland’s 20-something population peaked in ‘07• It is the 30-something population that is now causing the baby boom• Families are fashionable again after a decade of youth-driven individualismFocus on mums: they make most of the decisions about spending, savings & borrowing -for their families as well as for themselves
  36. 36. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterFundamental changes and trends = change = opportunity1,230,000 getting older• People over the age of fifty –all 1.2 million of them –make up over a quarter of Ireland’s total population (and over a third of the adult population). Their numbers will grow steadily over the next ten years, as will those of over 50s throughout the world.• There are approximately as many 50-somethings as teenagers in Ireland• Over 50s tend to have the lowest levels of debt across the age groups• Our cultural obsession with youth will increasingly give way to a new appreciation for maturity
  37. 37. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterFundamental changes and trends = change = opportunity1,940,000 online lives....• Never has a product or service been adopted by so many people in Ireland so quickly. We’re talking Facebookof course. Nearly two thirds of internet users –that’s over 4 in 10 adults –now uses Facebook. And the number is still rising.• Internet usage in Ireland has continued to rise steadily throughout the recession –from just 4 in 10 adults in 2006 to nearly 8 in 10 today.• Irish consumers are spending a growing share of their time and money online.• The wider cultural consequences are only emerging: expect new sources of trust and authority to emerge post the recession.
  38. 38. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterFundamental changes and trends = change = opportunity80,000,000 euro• That’s the approximate amount in euro Irish consumers are expected to spend this year. They’ll probably save another €10 billion on top of that. Consumers spent the same amount back in 2003-4. But they won’t spend it on the same things this year. That’s the challenge if you want to get more than your fair share of the cake.• The consumer zeitgeist has been permanently changed by the recession – recovery won’t mean a return to the way things were• Consumers will remain focused on value –but that doesn’t mean a focus just on price. New priorities –driven by new needs and circumstances –will provide growth for some
  39. 39. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterCOLLABORATOR7. Who else is needed to make, distribute, fund, approve, install, sell, service products in the market?
  40. 40. Is There A Market For My New Product?Step 2: draw up the ‘product category map’ for the market that you are going to enterCOLLABORATOR7. Who else is needed to make, distribute, fund, approve, install, sell, service products in the market?THE TOTAL PRODUCT VALUE....• The physical product itself• The brand name• Company reputation• Pre-sale activities ( eg education, demonstration by salespeople)• Post sale activities ( eg installation, technical support)• Maintenance, repair, warranty• Financing• Convenience• Availability• References• Reputation of retail outlet• Re-seller, partners
  41. 41. Steps 1-2 Where are we now? Business Model ConceptMarketSizeTrendsGrowth ProductProducts Concept TemplateBrandsCompetitorsCollaborators Core Competence Flower Template + PEST Impact -- PEST Impact
  42. 42. Is There A Market For My New Product?Step 3: for your ‘product type solution’ category, identify the existing brand leaders and go to each ‘brand leaders’ website and extract how they describe their ‘corporate positioning’ and also their ‘product positioning’.COMPETITORSFocus on the top three.
  43. 43. Is There A Market For My New Product?Step 3: for your ‘product type solution’ category, identify the existing brand leaders and go to each ‘brand leaders’ website and extract how they describe their ‘corporate positioning’ and also their ‘product positioning’.COMPETITORSExample...for your ‘product type solution’ category, identify the existing brand leadersNEED PRODUCT TYPE SOLUTION BRANDSNutraceutical/ Health Brain- Memory NawganDrinks NeuroSonIQ Benevia Guide Page 19
  44. 44. Is There A Market For My New Product?Step 3: for your ‘product type solution’ category, identify the existing brand leaders and go to each ‘brand leaders’ website and extract how they describe their ‘corporate positioning’ and also their ‘product positioning’.COMPETITORS8. Identify their corporate positioning and their product positioning9. Check against the Business and Competencies you defined in Step 1. Where do you fit? You can’t be, or offer the exact same! Guide Page 19-20
  45. 45. Is There A Market For My New Product?Step 3: for your ‘product type solution’ category, identify the existing brand leaders and go to each ‘brand leaders’ website and extract how they describe their ‘corporate positioning’ and also their ‘product positioning’.COMPETITORS8. Identify their corporate positioning and their product positioning Corporate Product Key Customer Positioning Positioning Values Nawgan - Cognitive Nawgan is an all-natural brain fitness beverage Beverages - Based developed by a on Science. What neuropsychologist , to drink when you formulated to sharpen want to think the mind. Its a non- carbonated refresher for the mind that features a patent-pending blend of ingredients combined and formulated to improve memory and cognition. Age +30.
