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Marketing for Entrepreneurs
A Practical Approach to
Segmentation, Targeting and
Positioning
Gregory P. Pogue, Ph.D.
©2012 IC2 Institute at the University of Texas at Austin
Workshop Topics
1. Introduction to Marketing Strategy
2. Marketing
– 5C’s – only the highlights
– Segmentation, Targeting, and Positioning – the
Focus today!
– 4C’s – (for another presentation…)
3. Developing a Persuasive Proposal
4. Conclusions
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©2012
IC2
Institute at the University of Texas at Austin
Disclosure P
Faculty Outreach
Pre-Disclosure
Invention Disclosure
Disclosure Evaluation
Decision Process
IP Filings
Partner
Outreach
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©2012
IC2
Institute at the University of Texas at Austin
Marketing Strategy
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©2012
IC2
Institute at the University of Texas at Austin
Entrepreneurship According to the
“Big Bang Theory”
Sheldon:
Theoretical Ph.D.
physicist who is
highly socially
inept
Raj: Indian Ph.D.
Penny: Aspiring
physicist who
cannot speak to
women
actress who works
at the Cheese
Cake Factory
Leonard: Ph.D.
physicist in love
with Penny;
roommate of
Sheldon
Howard: M.S.
Engineer who
desires women,
but can’t interest
one
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©2012
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Institute at the University of Texas at Austin
Marketing in the Context of a
Company’s Functions
• Research and Development
– Innovates and develops technologies and products
• Operations
– Produces the products/services that meet customer need
• Finance
– Accesses capital and allocates scare resources across functions
• Marketing
– Provides direction for R&D and generates case through acquisition
and retention of customers
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IC2
Institute at the University of Texas at Austin
So What is Marketing Anyway?
1. Sales campaigns for your product?
2. Delivering a consistent message about your
product?
3. A defined strategic and financial plan for
profiting from your product?
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Institute at the University of Texas at Austin
Marketing is…
• A defined strategic and financial plan for profiting
from your product.
• Defines:
– The available market: scope for selling
– The segmentation of the market: not all prospects are of
equal proximity and value
– The targeting to customers: defines who we can
realistically sell to and at what stage
– The positioning of your product: focuses product
features, benefits and messaging to your target
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Institute at the University of Texas at Austin
Officially, Marketing is…
• “Marketing is the process of planning and
executing the conception, pricing,
promotion, and distribution of ideas, goods,
and services to create exchanges that satisfy
individual and organizational goals.”
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©2012
IC2
Institute at the University of Texas at Austin
Bennett, 1995
The Value of Marketing
• Pro-forma financials are based on:
– Who you will sell to;
– How much will they purchase;
– At what price; and
– What will it cost you to deliver the product and
benefit from the revenue
• Marketing is a plan to make a profit.
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Marketing Framework
©2012 IC2 Institute at the University of Texas at Austin
MARKETING BASICS
Customer,
Product and
Competitive
Research
Product
Development
Customer
Service
Pricing
Marketing
Wheel of
Fortune
Sales
Packaging
Advertising,
Promotion
Distribution
and PR
©2012 IC2 Institute at the University of Texas at Austin
The Circus
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©2012
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Institute at the University of Texas at Austin
THE CIRCUS EXAMPLE
• Advertising. Marketing. Sales. Promotions.
What are the differences?
– If the circus is coming to town and you paint a
sign saying “Circus Coming to the Fairground
Saturday,” that’s advertising.
– If you put the sign on the back of an elephant
and walk it into town, that’s promotion.
– If the elephant walks through the mayor’s
flowerbed, that’s publicity.
– And if you get the mayor to laugh about it, that’s
public relations.
©2012 IC2 Institute at the University of Texas at Austin
THE CIRCUS EXAMPLE
– If, before painting the sign that says “Circus
Coming to the Fairground Saturday,” you check
community calendar to see whether conflicting
events are scheduled, study who typically
attends the circus, and figure out how much
they’re willing to pay and what kinds of services
and activities they prefer, that’s market research.
– If you invent elephant ear-shaped candy for
people to eat while they’re waiting for elephant
rides, that’s product development.
©2012 IC2 Institute at the University of Texas at Austin
THE CIRCUS EXAMPLE
– If you create an elephant package offering a
combination of a circus ticket, an elephant ear
candy, an elephant ride, and a memory-book
elephant photo, that’s packaging.
– Assigning a price that is both profitable and
attractive to clients is pricing.
– If you get a restaurant name Elephants to sell
your elephant package, that’s distribution.
– If you ask everyone who took an elephant ride to
participate in a survey to gather their opinion,
that’s customer research and feedback.
