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Attracting & retaining top quality inc clients

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How to attract and retain clients for your business incubator - Presentation for National Business Incubation Association seminar, M. Long/J. Hanak/K. Lapan, 2011.

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Attracting & retaining top quality inc clients

  1. 1. AttractingClients© M. Long, 2013
  2. 2.  John M. Hanak, J.D. – Statewide Director, Purdue Technology Centers, Indianapolis, IN Karl R. LaPan, M.S. – President & CEO, Northeast Indiana Innovation Center, Ft. Wayne, IN Mark S. Long, M.S. - President, Long Performance Advisors, Ellettsville, IN & Clinical Professor of Entrepreneurship, Kelley School of Business, Bloomington, IN AttractingClients© M. Long, 2013
  3. 3.  Identifying your “Target Market” How to understand and effectively communicate your incubator‟s value proposition to prospective clients How to design and implement reasonably priced marketing strategies for client attraction – getting the “word out” How to evaluate clients for entry into your incubator How to design programs that encourage client retention and growth AttractingClients© M. Long, 2013
  4. 4. Finding the “right” clients? AttractingClients© M. Long, 2013
  5. 5.  What is a “market”? And where is it? The $2.00 definition - The market for a particular item is made up of “existing and potential customers who need your product and have the ability and willingness to pay for it”. AttractingClients© M. Long, 2013
  6. 6.  Cutting to the chase – are Incubators/Accelerators/Research Parks all about START-UP COMPANIES? Well… AttractingClients© M. Long, 2013
  7. 7.  Typically, many incubators classify themselves based on the markets they serve ◦ To evaluate the markets, many municipalities/states/countries perform a “feasibility study” ◦ Feasibility studies can help determine “deal flow”, can assist with obtaining grants, and also determine “markets served”, among other things ◦ Universities often classify incubators according to Intellectual Property production AttractingClients© M. Long, 2013
  8. 8.  Specialty Incubation – specific market niches – health/bioscience/biotech/manufacturing/kit chen/retail/IT/agribusiness/? Mixed-use – multiple opportunity Determined by systems/layout/capacity? Local/Regional markets, local “spin-outs”, sources of IP/companies? Resident/Affiliate/Associate Clients? AttractingClients© M. Long, 2013
  9. 9. Pre-Market Staging• Affiliates• Associates• Co-Space• VirtualBuild relationships with companies in your target market even before theyare ready to become a resident client.Find ways to deliver value to these ‘pre-market’ prospects tp such an extentthat when they are ready for space they don’t consider anything other thanbecoming a resident client. AttractingClients© M. Long, 2013
  10. 10.  Traditional Sources of IP – Universities as a source of start-up companies? 12 Stanford - Equity liquidated to date Equity Cash-out ($ millions) 10 8 ~$364 million 6 Amati (Texas 4 Instruments) 2 $8.0 million 0 Abrizio (PMC-Sierra) $9.7 million 5 7 9 1 3 7 5* 9 9 9 0 0 0 0 4- 6- 8- 0- 2- 6- 4- Google™ $336 million 9 9 9 0 0 0 0 FY FY FY FY FY FY FY Fiscal Year *Graph does not include Google equity cash-out in FY04-05 AttractingClients© M. Long, 2013
  11. 11.  AUTM 2009 Survey Results: ◦ Products, startups and licenses/options:  658 new commercial products created  5,328 total licenses and options executed, 4,374 of which were licenses  596 startup companies formed, 435 of which had their primary place of business in the licensing institution‟s home state  3,423 startups still operating as of the end of FY2009 8,364 new U.S. patent applications, and 3,417 issued U.S. patents AttractingClients© M. Long, 2013
  12. 12. Where ARE these Markets/Clients? Tech or Non-Tech: There are many more sources…. • Community • SBDC Clients • Bank Clients • Kitchen Ideas • Schools • Associations and organizations • Networking events BOTTOM LINE: Make yourself known to all apparent market sources and connections so they can make referrals to you. Then you can assess and decide…at this point all you want is VOLUME! AttractingClients© M. Long, 2013