  46. 46. Is There A Market For My New Product?Step 3: for your ‘product type solution’ category, identify the existing brand leaders and go to each ‘brand leaders’ website and extract how they describe their ‘corporate positioning’ and also their ‘product positioning’.COMPETITORS9. Check against the Business and Competencies defined in Step 1. Where do you fit? You can’t be, or offer the exact same!
  47. 47. Is There A Market For My New Product?Step 4: for each ‘corporate and product positioning’ identified in a competitor’s website, list out the ‘key customer values’CUSTOMER10. What are they offering in benefits to customers? What customer benefits do they talk about?11. Identify the top, recurring (amongst existing competitors) key customer values12. Check against the Product Concept (version 1) in Step 1. Guide Page 21
  48. 48. Is There A Market For My New Product?Step 4: for each ‘corporate and product positioning’ identified in a competitor’s website, list out the ‘key customer values’CUSTOMER10. What are they offering in benefits to customers? What customer benefits do they talk about? Corporate Product Positioning Key Customer Values Positioning Nawgan - Cognitive Nawgan is an all-natural brain fitness beverage developed by a Brain Science, Beverages - Based on neuropsychologist (that’s a brain Natural Support, Science. What to drink when scientist to you and me), formulated No Artificial, you want to think to sharpen the mind. Its a non- carbonated refresher for the mind that No preservative, features a patent-pending blend of Low Calorie, ingredients combined and formulated to improve memory and cognition. Doctor Developed Age +30. Caff / Decaff
  49. 49. Is There A Market For My New Product?Step 4: for each ‘corporate and product positioning’ identified in a competitor’s website, list out the ‘key customer values’11. Identify the top, recurring (amongst existing competitors) key customer values Corporate Product Positioning Key Customer Values Positioning Nawgan - Cognitive Nawgan is an all-natural brain fitness Brain Science, Natural Support, beverage developed by a No Artificial, No preservative, Beverages - Based on neuropsychologist (that’s a brain Low Calorie, Science. What to drink when scientist to you and me), formulated Doctor Developed you want to think to sharpen the mind. Its a non- Caff / Decaff Organic carbonated refresher for the mind that features a patent-pending blend of Kosher Herbal ingredients combined and formulated Antoxidant to improve memory and cognition. Anti Ageing, Age +30. Busy Life, Convenient
  50. 50. Is There A Market For My New Product?Step 4: for each ‘corporate and product positioning’ identified in a competitor’s website, list out the ‘key customer values’11. Identify the top, recurring (amongst existing competitors) key customer values Corporate Product Positioning Key Customer Values Positioning Leadership, Innovation, Operational reliability Gap Quality, Long service life Size/Scale, High efficiency Heritage Reduced heat loss and Environment. Heat utilization and transfer Real World Performance Straight forward Proof installation Elegant design Low Maintenance
  51. 51. Is There A Market For My New Product?Step 4: for each ‘corporate and product positioning’ identified in a competitor’s website, list out the ‘key customer values’CUSTOMER12. Check against the Product Concept (version 1) in Step 1.
  52. 52. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitorsCUSTOMER13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives you a potential market differentiated positioning.
  53. 53. Market Research & Validation in Seven StepsStep 5: Test the key customer values offered by your product andcompany against those offered by your competitors and then write outyour market differentiated positioning statement Brain Science, Who? - is your target customer ? Natural Support, No Artificial, Why?- will your product be bought and why will it be used? No preservative, Low Calorie, When & where?- would your product be used by the buyer? Doctor Developed Caff / Decaff Buyer Insight- the essential insight you have into the Organic buyers mind and need for your product? Kosher Herbal What is your new Product?- proposition, features, advantages ,benefits Antioxidant Anti Ageing, Reason To Believe- your product will deliver those Busy Life, advantages and benefits? Convenient
  54. 54. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors13. Are you offering value that is not being offered by competitors or are you offering better values than they are?Write out your market differentiated positioning statementPOSITIONING STATEMENTDefine and describe:1. Target Audience2. Market Product Category3. Unique, Relevant Valued Benefit4. Proofs
  55. 55. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCETarget Audience Example• The end-user markets are residential householders and commercial buildings occupiers.• Intermediary markets are specifiers (architects, mechanical & electrical contractors, air conditioning contractors, construction firms), renewable energy firms (solar consultancies, integrators and installers), housing associations, utilities and investors (ESCos)
  56. 56. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCECUSTOMER PROFILESDescribe your ideal customer or client by answering the questions below. The questions take you from specific characteristics to a definition of a market or market segment: – How will they use your product or service? – Why might they buy it? – What will they pay for it? – Are they men, women, or both? – What is their age group? – What is their approximate average income?