©2012 IC2 Institute at the University of Texas at Austin
THE CIRCUS EXAMPLE
– If you follow-up by sending each survey
participant a thank-you note along with a twofor-one coupon for next year’s circus, that’s
customer service.
– And if you use the survey responses to develop
new products, revise pricing, and enhance
distribution, then you’ve started the marketing
process all over again.
©2012 IC2 Institute at the University of Texas at Austin
Model Product
• A device that will enhance the solubility of
sugar in coffee.
• Some examples:
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Discussion
• Who is the product
user?
– What do you predict they
will value in the product?
– Are all users the same?
What differences have
you observed in users of
this product?
– Who is your real
customer? Does the end
user pay for this product?
• Who will “sell” or
convey your product to
an end user?
– What are the different
types of conveying
organizations for your
product? How do these
correlate with different
types of end users?
– What do you think each
of these “types” value in
your product? How does
this differ between
types?
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Discussion
• What are the features of each product example?
• How do these features fit with benefits to potential end
users?
• How do these benefits translate to value for your real
customer (end user or market channel)?
• Which benefits may be most attractive to customers?
• Which products are most “market ready”? Which require
more development?
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Institute at the University of Texas at Austin
Exercise: Product Attributes
Product Attribute
Importance to Customers
(-3 to +3 with 0=average importance)
Each Team should use its technology/product description to identify at least
six attributes of your product and rate these according to your
understanding of customer value and importance.
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Adapted from Cliff Zintgraff. – IC2 Institute – July, 2011
Marketing Framework
Start with Highlights from the 5Cs
©2012 IC2 Institute at the University of Texas at Austin
Model for Marketing Decision-Making:
5 C’s
Context
Competition
Collaborators
Competitive Advantage
Shared Interests
Company
Customer
Core Competencies
Unmet Needs
Target Market
Assess the Situation
©2012 IC2 Institute at the University of Texas at Austin
Understanding the Customer
• Who are They?
• What do They Buy?
– Personal characteristics
– Product usage patterns
• Why do They Buy?
– Needs
– Purchase Motivations
• How do They Buy?
– “Whole” Product or Service
– Set of product and non-product
capabilities that meet buying
objective
– Set apart from competition
• Where do They Buy?
– Appropriate channel design
– Decision-making unit (DMU)
– Decision-making process
©2012 IC2 Institute at the University of Texas at Austin
Discussion
• Who are the customers for our devices that
assist the solubilization of sugar into coffee?
• Tell me about them?
– Primary habits
– Places they frequent
– Potential interest in the product
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©2012
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Sources of Information About
Markets and Customers
• Secondary information
– Coupled with knack or
intuitive prediction
• Objective information
– Coupled with data-driven
prediction
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©2012
IC2
Institute at the University of Texas at Austin
The Average American Consumer Quiz
Sample questions
% of consumers agreeing
% Male % Female
1. A nationally advertised brand is usually better than
a generic brand
________ _________
2. I went fishing at least once in the past year
________
_________
3. I am a homebody
________
_________
5. The government should exercise more control over
what is shown on television
________
_________
6. Information from advertising helps me make better
________
_________
7. I like to pay cash for everything I buy
________
_________
9. I am interested in spices and seasoning
________
_________
buying decisions
(Note: not all questions included)
Hoch (1988) Journal of Consumer Research
©2012 IC2 Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
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Predicting the Interests and Opinions
of the American Consumer:
Responding Population
Predictive
Accuracy
MBAs
.09
Everyday Consumers
.20
Line Managers
.16
Research Managers
.23
Hoch (1988) Journal of Consumer Research
©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
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Direct Data is Essential!!!!
• Who can you call right now???
– Customers
– Channels
– Enablers
– Product and Technology Experts
• Provide examples for our model product
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©2012
IC2
Institute at the University of Texas at Austin
Start with Primary Data
• One primary tool of the IC2 Institute is the Quicklook
• Helps define the “exchange” between company and
customer
• Methodology:
– Apply fundamental marketing concepts
– Apply fundamental networking concepts (degrees of separation)
– Conduct primary research to interrogate the market
• Outcomes:
– Uncovers the “voice of the market”
– Measures technology market proximity
– Identifies value proposition within a
value chain
– Basis for roadmapping a marketing strategy
©2012 IC2 Institute at the University of Texas at Austin
Adapted from Cliff Zintgraff. – IC2 Institute – July, 2011
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Researching Markets
• Direct Approaches for Market Research
–
–
–
–
–
–
Interviews
Probe and learn
Lead users research
Empathic design
Expert judgment
Trend analysis
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©2012
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Institute at the University of Texas at Austin
Orienting Your Technology/Product in
the Language of the Customer
• What are the key needs of your customers in light
of this discussion?