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  15. 15. Additional logos for Anchor Tenants AttractingClients© M. Long, 2013
  16. 16. What an Incubator Can Mean to Even More Mature Companies… http://www.youtube.com/watch?v=_oZva1U_0xg AttractingClients© M. Long, 2013
  17. 17. As Location OfficesBut remember: They must be accretive to the community you areconstantly building. AttractingClients© M. Long, 2013
  18. 18. And HQ for our “SweetSpot” Clients AttractingClients© M. Long, 2013
  19. 19. What is Your “SweetSpot?”• Are you leveraging it?• Are you playing to it?• Does your market audience know it?• Does the community at large know it?• Do your current clients know it? AttractingClients© M. Long, 2013
  20. 20.  Entrepreneurs – new and serial Existing companies/Business owners Students AttractingClients© M. Long, 2013
  21. 21.  Displaced Professionals Hospitals/Entrepreneurial Physicians Faculty with Applied Research AttractingClients© M. Long, 2013
  22. 22.  Residential Clients Affiliate Clients Coworkers Anchor clients EVERYWHERE! AttractingClients© M. Long, 2013
  23. 23. AttractingClients© M. Long, 2013
  24. 24. ElizaJs distinctive deliverablerestrooms include fresh flowers,designer soaps and lotions, namebrand paper products, wicker wastebaskets, air fresheners, and mostimportantly - fresh water.The Portable Sanitation AssociationInternational reports that the portablesanitation industry has developed intoa $1.5 billion a year industry.Total Capital to Invest: $34,472 -$134,005AttractingClients© M. Long, 2013
  25. 25.  Don‟t overlook ANYTHING – opportunity can knock at strange times in strange forms… AttractingClients© M. Long, 2013
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  28. 28. What are you offering your clients? AttractingClients© M. Long, 2013
  29. 29.  What do you offer them? What do you have that is: ◦ Unique ◦ Necessary ◦ Important to them ◦ Not duplicated ◦ Helpful ◦ Recognized ◦ See as available? AttractingClients© M. Long, 2013
  30. 30. AttractingClients© M. Long, 2013
  31. 31. Getting the “word out” AttractingClients© M. Long, 2013
  32. 32. AttractingClients© M. Long, 2013
  33. 33. Some Examples…. http://purdueresearchpark.com/What’s Pertinent? • Use of social media • Use of video • A platform for other communication methods • A reference point for prospects • The marketing of services AttractingClients© M. Long, 2013
  34. 34.  “Marketing is not selling; marketing is building a brand in the mind of the prospect” – Al Ries What is your “brand”? ◦ An extension of your value proposition ◦ An extension of your mission ◦ A reflection of your goals ◦ A reflection of your sponsor(s) AttractingClients© M. Long, 2013
  35. 35.  “We‟re not a University company” “We‟re probably not a fit” “We‟re not a start-up” “I don‟t think we‟re „that‟ kind of company” “I don‟t think we need/would benefit from/would fit into that kind of program” “A business WHAT?” AttractingClients© M. Long, 2013
  36. 36. AttractingClients© M. Long, 2013
  37. 37. AttractingClients© M. Long, 2013
  38. 38.  Identify yourself! Sources/States of Growth & Progress/Types &/or Industries/Qualifiers – be clear Exercise – one paragraph “elevator speech” – 60 second identifier AttractingClients© M. Long, 2013
  39. 39.  Can you easily explain the difference between you and your “competition”? “Why should I come here and pay these prices when I can go down the street and pay $8.00/sf?” “An office is an office; why should I come here?” “Why would I move in someplace where I have to report my earnings, attend meetings, & eventually move out?” AttractingClients© M. Long, 2013
  40. 40.  All the pieces… http://www.niic.net/downloads.aspx http://www.purdueresearchpark.com/incubat ion/index.asp AttractingClients© M. Long, 2013
  41. 41.  Advertising & Promotion ◦ Brochures, pamphlets, information sheets ◦ Annual reports, newsletters ◦ Billboards, lightboards ◦ Emails, direct mail, newspapers, posters, bulletin boards, radio, television, web pages ◦ Press kits Public Appearances, speeches, presentations, special events, announcements, press releases, “free” publicity AttractingClients© M. Long, 2013
