The presentation explore how creative firms can structure their foundations for successful entrepreneurship in the 21st century

1. What Does Enterprise Mean to the Creative
Industries Student in the 21st Century?
© Jason Ojukwu,2010

2. Today’s Topics
 Market Research
 The Marketing Plan

3. Market Research Methods
Desk Research
 Studying published
information
 Market Research reports
 Industry Reports
 Government + Local
Population statistics

4. Market Research Methods
Field Research
 Personal –
questionnaire +
feedback
 Telephone
 Postal/Email
 Test and Discussion
group
 Trade show/exhibition
attendance
 Buying or examining
competitors
products/service
 Test marketing via
market stalls

5. The Market
 Look for:
 Size and value of market
 Growth
 Trends/Niches
 New product/service development
 Identify opportunities
 If its shrinking where do you see the
opportunities?

6. Information Points
 Business reference library
 British Library
 Trade Association
 Office of National
Statistics
 Business/Trade Magazine
Reports
 Local Council & Chamber of
Commerce
 UK Trade and Investment
 The Internet
 Google, Yahoo, etc.
 Commercial Market Reports
 KeyNote, Euromonitor,
Mintel, etc

7. Competition
 Who are they?
 Who you are competing against?
 Identify the 5 nearest ones to your
business location
 How competitors set their prices?
 What medium they use in advertising?
 What they compete on – is it on
price, on quality, on service, etc?
 How they differentiate their
products/services.
 Their strengths and weaknesses.

8. Consumer Research
 Survey
 Discussion
 Observation
 Experiment
 Key factors time & money!

9. Consumer: Key Questions
 Who are your potential
consumers?
 What do they buy?
 Why do they buy the product?
 What influences their purchase
decisions?
 When do they buy?
 Where do they buy?

10. Questionnaire Design
Tips
 Include cut-out Q to save time
 Aim for 20 open questions
 Ensure respondents understand
 Go to where your potential market is
 Talk to enough people (sample 50+)
 Be REALISTIC – don’t ignore negative
results

11. Consumer Segmentation
 Geographic
 Location of customers
 Demographic
 Defined by socio-economic factors (age,
gender, income, lifestyle, etc)
 Product
 Defines consumers by product usage
 Benefit and Lifestyle
 Added benefits will appeal to those of
different lifestyle

12. Planning Your Marketing
 Marketing Objectives
 Brainstorm methods
 Action Plans
 Measuring Success
 Conclusion
 Further reading

13. Marketing Objectives
 Where are you know?
 Where do you want to be?
 How will you get there?
 THIS IS THE MARKETING STRATEGY
 4P’s
 Product USP
 Price Added Value
 Promotion How will they hear?
 Place Where will they buy?

14. Brainstorm
 Develop a range of marketing
techniques
 Speak to potential customers;
colleagues; friends; family;
etc
 Weed out those that are too
expensive, complex or time-
intensive and reserve for
future

15. Action Plan
 Set a budget
 Create a short list of activities
for next six months
 Ensure there is a month by month
activity
 Set a deadline each task and don’t
procrastinate
 The plan is flexible and to the
consumer and available marketing
tools

16. Measuring Marketing
Success
 Sales Enquiries
 Ask and record how new customers heard about
your product/service
 Conversion Rates
 Analyse cost of acquiring a new customer.
Contrast to the anticipated sales over the
lifetime of the customer.
 Win/Lost ratio
 Speak to those won and make individual queries
to those lost
 Average Value of Transaction
 Number of transactions divided by total sales
 External Factors
 Unanticipated demand, new entrants, etc

17. Conclusion
 Gather research on the market
trends; target consumers and
similar competitors
 Consider number of customers that
you want
 Always consider 4P’s and their
impact
 Conversion is fundamental
 Be flexible and use what works for
your business

18. Further reading
 Do Something Different
 (Jurgen Wolff, Virgin)
 The Essence of Services Marketing
 (Adrian Payne, Prentice Hall)
 Guerrilla Marketing Weapons
 (Jay Conrad Levinson, Plume)