  57. 57. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCECUSTOMER PROFILES – What is their employment type (blue-collar, white-collar, managerial, professional, homemaker, etc.)? – What is their lifestyle (personality, self-image , etc.)? – Where are they located (local, statewide, national and international)? – How many of them are there? – How many do you expect to get as customers? – What percentage of the market do you expect to get? – What’s the growth trend of your target market? – What are their buying habits?
  58. 58. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCECUSTOMER PROFILES – What magazines do they read? – What organizations do they belong to? – What conventions or events do they attend? – Is there a directory that lists them? – Are there mailing lists of them available? – What is the best way to reach them?
  59. 59. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCEBUSINESS-BUYER PROFILESDescribe your ideal customer or client by answering the questions below. The questions take you from specific characteristics to a definition of a market or market segment: – How will the firm benefit from buying your product or service? – How much are the benefits worth to them – in savings, increased market share, profile, etc. – Who buys? Who influences? Who facilitates? Who decides? What buying procedures are in place? What controls? – What level of service do they expect?
  60. 60. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCEBUSINESS-BUYER PROFILESDescribe your ideal customer or client by answering the questions below. The questions take you from specific characteristics to a definition of a market or market segment: – How are they used to buying? Salesperson? Directly? Other? – How is the transaction started, facilitated, completed? – What industry norms govern the transaction? Discounts, payment terms, warranties, types of contracts. – Where are they located (local, national and international)?
  61. 61. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCEBUSINESS-BUYER PROFILES – What piece of the market are you aiming for? – How many of target firms are there? – How many do you expect to get as customers? – What’s the growth trend of your target market? – What are their buying habits? – What organizations do they belong to?
  62. 62. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning1. TARGET AUDIENCEBUSINESS-BUYER PROFILES – What conventions or events do they attend? – What places and sources , online and off line do they use to find out about products, developments, innovations? – Is there a directory that lists them? – Are there mailing lists of them available? – What is the best way to reach them?
  63. 63. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning2. WHAT IS THE PRODUCT CATEGORYProduct CategoryWithin the Oil/Gas/Electricity Energy Displacement Market, we are a new product type solution – A Day Light Thermal Energy System for heating & cooling and for generating electricity.
  64. 64. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning3. WHAT IS THE UNIQUE, RELEVANT VALUED BENEFIT• Define what you provide/will provide – As simply and concisely as possible, emphasizing function, not form• Describe your customer and their big problem – As precisely as possible, emphasizing why they care, -- ie., the type and magnitude of the problem they have that you solve• Define precisely the value you provide to your customer in terms of benefits they will receive – Quantifying your claim when possible, especially for businesses, and supporting it with testimony
  65. 65. Is There A Market For My New Product?CUSTOMERVALUE PROPOSITION• For (define the target audience and industry) who have (define the big problem) we have (solution description-what we offer) that delivers (this big advantageous benefit –over and above competitor solutions)• Here is our track record/credentials (why you should believe us)
  66. 66. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning4. PROOFSPerformance, quality & lifecycle accredited: by TUV Rhineland to EN12975:2006; by Applied Research Laboratories in Australia/ New Zealand to AS/NZS 4234:2008 and AS2712:2007 exacting standards, by SEAI (administered by Gastech UK) to the SEI Harp Database and by SRCC to USA/Canada standards.
  67. 67. Is There A Market For My New Product?Step 5: test the key customer values offered by your product and company against those offered by your competitors. Write out your market differentiated positioning statement13. Are you offering value that is not being offered by competitors or are you offering better values than they are? This gives the potential market differentiated positioning4. PROOFSThe first DTES in Europe to gain the new Global Mark of Energy Efficiency ‘ENERGY STAR’ Accreditation- designating it as a top 25% most energy efficient solar hot water system.The only DTES in Europe, USA and China to hold both the AS/NZS 4234:2008 and the ENERGY STAR Mark.Under the TRNSYS performance measurement standard used by the US Government in 2011 - Our DTES is 95% more powerful than the best German CPC vacuum collector. You need twice as many of their collectors.
