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Entrepreneurship 101 - Introduction to Marketing

Speaker: Jon Worren

Jon covers the basic concepts and principles of marketing for early stage start-ups by introducing participants to the “marketing toolkit” and using real-life examples to illustrate points that are relevant to start-ups. We address the unique challenges of marketing technology products and include tips on how to create a marketing plan for a technology start-up.

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Entrepreneurship 101 - Introduction to Marketing

  1. 1. INTRODUCTIONTOTECHNOLOGY MARKETING Entrepreneurship 101 - Jon E Worren
  2. 2. MENU • Definitions • Introductory Marketing • Resources & Next Lectures • The Objective:To Define Key Marketing Concepts
  3. 3. Definition: Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Source: AMA MARKETING
  4. 4. MARKETING MIX !"#$%&'( )! *+",-'./(0%+1,'./(2-3,45/(6+""+5'./( !+&7+4,54/(8"+5$(9+:-/(;-+'%"-3(( !",&-( )! <,3'(=",&-/(2,3&#%5'3/(!+.:-5'( >-":3/(?"-$,'(( !"#:#@#5( )! A$B-"@3,54/(C+1-3(!"#:#@#5/(C+1-3( ;#"&-/(2,"-&'(D+"7-@54/(!%E1,&( F-1+@#53( !1+&-(G2,3'",E%@#5H( )! ?I+55-13/(?#B-"+4-/(<#&+@#53/( A33#"':-5'3/(>"+53=#"'+@#5/( J5B-5'#".(( K!3( 5th P: People
  5. 5. PRODUCT MANAGEMENT Definition: Ensuring over time that a product or service profitably meets the needs of customers by continually monitoring and modifying the elements of the marketing mix, including: ‣ the product and its features ‣ the communications strategy ‣ distribution channels and ‣ price Source: Product Development and Management Association (PDMA)
  7. 7. YOUR IDEA • The name of your business/product idea? • What kind of problem do you solve? Is this an important problem? Is there a big potential market? • How is your competition solving this problem for their customers today? • Why are you qualified to solve this problem better than your competitors? Is your uniqueness sustainable over time?
  9. 9. WHAT NOW?
  10. 10. Idea Value Proposition Validate
  11. 11. A value proposition is a statement of the unique benefits delivered by your offering to the target customer.
  12. 12. PICKYOURTARGET CUSTOMER Wantedfor business
  13. 13. CUSTOMERS DIFFER Technology Adoption Life Cycle
  14. 14. CUSTOMER PROBLEM • C.Christensen: Job-to-be-done • What problem are you solving for your customer? • Is the customer aware of the problem or is it a latent problem? • Market Analysis: Customer Needs
  15. 15. WHOLE PRODUCT • The product the customer requires in order to get the expected benefits • Differs based on market maturity • Should drive your partner strategy • Key guideline: MVP - MinimumViable Product
  16. 16. Value Proposition Target Customer Customer Problem Product/ Solution
  17. 17. COMPETITION • Presence of choice is competition: ‣ Economic: Spend the money on other things ‣ Compete for domain leadership ‣ Reference: Spend the money with competitor ‣ Compete through differentiation ‣ Inertia: Choose not to spend (biggest) ‣ Compete through FUD (or simply wait….)
  20. 20. THAT’S AVALUE PROPOSITION................
  21. 21. Osterwalder, Alexander, Business Model Generation, 2009 SCALINGTHE BUSINESS
  22. 22. MORE MARKETING Upcoming lectures + Free Resources
  23. 23. • Entrepreneur’sToolkit:A collection of articles, videos, workbooks and templates to help you grow your business. • • Relevant Workbooks: 1.Marketing Strategy:The Analytical Foundation 2.Marketing Strategy: CriticalValue Factors 3.Marketing Strategy: Strategic Marketing Approach 4.Marcom for Start-Ups (coming soon) 5.Steps in Creating Revenue Forecasts (coming soon)
  24. 24. VALUE PROPOSITION • Speaker: Joe Wilson, Education Advisor at MaRS • Date: December 8, 2011 • Define key parts of a crisp value proposition ‣ Target Customer ‣ Customer Problem
  25. 25. MARKET ANALYSIS • Speaker: Dr Usha Srinivasan, Director of Market Intelligence, MaRS • January 12, 2011 ‣ The role and purpose of research and analysis in start-ups ‣ Market Research techniques for start-ups ‣ Market Analysis frameworks for start-ups
  26. 26. MARKETING COMMUNICATION • Speaker:TBA • February 23, 2011 ‣ What is Marcom? ‣ Introducing marcom tools relevant to tech start-ups on a tight budget ‣ Developing thought leadership
  27. 27. SALES • Speaker: Krista Jones, Practice Lead ICE, MaRS Advisory Services • March 9, 2011 ‣ Challenges facing start-ups in technology sales ‣ Principles of SellingValue ‣ Measure and ManageTechnology Sales Processes
  28. 28. DISTRIBUTION • Speaker: Mark Zimmerman • March 16, 2011 ‣ Criteria for choosing and managing distribution channels ‣ Pros and Cons of various types of channel options ‣ Channel integration for start-ups
  29. 29. GO-TO MARKET STRATEGY • Speaker: Jon Dogertom • March 23, 2011 ‣ How to prepare to enter the marketplace ‣ Barriers to scaling and selling your product ‣ Taking a customer-centred approach to market entry GTM Example for Peter’s lecture
  30. 30. THANKYOU!