• If you seek link to a business and not a final
customer, what business drivers will make them
decide for you?
–
–
–
–
–
Profit margin?
Product differentiation?
Increased customer base?
Penetration a new geographic region?
Other?
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Example
• For a resume building service:
• Feature: “professionally designed templates”
• Benefit: “eye-catching resume that stands
out among the competitors”
• Customer-oriented benefit: “improved tool
to land your dream job quickly”
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©2012
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Institute at the University of Texas at Austin
Adapted from Lean Canvas 2011
Exercise: Customer-Framed
Benefits
Product Attribute
Customer Need
Customer –Oriented
Benefit
Each Team should pick one of its model products and identify at least four
attributes of your product, trace these to defined customer need and restate
attribute to be a customer-framed benefit.
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Discussion
• How would you market your model product directly
to end users – those who drink coffee?
• How would you market your model product to your
real customers - who sell coffee to end users?
• Apply the principals below to increase your sales:
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Implications and Discussion
• What could you do to stimulate the recognition of
need in a potential stakeholder/customer?
• How might you be of service in helping a potential
stakeholder/customer to define the type of
product/service they might need, or to help them
in defining their specifications?
• What actions could you take to make sure that
you, or your organization, or your technology,
comes to mind when the stakeholder/customer/
starts a search for qualified suppliers?
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Institute at the University of Texas at Austin
5’C’s (continued)
• Competitors
– Who makes a close substitute for your product?
– Who are the competitors we must consider?
– Comparative value propositions?
– What are their likely actions and reactions?
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Competition
…but we don’t have ANY competition…Really???
• Brand competition - Similar products/services for
same customers at similar prices (e.g., for Palm
Pilot, competition is other personal digital
assistants)
• Functional competition - Products/services that
fill the same need or serve the same function;
substitutes (e.g., electronic calendars, day-timers,
paper calendars)
–Sugar producers - high fructose corn syrup
–Security guards – electronic alarm systems
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©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
Competitive Advantage
• Cost Advantage
• Differentiation Advantage
• Marketing Advantage
Best, 2000, Ch. 11
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©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
Competitive Advantage
• Cost Advantage
– Unit Cost
– Transaction Cost
– Marketing Expenses
– Overhead Expenses
Best, 2000, Ch. 11
©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
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Competitive Advantage
• Differentiation Advantage
– Product Quality
– Service Quality
– Brand Image
– Relative Price
Best, 2000, Ch. 11
©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
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Competitive Advantage
• Marketing Advantage
– Market Share
– Brand Awareness
– Distribution
– Sales Coverage
Best, 2000, Ch. 11
©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
42
Discussion
• Review your model product and two others
near you.
• What are your competitive advantages?
– List two
• What are your disadvantages?
– List two
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©2012
IC2
Institute at the University of Texas at Austin
Exercise: Competition
Attribute
Your Product
(-3 to +3 with 0=average
importance)
Competitor
(-3 to +3 with 0=average
importance)
Each Team should use the same six attributes already identified earlier, and
rate the fit of your product and your chief competitors based on how well
each meets customer needs.
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Marketing Framework
Proceed to Strategic Marketing Planning with STP
©2012 IC2 Institute at the University of Texas at Austin
The Product Life Cycle
Maturity
Decline
Growth
Introduction
Time
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Institute at the University of Texas at Austin
Early Stage Steps…
Growth
Technology
Development
Introduction
Product
Development
Time
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Critical Focus – V2
• Value
– Define your differentiation
– Find the initial Target
– Get your message to them
• Velocity
– Reach them quickly
– Provide the right product, at the right price, through the
right channel
• Remember – the most expensive thing you do as a
young company is exist! Monthly bills with low
revenue are killer.
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Segmentation
• Concept
– Customers differ in the benefit they expect to
receive from a product/service
– While not all customers are heterogeneous, there
are often CLUSTERS of customers that are
– What characteristics relate to common need,
receptivity to your product/service and ability to
purchase?
– Segmentation = cluster of (nearly) similar
customers
©2012 IC2 Institute at the University of Texas at Austin
Segmentation
• Goal: Identify factors that separate CLUSTERS
– Geographic – country, urban/rural, region, etc.
– Demographic – age, sex, income, education,
industry, size of organization
– Psychographic – personality traits, perceptual
style, attitudes, reference group, social role
– Product Benefits/Usage – needs, frequency of use,
loyalty, performance requirements
– Decision Process – shopping patterns, info search,
media habits, price sensitivity
©2012 IC2 Institute at the University of Texas at Austin
Challenges to International
Marketing
• Challenges of culture, language, distance and experience
• Marketers must consider buyers’ attitudes and cultural
patterns.