  42. 42.  Do it yourself? Use University resources? Hire an advertising agency? ◦ Local? Regional? National? AttractingClients© M. Long, 2013
  43. 43.  Do you have a “marketing budget”? What does it “cost you” if you DON‟T market? “I don‟t need to market” ◦ Clients come to me ◦ I have plenty of clients ◦ I already know/understand my market ◦ I can‟t afford to market ◦ Everyone already knows me AttractingClients© M. Long, 2013
  44. 44. How do you make your decision? AttractingClients© M. Long, 2013
  45. 45. AttractingClients© M. Long, 2013
  46. 46.  Example 1 – the Simple Application Why simple? AttractingClients© M. Long, 2013
  47. 47. The Initial If Positive, Application goes Application to Advisory Board Committee Initial Review by Incubator Manager Re-application in 6 Company does presentationMonths or admission For Advisory Board Advisory Board makes recommendation For admission/re-application Company Admitted/advised to re-apply AttractingClients© M. Long, 2013
  48. 48.  Example 2- an assessment tool AttractingClients© M. Long, 2013
  49. 49. A Quick Guided Tour AttractingClients© M. Long, 2013
  50. 50.  We have a multi-purpose (mixed-use) University-affiliated incubation facility, 40,000sf, 40% occupied, 3 years into our program. We are approached by the following company: ◦ (describe company here) AttractingClients© M. Long, 2013
  51. 51.  How do you review/retain clients? ◦ Regular financial reviews – quarterly financial reports (requirement built into lease/master relationship documents) ◦ Regular meetings (with CEO/CFO) ◦ Occasional “drop-ins” ◦ Formal reviews (semi-annual) – with committee ◦ Milestones and progress requirements  Financial  Personnel  Funding AttractingClients© M. Long, 2013
  52. 52.  Programs? Facilities? Counseling? Money? AttractingClients© M. Long, 2013
  53. 53. Define Your Retention Strategy• How critical is ‘retention’ to your operation?• How do you balance retention against graduation?• How long do you want to keep your clients? • Long-term? • Until they can survive on their own?• Are you robustly servicing your clientele? • Survey, Survey, Survey AttractingClients© M. Long, 2013
  54. 54. Elements of a Marketing Strategy AttractingClients© M. Long, 2013
  55. 55. Marketing Principle #1:The marketing strategies must aim at precise targets verses “shotgun”distributions of information to the general public or trade and professionalsectors. Casting wide nets to scoop up good leads among a large volume ofresponses is not productive. AttractingClients© M. Long, 2013
  56. 56. Marketing Principle #2:The marketing strategies should showcase the feature services of theincubator and results of what has recently happened to advance thebusiness interests of particular incubator clients versus focusing ongeneral plans and what might be an expected result for a client in thefuture. AttractingClients© M. Long, 2013
  57. 57. 10 ELEMENTS OF A STRATEGIC MARKETING PLAN TARGETED ACTIVITY 2011 2012 20131. Newsletters Monthly Monthly Monthly2. Case – Records six/year seven/year eight/year3. Pro-Active Speaking 3/12 4/12 5/12 Engagements/Total Speaking Engagements4. Sponsored Social Event 1 2 45. Collaboration 1 X 3 clients 1 X 6 clients 1 X 7 clients6. Pro-active Host to Meetings 2/year 3/year 6/year7. Recruit Mentors 2 to 4 4 to 6 6 to 108. National Collaborations 1 1 29. Taster Demo’s 2/year 6/year 12/year10. Support Services Suite Members 2 6 14In addition to the Traditional Marketing a continued focus will be placed on: Brochure Leasing Guide Press Conference Billboard Site Signage Co-sponsorship of Local Events Facility Tours AttractingClients© M. Long, 2013
  58. 58. Identify the Principles You Need to Follow _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________ _____________________________________________Please share one or two with the group……….. AttractingClients© M. Long, 2013
  59. 59. Identify three elements of a strategic marketing plan for immediate use______________________________________________________________________________________________________________________________________________________ AttractingClients© M. Long, 2013

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