  68. 68. Is There A Market For My New Product?Steps 1-5 At this point you will have collected and developed much of the information and insight on how your venture ‘creates, delivers and captures value’:• The new product concept• The customers / segments you will serve• The value proposition you offer them• The channels through which you will reach and interact with them• The relationships you will establish with them• The revenue stream(s) of what customers are willing to pay , once off / recurring• The key resources and assets that underpin your venture and business• The key activities that are crucial to operate• The key partners / collaborators you need to rely on• The cost structure and key elements that drive costs
  69. 69. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research MaterialsPRIMARY MARKET RESEARCH1. Research Strategy2. Areas & Questions to explore3. Materials to be used
  70. 70. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials1. Research StrategyQualitative Market ResearchDepth Interviews to clarify and define the agenda of investigation for focus groups consisting of target audiences.Focus Groups of 8-10 prospective customers, competitor customers and non- customers.Panel of Experts: six to ten ‘experts’ in roundtable interactive discussion or interviewed individually about the future drivers and direction of your market and industry and responding to your proposed new product and customer relationship concepts.Quantitative market researchOmnibus Survey question(s) to size the ‘who’, ‘where’, ‘when’, ‘how many’ and , interest and purchasing intentions with the results projected onto larger populations.Market segmentation research study to size and define the key market segmentations by description and response bases.
  71. 71. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials1. Research StrategyTo present the new ‘product concept and the ‘business model’ to target market samples, with the objective(s) of understanding (qualitative data):.....the current provider and product category,.....it’s importance to buyers and sellers,.....how and when interest/purchase is triggered,.....the current provider brand familiarity and favourability perceptions and associations,.....the current buying process/steps/channels,.....past experiences in purchases and outcomes,.....criteria used to select ,.....the perceived significant product segmentations ,.....the significant buyer market segmentations
  72. 72. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials1. Research StrategyAscertain the first impressions (qualitative)of the new product and corporate provider and capture the ‘hot’ buy/sell features and benefits ( the good bits)• Test the hypothesised ‘brand personalities’ ( name, logo, tag lines, screens)• Invite improvement ideas ( the improve its)• Make sure we know the negative perceptions ( the bad bits)• Initial testing on pricing• Get Market ‘verbatims’
  73. 73. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials1. Research StrategyIn addition to seeking qualitative information and data, the research strategy will aim to quantify a number of key elements of the ‘business model’:- Importance of the ‘problem’ in the market- Levels of ‘interest’ in the solution offered- Levels of ‘credibility’ perceived in the solution offered- Willingness to pay a price- Numbers in the interested market- Demographic and geographic profile
  74. 74. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials2. Areas & Questions to be explored
  75. 75. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials2. Areas & Questions to be exploredCURRENT BRANDS IN THE MARKET CATEGORY• Ask what provider brands are known?• If you met this brand at a party – how would it introduce itself? What would it say about itself? What would it wear?• Show different product providers’ logos. What is your opinion of each of these companies?• What are the first thoughts that come to mind when you see each one?• What sorts of products do they sell?• What products could they sell?• What types of people buy from them?• How would you group them?• Who are the key competitors?• Why?• What are their key sales and service activities?
  76. 76. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials2. Areas & Questions to be exploredCURRENT MARKET PRODUCTS• Probe ownership of product x type and other category products.• Which product x types have you heard of?• Probe full list to gauge understanding of products available.• What product x’s do you own?• What was the trigger to purchase?• What others did you consider?• What are your main reasons for having a product x?• Are certain product x’s more suitable/better than others to meet your objectives?• What were the main things you were looking for when you bought the product?• Who did you buy it from?• Why?
  77. 77. Is There A Market For My New Product?Step 6: Draw up your Primary Market Research Strategy and prepare the Research Materials3. Materials to be used
  78. 78. Is There A Market For My New Product?The Product Explained in the following Promise paragraph sequence Consumer Insightshould express the core idea simply and succinctly with as few adjectives as possibleThe Insight should be an expression of the need derived from consumer understanding Propositiona clear statement of the offer Image / Visual of theshould be clear and descriptive Reason to Believe New Product Conceptcan be practical or emotional or a mixture of both. End Benefitbuilds the idea and understanding of it.
  79. 79. Is There A Market For My New Product?Step 7: Execute the Primary Market Research and Interrogate the Results to Adjust / Refine your New Product Concept and the Business Model.
  80. 80. Is There A Market For My New Product?Flavoured bite-size pizza balls Evening in pub? RecloseableWhen you want something more than a packet Foil pack of crisps, these bite-size pizza balls are the satisfying snack you’re looking for. Key differentiatorTasty little balls of pizza dough - with fresh Same herbs, chopped sun-dried tomatoes or even size as cheese and onion – [that give you the taste Grab bag of real pizza whenever you want.] Key benefitThey are easy to eat and make a great snack anytime. No greasy fingers Can we register?Range• Herby Pizza Bites Max 3cm• Tomato Pizza Bites for kids bite-size• Cheese And Onion Pizza Bites
  81. 81. Venture Market Analysis Questions....
  82. 82. Venture SupportFree help at ...www.marketing4entrepreneurs.org

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