• Local industries, economic conditions, geographic
characteristics, and legal restrictions must also be
considered.
• Remanufacturing, or restoring worn-out products to like-new
condition, can be an important strategy in places that cannot
afford new products.
• Foreign governments are also an important market.
©2012 IC2 Institute at the University of Texas at Austin
Segmentation/Targeting
• Exercise Worksheet
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Targeting
• Targeting
– Attracting some of those customers makes better sense
than going after others
– Who would buy your product first?
– Where are they?
– How can you reach them – at what cost?
– Choose the segment to focus your initial efforts
©2012 IC2 Institute at the University of Texas at Austin
Targeting Exercise
• Target customer for your product:
_________________________________
• Where do you find these customers?
_________________________________
• How will they buy/gain use of your product?
_________________________________
• How will you reach them – where, when and how?
_________________________________
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An Exercise in Specificity
• Goal: Revise your technology description and
market focus to have the specificity required by
your “Target.”
• Team meeting: 10-15 minutes to propose
segmentation of your available market
• Revise your technology description based on this
segmentation and targeting.
• List the individuals you need to interview to put
your targeting to the test.
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Marketing Framework
• Positioning
– Characterization:
• Determine what features and benefits you offer that are of most
relevance to your target
– Differentiation:
• Identify what you can provide to your target better or differently
than your competition
– Positioning:
• Design the product offering to occupy a meaningful and
competitively distinct position in the mind of your target
• Communicate these key benefits clearly to your intended
customers
©2012 IC2 Institute at the University of Texas at Austin
Exercise: Develop Your Positioning
Statement
For target market , COMPANY/PRODUCT is,
among
competitive set
,
single most important claim ,
because
single most important support
is important to
target group .
©2012 IC2 Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
Example: Initial Statement
•
The technology which is the subject of this report is a coprocessed cellulosic II material with
applications in the pharma, cosmetics and food markets. Colombia and other Latin American
countries acquire most of the raw materials needed in these segments from offshore countries
including China and India. This implies frequent use of raw materials of questionable quality and
inconsistency between batches. Therefore, it is very common that not all batches from the same
supplier meets the microbial, physicochemical and impurity tests. This is reflected in a constant
reevaluation of suppliers, importation hurdles and excessive costs due to the unnecessary
inventory, constant supplier assessment and unnecessary testing. The polymorphic and physical
modification at the particle level through coprocessing creates a granule with better flow,
binding, disintegration and surface properties. This is translated in a new high quality,
reproducible, multifunctional material which makes the pharmaceutical and cosmetic
development easier and faster. This material is an innovative multifunctional excipient obtained
from natural sources that saves production time and costs up to a 50% reduction. This avoids the
need for many ingredients in a formulation for cosmetic and pharma applications. Thus, for
example, within pharma, it works as a diluent, binder, disintegrant, flow enhancer and requires
low levels of lubricant. Likewise, due to the controllable microparticle size (< 5 µm), it exhibits a
good spreadability and sensation on the skin serving as an adhesive and absorbent, giving a
good color distribution and covering effect to cosmetic products. Furthermore, the high water
sorption properties of this material (~15% w/v) makes it valuable as a suspending agent,
especially for making lotions and vanishing creams in sunscreen applications. All the above
properties are reflected in inventory savings, less importation hurdles, better material
traceability, fewer ingredients and less unit operations.
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Refined Positioning Statement
• We offer a single powder mixture made from plant-based
sources of cellulose and proprietary coprocessing agents for
users of cosmetic related powders who are dissatisfied with
the number of ingredients, complex manufacturing process
and risk of cross contamination in existing excipient
powders. Our product is a powder excipient ingredient that
provides a single source for filler, binder and sensory
properties that reduces the number of ingredients,
manufacturing complexity and possible cross contamination
issues, unlike current powder ingredients such as Prosolv,
talc and zinc oxide.
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Positioning Statement
• Exercise Worksheet
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Strategy
Market
Competitive
Initial = Segmentation + Differentiation
Strategy
Targeting
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Developing a Persuasive Proposal
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Writing the Persuasive Proposal
1.
2.
3.
4.
5.
6.
7.
8.
Define your audience
State your objective
State your audience conscious need
Describe why you meet this need
Describe the plan
Tell how it works
Explain the results
List next steps
Source: Aubuchon, N. (1997)
©2012
IC2
Institute at the University of Texas at Austin
©Kate Mackie, Ph.D. – IC2 Institute – July, 2011
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Preparing a Persuasive Proposal
• Step 1 – Define your AUDIENCE.
– Know the person, company or individual
you are communicating with. What is their
business, collaboration strategy, etc.
– Who is authorized to deploy the authority
and resources in the requested decision?
– Think of the specific person, not a “group.”
– Who influences this specific person and
how?
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Source for slides in this section: Mackie, 2011. Aubuchon, N. (1997)
Preparing a Persuasive Proposal
• Step 2 – State your own OBJECTIVE.
– What exactly do you want to accomplish with
this proposal?
– Keep it simple, clear and focused on one
thought.
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Preparing a Persuasive Proposal
• Step 3 – State your audience’s NEEDS.
– Economic needs
• Company/Organization Economic needs:
– Lower costs, Higher return on investment
– Improved productivity, Increased profits
– Sales, Market share
– Personal needs (e.g., promotion, recognition)
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Need or a Want?
• Recognized needs
– Expressed
– Not expressed (Hidden, e.g., confidential, personal)
• Latent needs
– Not consciously aware
– E.g., a few years ago, consumers could express a need for
cell phones. It was the widespread availability of cell
phones that uncovered a latent need of wanting to stay
in constant touch with others
• Desires/Wants
– May or may not be based on needs
– How motivating are these?
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How to Determine Needs
•
•
•
•
•
•
•
•
Collect information carefully
Ask questions
Listen carefully to the answers
Observe
Research
Read
Remember
Analyze
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Preparing a Persuasive Proposal
• Step 3 – Establish your audience’s NEEDS.
– Economic needs
• Company/Organization Economic needs:
– Lower costs, Higher return on investment
– Improved productivity, Increased profits
– Sales, Market share
• Personal Economic needs:
– Salary, bonuses, wages
– Personal needs (e.g., promotion, recognition)
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Preparing a Persuasive Proposal
• Step 4 – State the PLAN – What exactly do you propose
that the audience do to satisfy his/her needs? (25
words or less)
– Direct statement
– What you want your audience to do
• Include a “transition sentence” to keep their attention
• Example:
– “To satisfy the needs of your company, I propose that you
choose our management contract. Let me show you how it
would work.”
– “To help meet your objectives, I propose that you approve
this new budget. Please let me summarize the details.”
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Preparing a Persuasive Proposal
• Step 5: HOW-IT-WORKS. Explain how your
proposed PLAN works.
– Brief summary of the key details of your proposal.
(and/or)
– What you would be doing to implement the proposal.
(and/or)
– What the audience would see when the proposed
solution is in place. (and/or)
– The “who/what/where/when/how/costs” details that
your AUDIENCE would want to know
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Preparing a Persuasive Proposal
• Step 6 – Identify the RESULTS that the
audience will see that will address the
needs in Step 3 – in the same order
– Show how acceptance of the proposal would
lead to benefits/results that are directly tied to
the needs listed earlier.
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Preparing a Persuasive Proposal
• Step 7 – Specify the NEXT STEP.
– Ask your audience to take the action proposed
in the PLAN.
– Set a specific time.
• For example:
– “Please sign this work request today so that we
can complete the installation by next
Wednesday.”
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Exercise
• Develop an outline for your Persuasive
Proposal.
• 20 min
• What was easy, what was difficult…
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Persuasive Proposal Outline
AUDIENCE: Name the person(s) who can act on your proposal.
YOUR OBJECTIVE: State exactly what you want to accomplish as a result of this proposal (50 words or less).
NEED(s): List your audience’s needs, as you believe he/she understands them. (Do you have agreement on
these needs?)
1)
2)
3)
PLAN: State what you propose that your audience do to satisfy his/her needs (25 words or less).
HOW-IT-WORKS: Outline how your PLAN will be carried out.
RESULTS: List what your audience will get in terms of benefits to satisfy his/her needs. (Couple the benefits
with the NEEDS listed above.)
1)
2)
3)
NEXT STEP: Request the action you want your audience to take. (Remember: a specific action by a specific
time.)
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Review and Discussion
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Conclusions
• Marketing must take into account
management of internal and external
ecosystems for success
• Velocity to market must be your watch word
• Voice of customer is paramount
• Apply marketing techniques for defining your
target, segment and position
• Speak persuasively using customer language
for specific requests
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Contact
Gregory P. Pogue, Ph.D.
IC2 Institute
The University of Texas at Austin
[email protected]
(512) 560-3717 (cell)
(512) 475-8961 (office)
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IC2
Institute at the University of Texas at Austin